Prime Minister Imran Khan Friday give one-month time to the chairman Board of Investment (BoI) to complete the process of harmonising laws related to business at federal and provincial levels to facilitate local and foreign investment.
While chairing a meeting of the BoI Board of Directors, the Prime Minister directed that relevant laws be made simple in the light of BoI's recommendations by doing away with unnecessary conditions. The meeting reviewed measures taken by the BoI at federal and provincial levels to promote local and foreign investment in various sectors, removing bottlenecks, setting up Special Economic Zones (SEZs) and facilitation to the traders community by making procedure simple.
He further stated that present government's priority is to attract investment in the country and this is necessary to make rules and procedures simple for businesses at federal and provincial level.
The Prime Minister said that primary reason that hurts the industrial growth is unnecessary rules and regulations, propensity in government departments to create hurdles and difficulties for business community and corruption.
The government's liberal polices as well as availability of cheap workforce and huge young population, all these provide congenial environment for investment in the country, he added.
The chairman BoI presented a draft strategy 2020-2024 to the Prime Minister Imran Khan which would be given final shape in the light of proposals suggested by the members of board of directors.
The Prime Minister was told that BoI has initiated the process to harmonise different laws related to the businesses and is in the process of making rules and procedures easier. The laws related to special economic zones (SEZs) are also being viewed with the objective to make the business friendly, the BOI added.
Those who attended the meeting included Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh , Minister for Energy Umar Aub Khan , advisor on Commerce Razak Dawood, Chairman BoI Dr Salman Shah, Dr Shamshad Akhtar and Ahmer Bilal Soofi.