Fozia Azam

Keeping in view the emerging trends in the global market, the Bard of Investment (BOI) is considering adopting a new investment promotion strategy that focuses on diversifying sources of foreign direct investment (FDI), said a senior official. Zulfiqar Ali, Director General of Pakistan Regulatory Modernisation Initiative (PRMI) at the BOI, said while talking to WealthPK that by targeting the Gulf Cooperation Council (GCC) countries, the Association of Southeast Asian Nations (ASEAN) member states, and Turkey, the BOI aims to tap into promising markets and expand its horizons as a premier investment destination. The GCC countries, including Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman, have emerged as economic powerhouses and hold a significant investment potential.

“The new investment promotion strategy showcases a forward-thinking approach to attract investment and stimulate economic growth,” the official said. He opined that the decision to focus on diverse destinations recognises the immense opportunities present in these markets. “By forging closer ties and promoting investment opportunities in key sectors such as energy, infrastructure, tourism, and technology, Pakistan will position itself as an attractive investment partner for GCC investors. This strategy will not only attract capital, but also foster knowledge and technology transfers, creating a win-win situation for both sides,” he said. The ASEAN region is a dynamic and rapidly growing market, comprising 10 member states with diverse economies and abundant resources.

The decision to include ASEAN in its investment promotion strategy demonstrates a forward-thinking approach. This region offers a substantial consumer base for investors targeting diverse sectors like manufacturing, digital innovation, and renewable energy. By capitalising on ASEAN's economic integration through initiatives like the ASEAN Economic Community, the BOI can tap into this promising market and strengthen bilateral investment ties. Turkey's strategic location as a gateway bridging Europe and Asia can present a unique opportunity to diversify FDI sources. Through targeted promotional activities and fostering business partnerships, the BOI can attract investors to consider Pakistan as their preferred investment destination in Southeast Asia. Experts believe that the adoption of a diversified FDI strategy has several advantages for the economy.

Firstly, tapping into new markets reduces over-reliance on traditional sources of FDI. This not only mitigates risks, but also creates economic resilience in the face of global uncertainties. Secondly, attracting investments from diverse regions brings in a variety of expertise, knowledge, and technology, fuelling innovation and productivity enhancement. Finally, expanding the FDI sources will also help strengthen diplomatic and economic ties, fostering greater cooperation and collaboration in various fields. This strategy not only offers financial and economic benefits but also enhances knowledge transfer, technology sharing, and cultural exchanges. With a steadfast commitment to innovation and adaptability, the BOI strives for Pakistan’s economic progress on a global scale.

Credit: INP-WealthPk