Fozia Azam

Pakistan Investment Policy (PIP) 2023 outlines ambitious goals and objectives aimed at transforming the business environment, fostering economic growth, and ensuring seamless services and investor protection, said a senior official. With a focus on efficient and integrated services, the policy seeks to attract investment, simplify administrative procedures, and position Pakistan as a preferred destination for local and foreign investors. While talking to WealthPK, Zulfiqar Ali, Director General of Pakistan Regulatory Modernisation Initiative (PRMI) at the Board of Investment (BOI), said the policy represents a significant stride towards creating a favourable business environment conducive to investment and economic growth as it emphasises the development of key infrastructure, improvement of regulatory frameworks, and establishment of investor-friendly policies. He was of the view that by streamlining administrative procedures and reducing red tape, the PIP aims to create a transparent and efficient ecosystem that encourages entrepreneurship and innovation.

The policy envisages development of an integrated online platform, the Pakistan Business Portal (PBP), which will serve as a unified hub for all business-related services and permits. “The PIP 2023 places significant emphasis on attracting foreign investment through negotiation, signing, and ratification of free trade agreements (FTAs), double taxation treaties, and international investment agreements (IIAs), and these efforts aim to provide greater market access, reduce trade barriers, enhance bilateral cooperation, and foster mutually beneficial partnerships with countries around the world,” Zulfiqar said. He said that by removing hurdles to cross-border trade and ensuring investor protection, Pakistan endeavours to create an environment that boosts foreign direct investment (FDI) inflows. “Recognising the importance of investor protection, the PIP 2023 includes measures aimed at safeguarding the rights and interests of both local and foreign investors.

The policy seeks to establish transparent and predictable mechanisms for dispute resolution, ensuring a secure business environment,” he added. “Additionally, the PIP 2023 envisions providing business support services to investors, including access to finance, technical assistance, export promotion, and capacity building programs, enabling them to thrive in the Pakistani market,” he added. The policy aligns with the broader goals of sustainable and inclusive economic growth. It emphasises investment in key sectors such as infrastructure, energy, agriculture, manufacturing, information technology, and tourism. The policy aims to catalyse job creation, technology transfer, and boost overall economic development across both urban and rural areas of the country. Through targeted interventions and sector-specific strategies, the PIP 2023 sets a trajectory towards long-term economic stability and competitiveness.

Experts believe that the launch of the PIP 2023 marks a significant milestone in providing investors with efficient and integrated services while ensuring investor protection. With a focus on transforming the business environment, attracting international investments, and fostering sustainable growth, this comprehensive policy underscores Pakistan's commitment to creating a competitive and investor-friendly economy. By simplifying administrative procedures, introducing online platforms, and pursuing international agreements, Pakistan aims to position itself as an attractive investment destination, promoting economic prosperity and development for its citizens.

Credit: INP-WealthPk