The Board of Investment (BOI) has embarked on a strategic mission to foster economic growth through a carefully devised plan that intricately combines the principles of economic diplomacy and cutting-edge technological tools with the primary objective of attracting foreign direct investment (FDI). Talking to WealthPK, Zulfiqar Ali, Director General of Pakistan Regulatory Modernisation Initiative (PRMI) at BOI, said, “In an ever-evolving global economic landscape, the quest for FDI has become a strategic imperative for nations seeking to bolster their economic growth and development.”

“The BOI has taken the centre-stage in this endeavour, actively working to foster stronger ties with partner countries, engage in diplomatic outreach, and promote Pakistan's investment potential on a global scale,” he said. Ali said that BOI was focusing on numerous investment opportunities available in Pakistan, such as those in infrastructure development, renewable energy projects, information technology, agriculture, and manufacturing sectors. “These sectors not only represent numerous opportunities but also align with the nation's broader economic development goals.”

He was of the view that in today’s digital age, technology played a significant role in facilitating business transactions and attracting investment. “The integration of technology tools is not merely a matter of convenience; it is a necessity in the fiercely competitive world of global investment.” The BOI official said that one of the key technology tools being employed was 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. “Such measures streamline administrative processes, minimise red tape, and ensure that potential investors have access to vital information at their fingertips.”

“Furthermore, 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.” Ali stressed that the need of the hour was to re-evaluate the investment strategies with specific emphasis on attracting FDI in export-oriented segments that would help in improving value-added exports and pave the way for export-led growth. He pointed out that Pakistan was lagging behind in technology and value-added products.

Credit: Independent News Pakistan (INP)