BoI chief addresses investment session

KARACHI: The country received no major investment during the past several years except in the energy sector projects under the China Pakistan Economic Corridor, an official said on Saturday.

Addressing a session organised at the Governor House of Sindh to promote investment in the energy sector of the country, Board of Investment (BoI) Chairman Zubair Gilani said: "Although almost 90 percent investment in the country’s energy sector was made by the foreign investors, yet their trickle down impact was not largely felt.”

"I am a big supporter of foreign investment, but would expect that this should now come forward with shift and transfer of technology,” he said, adding that a consistent approach can address the issues.

The BoI chairman said that an efficient balance has to be maintained to ensure that the country attracts investment on immediate basis, as well as on long-term basis.

“Economic sovereignty is the key to comprehensive development,” he said, and regretted that this was generally ignored and weak stance adopted by the previous political governments exposed the country to steady increase in the energy cost, affecting the entire economy.

Gilani mentioned about the special economic zones being developed under CPEC and announced that the Board of Investment has decided to commission nine of these to those who are keen to produce solar energy.