Ijaz Kakakhel Islamabad
In order to increase Foreign Direct Investment (FDI) to Gross Domestic Product (GDP) ratio, the federal government has taken several steps through Board of Investment (BOI).
Though promotion, facilitation and protection of investment is the domain of the BOI; however, attraction of investment needs a whole of government approach, revealed official documents available with this scribe.
All the economic ministries, provincial governments and the private sector need to play their respective roles in attraction of investment.
Other areas which contribute towards inward investment are infrastructure, ease and cost of doing business and federal, provincial and local policy, legal and regulatory frameworks.
A number of steps have been/are being taken by the Board of Investment to increase the FDI to GDP ratio like Improving Ease of Doing Business; Improving business climate through Pakistan Regulatory Modernization Initiative; Using Special Economic Zones (SEZs) to promote industrialization in the country; Devising and implementing Investment Promotion Strategy to attract quality investment in the country; Devising a Comprehensive Investment Law; Online Investment Facilitation Services-like Issuance of Work Visa, Branch/Liaison Office, Security clearance and Issuance of Airport entry Passes.
The BOI, in consultation withal the relevant agencies and the provincial governments is working on a comprehensive strategy to further improve ease of doing business in Pakistan.
According to World Bank, Doing Business 2020 Report, Pakistan improved its global ranking by 28 notches from 136 to 108 and was declared the top reformer of South Asia and sixth on the globe.
Pakistan improved in six areas measured by doing business report i.e. starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders.
The Prime Minister of Pakistan has launched “Pakistan Regulatory Modernization Initiative” (PRMI) to transform the regulatory landscape across the three tiers of governments, federal, provincial and local governments in Pakistan.
The PRMI is a comprehensive reform initiative that brings together all provinces, territories, and their respective departments to map, simplify, eliminate and automate regulatory landscape to reduce burden on business and elevate Pakistan among the top destinations for investment.