Call to rebuild BOI on ECC pattern

LAHORE: Punjab Board of Investment and Trade (PBIT) Chairman Sardar Tanveer Ilyas Khan Monday said the federal government should reconstruct and establish the Board of Investment (BOI) on the pattern of the Economic Coordination Committee (ECC) of the cabinet, in which it gives representation to the Provincial Board of Investment and Trade institutions in order to better coordination, and good investment friendly decisions.

Once the government synchronises the associated institutions of the province and Centre it will boost the economic activities and help local and foreign investors for speedy completion of their investment projects, besides attracting the foreign investment’, he said in an interview with The News. After 18th Amendment to the Constitution of Pakistan, the provinces were empowered to establish their boards of investment to attract local and foreign investment by providing one window opportunities and facilitations to the investors. The provinces are doing lot to attract and promote the investment. These provincial boards of investment are progressing while federal BOI is also working.

However, duplication of the same institutions some time creates confusion for investors, especially foreign investors who have to first deal with the federal government then move to provinces, as industries are established in the provinces. Thus an Investment Council on the pattern of the ECC will help to promote inter-provincial coordination besides creating ease of doing business for the foreign investors and resolving their any inter-provincial issue if they faced during their business. The provincial board of investment gives representation to vice-chairman in the BOI investment council and the council will do overall policy making for investment, Sardar Tanveer Ilyas observed. He believed that the Punjab province had huge scope for business, trade and industry due to its population size, and geographical location. Punjab connects the country through all networks besides neighbouring India and China.