Reform in BOI to improve business environment, attract investors

ISLAMABAD: The government is working on reform of Board of Investment (BOI) to enhance ease of doing business and provide conducive business environment for local and foreign investors in Special Economic Zone (SEZs) of CPEC.

"Reconstruction and modernization of Board of Investment (BOI) is top priority of the government as it will promote best international business and investment practices and enhance capacity," Chairman consultative committee of reconstruction and Spokesman of Board of Investment (BOI) Shah Jahan Shah told APP here on Monday.

In this regard, consultative committee had been formed, which consists of senior officials of establishment division and BOI to review and execute the reconstruction plan of BOI on modern lines,he said.

According to plan, BOI wanted to hire experts to deal with different sectors including legal, export, investment, Special Economic Zones (SEZs) and marketing and branding experts to enhance the capacity and modernization of the institution, he said.

He said that experts for Special Economic Zones (SEZs) would be hired for initiating the projects to attract investment and provide conducive business environment.

Replying to a question, he said that Investment Facilities Centre (IFCs) would also be established in Karachi, Lahore, Islamabad and Peshawar to provide modern facilities to investors.

SEZs investors would get the facility for plant and machinery import without customs duty in all four provinces of the country.

The spokesman of BOI said that all steps would be taken for the industrial growth in the country.

He suggested Pakistani investors should go for joint ventures with foreign investors to learn the international best practices of managerial skills and technology.

He said that Special Economic Zones would lead to create employment opportunities and development in the area.

The government has identified 46 economic zones through out the country in different regions. Seven of the economic zones are approved.

He said, "We are committed to facilitate the foreign investors in Special Economic Zones (SEZs)."

BOI spokesman said that nine prioritized industrial zones had been proposed for high tech industry meant to enhance the export and employment opportunities to the people in the country.

Three each SEZs would be established in Punjab, Sindh and one in Khyber Pakhtunkhwa, he added.