By Asad Cheema
ISLAMABAD: The National Assembly Standing Committee on Board of Investment was briefed on Wednesday about the initiatives taken by the Board of Investment to attract foreign investment in the country.
During the meeting, a real estate investor, Lamaison Developers Pvt Ltd. pitched an investment proposal for the completion of Islamabad City master plan as per the development plan of 1960.
However, the Committee recommended that all stakeholders must be on-boarded with the matter before any further discussion is held upon the matter. The Ministry appraised the Committee that a One-Stop Shop initiative was being taken to facilitate investors and stakeholders in the procedure of investment in the Special Economic Zones.
It was also mentioned that this initiative was awaiting approval from the Cabinet Committee for Disposal of Legislative Cases. The Ministry informed the Committee that Honorary Investment Counsels were being appointed in various countries on a pro-bono basis to facilitate attracting investment.
The committee was also informed that the “Asaan Karobar Bill” had been submitted to the Cabinet for recommendations. The Members encouraged the Ministry to share the Bills with the Committee. The Ministry also on-boarded the Committee upon the Pakistan Regulatory Modernization Initiative, which aims at re-engineering the business process to make it more efficient and investor friendly.
The Committee was also briefed upon the creation of a Business-to-Business portal for China-Pakistan Economic Corridor to assist investors. This portal is also linked to the Chinese Board of Investment. The Ministry recommended the Committee to visit the portals, “Business-to-Business portal established by the Board of Investment”.
The Ministry ensured the Committee that continuous liaison had been established with the provincial Boards of Investment to ensure effectiveness of the procedure.
The Ministry shared updates upon Foreign Direct Investment in multiple projects, including the set-up of an oil refinery at Gwadar. The representatives from the real estate investment agency, Lamaison Developers Pvt. Ltd. pitched an investment project to the Committee, which has the potential of generating a return worth USD 2 billion without any government expenditure.
The Committee opined that any discussion on the initiative should only be held with the consultation of the relevant stakeholders including the Ministry of Housing and Works, FGECHA, CDA and the local administration of Islamabad. Members of the National Assembly Sardar Riaz Mehmood Khan Mazari, Sajid Mehdi, Nawab Sher, Farukh Khan, Shams-un-Nisa, Wajiha Qamar and Shahida Akhtar Ali attended the meeting.
