ISLAMABAD: Board of Investment Chairman Naeem Zamindar on Monday called upon the investors across the world to exploit huge investment opportunities offered by Pakistan in the Special Economic Zones under the China-Pakistan Economic Corridor (CPEC).
Talking to a delegation of World Bank (WB), headed by its Regional Vice President Annette Dixon, he underlined that in Pakistan entrepreneurs were recognised as important drivers of economic and social progress.
He invited the bank to invest in national insurance fund and other venture capital funds to promote and strengthen the local capital sector, said a statement.
BoI chairman appreciated the efforts of the bank for improving business climate in the country and emphasised that simplification of procedures in every area of the business cycle was important to attract investment in the country.
BoI Executive Director General Fareena Mazhar gave a detailed presentation, highlighting the initiatives of federal and provincial governments to automate and reform the processes involved in each business indicator.
She apprised the participants that 41 reform actions had been introduced in Pakistan for the last two years, but World Bank has recognised only four reforms in the last year.
She stressed on updating and expansion of contributors’ list, reviewing the flaws in the methodology and need for data corrections.
Sindh Board of Investment Chairperson Naheed Memon also appreciated the efforts being made by the World Bank Group, BoI and other stakeholders to improve ease of doing business in Pakistan.
While referring to the efforts of Sindh government, she informed that a notification was being issued by Karachi Water and Sewerage Board (KWSB) regarding reduction of connection time from 61 to 21 days.
She said Sindh Building Control Authority (SBCA) would eliminate four procedures for reducing time from 60 to 32 days for getting construction permit, and the government of Sindh would launch their Business Portal shortly.
Punjab Planning and Development Secretary Iftikhar Ali Sahoo spoke about the reforms initiated by Punjab. The land registration process in Lahore has been reduced from 56 days to 18 days and the procedures from seven to four. Also, the time to get construction permits too has been reduced from 60 to 21 days only, while sub-registrar offices have been linked with the PLRA system.
He also highlighted that three mediation centres had been made functional at District Court Lahore and around 6,812 references were resolved out of 10,637 references.
Annette Dixon said 100 days sprint was a good and fantastic idea to have remarkable results, but for the sustainability of this national reforms agenda, long term efforts would also be required.
She also emphasised that parallel efforts were also needed to improve the situations in other supporting areas like energy, infrastructure, security and particularly human development. She also proposed a strong feedback mechanism for enhancing ease of doing business.