PESHAWAR: The Khyber Pakhtunkhwa Assembly on Monday unanimously passed the Board of Investment and Trade Bill 2015 providing a legal cover to the investment board established through an executive order. The Act may be called the Khyber Pakhtunkhwa Board of Investment and Trade Act, 2015. It would stand extended to the entire province. Having Peshawar as its head office, the board will be a corporate body discharging functions under the government directions. Headed by a chairman, the board would consist of members from both public and private sectors not less than 15 and not more than 20 including additional chief secretary, secretaries planning and development, finance and industries departments and managing director Bank of Khyber. The private sector members shall include persons of integrity, experts in academia, sciences, agriculture, banking business, commerce, engineering, finance, industry, investment, law, marketing, mathematics, statistics and technology to be appointed by the government for non-extendable period of three years. The chief minister shall be chairman of the board and vice-chairman will be appointed by the government from public or private sector for three years. The board is aimed at facilitating both local and foreign investment in the province, facilitating government on creating and enabling environment for investment and assisting in the implementation of Public Private Partnership Act, 2014, undertake sub-sectors studies and develop concepts, briefs and fact sheet both internally in consultation with government departments and outsourcing to consultants on different priority sectors of the province economy that have the potential for growth and employment generation. It shall assist in identification of sector wise potential projects and prepare the feasibility reports in consultation with departments concerned, doing advocacy for holding conferences, seminars, roundtables and presentations locally and internationally to attract potential investors by creating awareness about government policies. It will have a chief executive officer to be appointed by the government from officers not below grade 20. The chief executive officer will be answerable to the board for administrative and financial matters. The chairman shall preside over the Board meeting and in his absence the function will be performed by the vice chairman. The quorum for the meeting shall be two-thirds of the total membership and meeting will be held as desired by the chairman but at least in a quarter. On the commencement of this Act, the existing Khyber Pakhtunkhwa Board of Investment and Trade constituted under the executive order dated 2 September 2013, and dated 31 October2013 shall stand dissolved. All assets, rights, powers, authorities and privileges and property, movable and immovable, cash and bank balances, reserve funds, investment and all other interests and rights in, or arising out of such property and all debts, liabilities and obligations of whatever kind of the dissolved board before the commencement of this Act, shall and transferred to and vest in the board.All suits and other legal proceedings instituted by or against the dissolved board before the commencement of this Act shall be deemed to be suits and proceedings by or against the board and may proceed and be dealt with accordingly.
