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Pakistan briefs Wolrd Bank on establishing Foreign Investment Counsel

Secretary, Board of Investment (BoI) Mushtaq Malik, here on Thursday apprised a delegation of the World Bank regarding the proposal for the establishing "Foreign Investment Counsel" (FIC).

"This will eventually bring together selected global Chief Executive Officers (CEOs) to give advise on policy issues to the Government of Pakistan", he told a six-member World Bank's delegation which called on the Secretary Bol on Thursday.

The delegation comprised Said al-Habsy Operations Adviser Pakistan, Satu Kristiina J Kahkonen, Lead Economist, Paul Wade, Senior Economist, Zahid Hasnain Senior Economist, Shaheen Mali, Research Analyst and Sayem Ali Analyst.

The World Bank delegation shared their common views about the impressive economic turnaround in Pakistan, which has also been depicted in many of the World Bank reports. The group asked about the future strategy of the government to carry on the momentum of foreign investment inflows and inquired about the Government's policies to promote FDI in the Power Sector and export oriented businesses.

The Secretary said that during this current fiscal year 2006-07, gross domestic product (GDP) growth rose at a better pace and stood 7 percent, regarding the GDP agriculture growth 5 percent, industries by 8.4 percent, others 8 percent growth recorded. He also briefed the delegates that BoI was actively playing its due part and representing investors' interests.

BoI proactively passes a policy concern and holds stakeholders meetings regularly. He further explained that BoI is involved in processing and providing work visas, permissions for opening of branch offices/liaison offices, airport entry passes, provincial security clearance to expatriates and dealing with grievances of investors. BoI also has two International Directorates, which work very closely with Pakistan's missions abroad and foreign missions in Pakistan for facilitating Investment projects, delegations' visits and approaching their markets, he added.

He said BoI has also appointed honorary investment counsellors in key countries, preferably of non-Pakistani origin, to interact with business communities and lure them to invest in Pakistan. BoI has also taken an initiative to sign MoUs with foreign investment promotion agencies. He told the delegation that BoI signed a MoU with Competitiveness Support Fund (CSF) for improving the investment climate and enhancing competitiveness of economy and with Infrastructure Project Development Facility (IPDF) for similar purpose. via Business Recorder.

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