BoI aims at $15bln FDI target by 2025

ISLAMABAD: The Board of Investment (BOI) is dedicated to provide unprecedented ease of investment to foreign investors especially in Special Economic Zones (SEZs) and global competitiveness to multinational companies (MNCs) operating in Pakistan, an official said on Friday.

“In a bid to attract investment, the overseas investors have been allowed to import plant and machinery without customs duty for setting up industries in the SEZs across the country through one-window operation,” Shah Jahan, a spokesman for BOI, told Associated Press of Pakistan (APP).

“The BOI is focused on achieving the foreign direct investment (FDI) target of $15 billion by 2025 through a pro-active approach.”

Shah Jahan added that huge foreign investment was expected in automobile sector from different groups because of the prudent policies of the government and the facilities provided to overseas investors, especially in SEZs.

“A total of seven SEZs will be developed in the country. Three each in Punjab and Sindh, while one will be built in Khyber Pakhtunkhwa.”

Shah Jahan added that nine more prioritised Special Economic Zones (SEZs) would also be established in Punjab, Sindh, Khyber Paktunkhwa (KPK), Balochistan, Northern Areas, and Federally Administrated Tribal Areas (FATA).

“Nine prioritised industrial zone proposed for high tech industry to enhance export and employment opportunities for the people in the country,” said.

Going forward, he said that the foreign investors were keen to invest in various sectors of Pakistan as the government was committed to facilitate them in terms of ease of doing business and traveling.

“The BOI has digitalised the visa process for foreign investors and now the investors could apply online for business visa from anywhere and they would be responded in very short period of time,” the spokesman said.

He added the duration of visa process had now been reduced from six months to weeks subject to the verification from different agencies. “We have also transformed the liaison and branch office from manual to online to facilitate the investors,” Shah Jahan said.

Moreover, he said that the government would hold road shows in China, Italy, Singapore, United Kingdom, and United States and other big economies in the coming few months to attract foreign direct investment (FDI).

“Through a new work-plan, the BOI will hold road shows in collaboration with chambers of commerce and industries and All Pakistan Textile Mills Association (APTMA) with a focus on textile and steel industry,” Shah Jahan informed the state news agency.