BoI tasked to facilitate investment
Daily Times, Pakistan
BoI tasked to facilitate investment
* Tasks include formulating SEZA, updating Promotion and Protection of Investment Act 1976 and concluding BITs and FTAs with other countries
16 June 2010
By Sajid Chaudhry
ISLAMABAD : The Board of Investment (BoI) has been tasked to formulate Special Economic Zone Act (SEZA), update the existing Promotion and Protection of Investment Act 1976 and conclude Bilateral Investment Treaties (BIT) and Free Trade Agreement (FTA) with other countries specially the United States.
These targets have been set for the BoI under the Medium-Term Budgetary Framework (MTBF) 2010-13. Future policy priorities that have been agreed for the BoI under the MTBF is to formulate SEZA so that such zones could be established with management of private sector.
It has also been agreed that BoI would update the existing Promotion and Protection of Investment Act 1976, so that a level-playing field to the foreign and local investors is provided with full protection to their investment against any political change in the country as well as adverse policy changes in the respective are of investment. BoI has also been tasked to conclude BIT and FTA with other countries specially United States. BIT negotiations with the US have been revived and it is expected that both sides would try to settle the remaining differences so that Pak-US BIT is concluded in the minimum possible timeframe. Further negotiations on Pak-US BIT are expected within months under the ongoing Pak-US Strategic Dialogue at Islamabad.
For the promotion and facilitation of local and foreign investment in the country, the BoI will hold 84 domestic and foreign investment conferences. Some 44 pre-feasibility studies will be conducted on investment projects so that foreign investors could be provided investment potential in Pakistan. The BoI would also facilitate visit of delegations to foreign countries to attend investment seminar, forums and conferences. Investment promotion and publicity material will be arranged for the information of local and foreign investors. The board organised investment conferences in Riyadh and Jeddah, Saudi Arabia to introduce Pakistan as an attractive investment destination and to provide a platform to investors to interact with each other to explore the possibilities of joint ventures. The BoI has also extended its facilitation services to 67 foreign and 20 local organisations delegations of different countries having an interest to invest in different sectors of Pakistan.
