Pakistan Investment Climate Project launched: IFC stresses need to explore provinces’ economic potential

ISLAMABAD: Pakistan has the potential to attract higher levels of foreign direct investment in the coming years if the government’s investment promotion strategy taps into the economic potential of the provinces and the opportunities arising from the development of special economic zones, a senior official of a global development institution said on Friday.

Nadeem Siddiqui, country manager at International Finance Corporation (IFC), during a seminar, said the Board of Investment (BOI) should continue to facilitate foreign investors by helping them obtain work visas without any hassle and coordinate with federal and provincial authorities to improve the regulatory environment.

Christine Qiang, World Bank Practice Manager said international investors are eyeing Pakistan with renewed optimism.

“Global experience confirms the regulatory certainty and policy predictability are essential for investors,” a government statement cited Qiang as saying. “Pakistan Board of investment has an important role to play, with the provincial boards of investment, to advocate for and facilitate a stable and consistent policy environment for investors.”

Samaira Nazir Siddiqui, secretary BoI emphasised on close working with all the federal government authorities as well as provincial governments to ensure that investors in Pakistan are facilitated.

“She also stated that improving our investment policy and promotion framework will help us attract, generate and retain investment into Pakistan.”

Board of Investment, in partnership with the International Finance Corporation and World Bank, and with the support from the United Kingdom government’s Prosperity Fund launched a Pakistan Investment Climate Project to streamline business regulations and create linkages between foreign and local firms in the key sectors.

The project aims to revive Pakistan’s global appeal as an attractive location for both local and foreign investment. It will boost the country’s investment competitiveness by supporting BOI to improve Pakistan’s investment policy and promotion strategy.

Chairman BOI Naeem Zamindar, during the ceremony, said Pakistan’s economy stands at a crucial vantage point with the potential to grow at the rate of over nine percent.

“For this, Pakistan must attract new investment which will help the country create jobs for its youth, as 65 percent of young and growing population and its aspiration,” the statement quoted him

as saying.

Zamindar also underscored the need to draw more overseas Pakistani business communities towards the country and on the need to integrate with China, which is most likely to transform into a 30 trillion-dollar economy over the next 25 years.

Senior participants from the provincial board of investment teams were also excited at the prospects of more collaboration with the federal government to churn out an investment strategy that bears far reaching welfare benefits for the people of Pakistan, particularly for new businesses.