BOI embarks upon economic diplomacy to attract FDI

Agencies

 November 12, 2023

ISLAMABAD  –  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).

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, while talking to WealthPK, 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.