ISLAMABAD: The Board of Investment (BoI) has taken several effective steps to enhance investment in Pakistan to 20% of the Gross Domestic Product (GDP) from the existing 15%, WealthPK reports.
Pakistan holds vast investment opportunities with lucrative returns to investors. The BoI as a policymaker plays a significant role in enhancing ease of doing business.
BoI former secretary Fareena Mazhar told WealthPK that the board had been mandated to serve as a facilitator to both local and foreign investors. She said that a number of projects were initiated to attract investment.
“The medium-term target of BoI is to increase investment to 20% of GDP from its present level of around 15%. Pakistan, as an investment destination, offers friendly policies and commitment to support investors and enhance their confidence level,” she said.
Fareena Mazhar said that almost all sectors of the national economy were open to investment with attractive incentives and liberal policies. “The government is committed to enhancing the confidence of businessmen by providing a conducive environment to them,” she added.
She said that a number of reforms were initiated to modernise the business regulatory framework. She said that entrepreneurship seemed to be blooming in the country as the Security and Exchange Commission of Pakistan (SECP) recorded a sharp increase in the registration of new businesses.
“Pakistan follows a liberal investment regime and facilitation is its cornerstone to build the confidence of investors. A conducive environment is being provided to entrepreneurs to attract local and foreign investment,” she said.
According to BoI Secretary Asad Rehman Gilani, his organisation is mandated to promote, encourage and facilitate both local and foreign investment. “BoI acts as an interface between international and local investors, public and private sectors. It works to improve the business environment through policies and strategic interventions,” he added.
He said that till 1997, Pakistan pursued an investment policy favourable for the industrial and manufacturing sectors. The first investment policy was framed by BoI in 1997 which opened all economic sectors including infrastructure, social and services to foreign investment.
Asad Rehman said that keeping in view the importance of investment for economic growth and fast economic globalisation trends around the world, Investment Policy 2013 was formulated to further improve the investment climate in the country.
He said that a multi-year foreign direct investment (FDI) strategy was being devised by the government. He added that the policy was meant to progressively increase FDI from $2.8 billion in the financial year 2019-20 to $7.4 billion in the year 2022-23.
