Fozia Azam

The Board of Investment (BOI) plans to propel the country’s economic growth by implementing a strategic plan that combines economic diplomacy and technology tools to attract foreign direct investment (FDI), said a senior official. This forward-thinking approach aims to leverage Pakistan's vast potential, foster international partnerships, and create a favourable investment climate to bring in more funds that will drive economic development and prosperity. While talking to WealthPK, Zulfiqar Ali, Director General of Pakistan Regulatory Modernisation Initiative (PRMI) at the BOI, said economic diplomacy plays a crucial role in promoting a nation's economic interests and attracting foreign investment.

“The BOI recognises this and is actively working towards fostering stronger ties with partner countries, engaging in diplomatic outreach, and promoting Pakistan's investment potential on a global scale,” he said. Zulfiqar said that through diplomatic channels, the BOI is highlighting numerous investment opportunities available in Pakistan, such as those in infrastructure development, renewable energy projects, information technology, agriculture, and manufacturing sectors. By showcasing these opportunities, the BOI aims to instil confidence in potential investors, and demonstrate the country's commitment to create a conducive environment for foreign businesses. He was of the view that in today's digital age, technology plays a significant role in facilitating business transactions and attracting investment.

“The BOI understands this and is embracing technology tools to streamline the investment process and make it more transparent and efficient,” he elaborated. Zulfiqar informed that one of the key technology tools being employed is an online investment portal which will serve as a one-stop shop for potential investors, providing them with comprehensive information on investment policies, legal framework, incentives, and available projects in Pakistan. He said that by digitising the investment process, the BOI aims to remove bureaucratic hurdles, reduce red tape, and create a seamless experience for investors. “Additionally, the BOI is actively utilising social media platforms and digital marketing strategies to reach a wider audience of potential investors,” he said.

“These efforts are aimed at building trust and fostering a positive image of Pakistan as an attractive investment destination,” he added. To attract FDI, it is crucial to create a favourable investment climate that provides security, stability, and attractive incentives for businesses. The official said the BOI is working closely with the government to implement investor-friendly policies and reforms that enhance ease of doing business in Pakistan. Streamlining regulatory procedures, improving infrastructure, ensuring a level playing field, and offering tax incentives are some of the measures being undertaken to create an investor-friendly environment.

The BOI is also focusing on providing investor facilitation services, such as fast-track business registration, visa facilitation, and customised support to address investor queries and concerns promptly. Experts believe that the BOI's strategic approach of combining economic diplomacy and technology tools to attract FDI in Pakistan holds tremendous potential for economic growth. By building stronger international partnerships, leveraging technology, and creating a favourable investment climate, the BOI is laying the foundation for increased investment inflows that will contribute to job creation, infrastructure development, and overall economic prosperity in Pakistan.

Credit: INP-WealthPk