Pakistan offers investment: Around $350m invested in Pak start-ups sector last year: BOI

DUBAI: Around $350 million have been invested in the startups sector of Pakistan during the pandemic in the past one year, Secretary Board of Investment (BOI) Pakistan Fareena Mazhar informed The News in Dubai.

She was addressing the business community at Pakistan Pavilion in Dubai Expo 2020, where more than 190 countries have been participating in the world’s mega event. Speaking with The News, Secretary Board of Investment (BoI) Pakistan Fareena Mazhar said that the world’s economy came under pressure due to the Covid-19 pandemic but Pakistan’s economy did not witness as much pressure as the other countries in the region.

The Board of Investment Pakistan has arranged a series of “Invest Pakistan” seminars at the Dubai Expo 2020, while the Pakistan Business and Professional Forum Abu Dhabi also facilitated in the arrangements.

Talking about the conducive environment for investment in Pakistan, the BOI Secretary Fareena Mazhar said Pakistan now improved the ranking of “Ease of Doing Business” by 70 positions in the “startup” sector. She said that any investor can get business license in Pakistan in just four hours from anywhere in the world. She revealed that the General Certificate of Business was issued after uploading the required documents.

Fareena Mazhar said that extraordinary reforms are being made for the investment in the country, adding that Pakistan was now considering to give its nationality in return for the investment like other investment-friendly countries.

The secretary Board of Investment Pakistan also said that an office of the Board of Investment Pakistan has been set up in China and the joint venture projects are being expedited in collaboration with the Chinese government.

Referring to the investment in Pakistan’s Special Economic Zones, Fareena Mazhar said that the investors are not only given various types of tax exemptions but also some extraordinary attractive incentives.

Moreover, Director General, Board of Investment Pakistan Jamil Quershi and President, Pakistan Business and Professional Council, Abu Dhabi Dr Qaiser Anis also briefed the audience on the investment opportunities in the country.

Pakistan‘s business diaspora including Shabbir Merchant, Tariq Nizami and others took keen interest in the investment projects and suggested the authorities to attract more businesses and investment.