Pakistan’s FDI increases by 12.4pc

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Islamabad

The Board of Investment (BOI) Wednesday said that Pakistan’s Foreign Direct Investment (FDI) had increased by 12.4 percent in third quarter of current fiscal year from 1st January to end of March.
The government is committed to provide ease of doing business for foreign investors and also global competitiveness for Multinational Companies (MNCs), said a Spokesman of Board of Investment (BOI) Shah Jahan Shah talking to media persons at BOI head office here.
He said that BOI had digitalized visa process for foreign investors and now the investors could apply online for business visa from anywhere and there would be responded in very short period of time. The duration of visa process had now been reduced from six months to weeks subject to the verification from different agencies, he added.
Spokesman of BOI said, “We have also transformed the liaison and branch office from manual to online to facilitate the investors. He informed that Pakistan was in top 10 countries in world for improving in investment laws and providing facalities for doing business to foreign investors.
Through new work plan, the government would hold road show in China in coming few months to focus on textile and steel industry. He said that chambers of industries and All Pakistan Textile Mills Association (APTMA) would also collaborate in this regard.
Shah Jhan said that seven Special Economic Zone (SEZ) cells had been approved for facilitating the investors through one window operation to provide them facility at one place.
The spokesman said that SEZs investors would get the facility for plant and machinery import without customs duty in all four provinces of the country. Three each SEZs would be established in Punjab and Sindh and one in Khyber Paktunkwa, he added.
Replying to a question, he said that nine more industrial zone had been approved for high tech industry to enhance the export and employment opportunities in the country. He said the SEZ Cell had been furnished on the contemporary corporate style and would be equipped with state-of-art facilities.
He said that huge foreign investment in automobile sector would be expected from different groups. The spokesman said that Pakistan had one of the most liberal foreign investment regimes in South Asia. The BOI was fully committed to reviving the confidence of foreign businessmen to ultimately boost foreign investment in the country. He said that foreign investors were keen to invest in various sectors of Pakistan.—APP