Fozia Azam

The Board of Investment (BOI) plans to initiate investment policy coordination between the federal and provincial authorities with a view to promoting investment and fostering collaboration. This step, outlined in the Investment Policy 2023, is expected to promote the investment climate, attract foreign direct investment (FDI), and accelerate economic growth in the country. It is expected that the coordination will have a positive impact on Pakistan's investment landscape as the recent Investment Policy 2023 aims to create an enabling environment for investment and prioritise economic growth. The policy recognises the importance of collaboration between the federal and provincial authorities for effectively implementing investment-related initiatives. Director General of Pakistan Regulatory Modernisation Initiative (PRMI) at the BOI, Zulfiqar Ali, while talking to WealthPK expressed his support for the decision, stating that investment policy coordination was a crucial step towards creating a seamless and harmonious investment climate.

“By aligning their efforts, both levels of government can work together to enhance investment opportunities, eliminate duplication, and create a more efficient and attractive environment for both domestic and foreign investors,” he elaborated. Zulfiqar said the coordination will involve various aspects, including investment promotion, policy formulation, regulatory frameworks, and infrastructure development. He said it will ensure a unified approach towards attracting investment, eliminating red tape, and providing a clear roadmap for investors. Furthermore, he highlighted the significance of this coordination in addressing regional disparities and promoting balanced economic growth across Pakistan. By involving provincial authorities in investment policy coordination, the Investment Policy aims to tap into the unique strengths and potential of each province, creating a more inclusive investment landscape. “With the BOI taking the lead in initiating investment policy coordination, it will act as a facilitator and a catalyst for collaboration among federal and provincial authorities.

The coordination will enable sharing of best practices, exchange of information, and joint decision-making, ultimately leading to more effective investment promotion strategies,” he continued. Zulfiqar said that by bringing together the federal and provincial authorities, the BOI can ensure that investment-related processes are streamlined, transparent, and investor-friendly. “This will help position Pakistan as an attractive investment destination and enhance its competitiveness in the global market,” he added. The Investment Policy 2023 also emphasises the importance of public-private partnerships (PPPs) in driving economic growth. Experts believe that the coordination will further facilitate the establishment of PPPs, enabling joint ventures and encouraging private sector participation in various sectors, including infrastructure development, energy, and agriculture. It will help attract foreign direct investment (FDI), and stimulate domestic investment. This collaborative approach will provide a conducive environment for businesses to thrive, create employment opportunities, and contribute to sustainable economic growth. This coordinated approach will also help enhance the investment climate, promote regional development, and position Pakistan as an attractive destination for investors.

Credit: INP-WealthPk