Investment Board Ordinance 2001: Cabinet approves draft amendment bill

ISLAMABAD: The federal cabinet has approved the draft amendment bill of the Investment Board Ordinance 2001 for the promotion of foreign investment in Pakistan.

The decision to this effect was taken in the federal cabinet meeting held with Prime Minister Shehbaz Sharif in the chair here on Wednesday.

The amendment will empower the Special Investment Facilitation Council (SIFC) and evolve mechanisms for a working relationship with various ministries and provincial governments, besides raising its basic structure and formulating the nature of work.

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Once it will become law, the SIFC will ensure a speedy implementation of foreign investment projects in the country.

Speaking on the occasion, Prime Minister Shehbaz Sharif said the government is implementing “Whole of the Government” policy to increase foreign direct investment in the country. He said the policy is aimed at speedy implementation of the projects with foreign investment.

The cabinet, on the recommendation of the Ministry of Narcotics Control, constituted a ministerial committee under the chairmanship of Defence Minister Khawaja Asif to finalise the National Cannabis Policy.

The cabinet also approved the restructuring of Accountability Courts on the recommendation of the Ministry of Law and Justice, under which 11 Accountability Courts will be converted into seven Banking Courts, two Intellectual Tribunals, a Special Court Central and a Special Court in Balochistan. This reorganisation will not incur any additional costs.

On the recommendation of the Ministry of Information Technology, the federal cabinet approved in principle the E-Safety Bill 2023 to protect user data and prevent illegal and illegal use of information systems.

Under the E-Safety Bill, a framework will be evolved under a certain law to ensure protection and unauthorised use of user data on all types of online services, online shopping, and data provided to various companies and social networking websites in Pakistan.

After approval of the bill, heinous crimes such as online harassment and cyber bullying and blackmailing will be effectively prevented.

On the recommendation of the Ministry of Information Technology and Telecommunication, the Cabinet also accorded approval in principle to the Personal Data Protection Bill 2023.

Copyright Business Recorder, 2023