Prime Minister Gilani chairs 5th Board Meeting of Board of Investment
Islamabad: Prime Minister Syed Yusuf Raza Gilani has directed the board of Investment to bring in his notice immediately any hindrance in the process of new investment whether public or private. He said that all measures be taken to create conducive environment so that the pace of local and foreign investment can be accelerated.
The 5th Board meeting of Board of Investment was chaired by Prime Minister Syed Yusuf Raza Gilani at the Prime Minister’s Secretariat here this afternoon.
The Prime Minister observed that while revamping/updating the Investment Policy 1997 it should be ensured to make it more practical by involving private sector, provincial governments and all stakeholders. He was pleased to learn that the provinces had been given representation on the BOI Board at the Chief Secretary level and on the future Executive Committee at a senior level.
The Prime Minister stressed BOI to give special attention to bridge the gap between policies in the books and their implementation in practice. The role of private sector in the public-private dialogue and these Sectors Advisory Groups, he added, must be facilitated as per policy of the government to promote public-private partnership.
Earlier the Chairman BOI while referring to the first meeting of Executive Committee formed on the instructions of Prime Minister said that the prime function of the Committee is to facilitate the BOI activities and launch the public private dialogue (PPD) and develop target sectors, identify competitive investment projects and consult on policy initiatives for improving investment climate in Pakistan.
The Board members were informed through a presentation that under the PPD three Advisory Boards for selected sectors had been constituted for bifurcation of investment sectors. The designated people were responsible to launch and steer the public-private dialogue, identify target / priority sectors for public private dialogue, create one sector advisory board for each target / priority sector, create one sector office for each sector advisory board under consultative wing of PPD, create one division office for each target sector under implementation wing of PPD and to check the flow of investment in assigned sectors.
The participants were further apprised that the levy for liaison office ($3000 per year for Regular Permission and $1000 for renewal), branch office ($2000 per year for Regular Permission and $500 for renewal) and $25 for work visa fee is mutually decided in the meeting of Executive Committee. The decision was taken to generate the amount for Board of Investment to provide better facilitation to the investors, the meeting was told.
The presentation further mentioned that registration of foreign companies / entities with BOI would be made to identify / track inflow of foreign investment in the country and make their registration with BOI mandatory to conduct business in Pakistan. The facility of online registration through BOI’s website and the allocation of tracking number to the users after submission of required information is a positive step to attract the investment, he added.
The Board meeting chaired by the Prime Minister approved all the agenda items which included confirmation of minutes of 4th BOI Board meeting, registration of foreign companies/entities with Board of Investment and approval of decision taken by first Executive Committee Meeting of BOI.
Chairman, Board of Investment Saleem H. Mandviwala led the members of executive committee of BoI. Dr. Abdul Hafeez Sheikh Minister of Finance, Mr. Salaman Siddique, Chairman FBR, Dr. Nadeem ul Haq, Deputy Chairman Planning Commission and President FPCCI were also present on special invitation. The representatives of private sector included Mr. Maqsood Ismail MD Candy land, Mr. Suhail P Ahmad CEO Thal Engineering, Captain Aijaz Ali Faizi CEO vision Air, Mr. Asif Jooma CEO Abbott Pharma, Mr Kaleem Siddiqui, President PMB Byco Petroleum Pakistan, Mr Sajjad Gul CEO ever new Studio, Mr. Nauman Wazeer CEO FF Steel Frontier Foundry, and Mr. Zahid Rafiq of Habib Rafiq.
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