Call to rebuild BOI on ECC pattern

BOI rebuild
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. So the Punjab province has great importance in making any type of corridor, including China-Pakistan Economic Corridor (CPEC). Additionally, infrastructure in Punjab is far better than other parts of country; labour is skilled, and consumers market is the biggest. This gives advantage to Punjab on the other parts of the country. However, economic conditions demand investment in all parts of the country, irrespective of Punjab, he observed. But the fact is investors look into their returns against their investment.

Tanveer Ilyas said the uncertainty element in the market created tough situation for the government and its authorities. “We have to assure the general public and investors that nothing is going to happen; don’t be panic and plan for their future and investments”, he added. However, some elements attempt to create impression that the government is a failure which is incorrect. Industrial situation is gradually improving, Chinese and other investors are coming for investment. “We are inviting the investors to come here with commitment to invest irrespective of which political party will be ruling in the future. Just focus on the investment and business plans as the country is gradually moving towards stabilising mode’, PBIT chairman believed.

He stressed the huge potential of investment with all prerequisites existed in country as its fifth largest market of the world investment climate is friendly. Talking about the trust deficit of the general public in government, PBIT chairman said it was false impression created by the political parties through their media management. Fact is the both local and foreign investors have trust in the government and new investments are coming in the country, he concluded.