BoI seeks independent status

The Board of Investment (BoI) has approached Prime Minister Shaukat Aziz to seek an independent status for itself, complaining that the Ministry of Privatisation and Investment, now headed by Zahid Hamid, has been delaying investment cases of urgent nature, official sources told Business Recorder.
"The Ministry of Privatisation and Investment creates duplication and delay in finalisation of urgent investment related matters falling within the domain of BoI," sources quoted BoI Secretary Mushtaq Malik as pleading his case with the Prime Minister. He also cited the precedent of Revenue Division, which deals with Board of Revenue only.
Chairman, Board of Revenue, was also working as ex-officio Secretary of the Division. Thus the working of the Board was speedy and decisions were implemented smoothly, Mushtaq was further quoted as saying. In terms of BoI Ordinance ( XV of 2001), the BoI has been mandated as an apex body to formulate and implement investment policy laws, negotiate and finalise bilateral agreements for promotion and protection of investment with other countries and assist the federal government in formulation of economies, fiscal and trade policies to improve investment climate and promote investment in the country.
The BoI 'board' is headed by the Prime Minister as its president and the Minster in charge is the vice president. The board consists of government and private sector representatives.
An officer of BS-22 with the status of Federal Secretary is administrative head and Principal Accounting Officer of the board. Since the BoI Secretary enjoys the status of a Federal Secretary, he is the Principal Accounting Officer and is entitled to sign and submit summaries directly to the Cabinet and the Prime Minister. Hence, there was no need to route investment related cases through Ministry of Privatisation, the BoI Secretary said.
In 1996, an 'Investment Division' also existed, with the functions of investment promotion, investment facilitation and economic and investment data bank. Mushtaq, after giving reasons for independent status, has proposed that the 'Investment Division' may be re-created by converting BoI along with budget under the Ministry of Privatisation and Investment, to be headed by the Minister for Privatisation.
He is also of the view that the proposal would not entail any additional financial burden on the government, and would go a long way in promoting investment in the country.