Fozia Azam

The Board of Investment's (BOI) new strategy to attract investments in quality export-oriented and technology-driven sectors is set to revolutionize the economic landscape of the country, with a comprehensive plan in place, Zulfiqar Ali, DG of Pakistan Regulatory Modernization Initiative (PRMI) at the BOI, told WealthPK. This proactive approach will enable the country to be in the forefront of innovation and become a hub for global investors looking for growth opportunities, he said. “With a strong emphasis on quality, the BOI wants to create an ideal investment environment for industries that play a crucial role in the country's export-driven economy by offering lucrative incentives and promoting the ease of doing business. It will help attract investments in sectors such as textiles, garments, leather goods, and agro-products,” he added. “This step will not only enhance the country's export capabilities but also increase job opportunities and contribute to the overall economic growth,” he continued.

Zulfiqar opined that recognizing the vital role of technology in shaping the future, the BOI had doubled its efforts to attract investments in technology-driven sectors and by focusing on industries such as information technology, software development, telecommunications equipment, and electronic manufacturing, it aimed to forge partnerships with global technology giants. He expressed hope that this collaboration will not only boost the digital ecosystem but also pave the way for technology transfer, innovative start-ups, and research and development centers. “In order to make the country a preferred investment destination, the BOI is committed to transforming the business environment into an investor-friendly ecosystem. By streamlining administrative processes, updating regulations, and simplifying license procedures, the Board aims to reduce bureaucracy and expedite decision-making,” he said. He further said the Board recognized the importance of skill development in enhancing the investment potential of the country.

To meet the demand for a qualified workforce, the Board is actively collaborating with stakeholders to develop specialized training programs. “By addressing skill gaps and promoting vocational education, the BOI seeks to create a talent pool that can cater to the evolving demands of export-oriented and technology-driven sectors,” he continued. It is believed that the BOI's plans to attract investments in quality export-oriented and technology-driven sectors will mark a significant step towards strengthening the country's economic foundation. By providing an enabling environment, offering incentives, and promoting skill development, the Board is positioning itself as a catalyst for change in the global market. With increased foreign investments, these sectors will flourish, contributing to job creation, technological advancements, and sustained economic growth in the country. As a result, the country will solidify its position as a key player in the global economy and emerge as a hub for quality exports and cutting-edge technology.

Credit: INP-WealthPk