While approving the Board of Investment recommendations, the Federal Cabinet has accorded approved to legislation for the ‘Invest Pakistan’ initiative.
According to a press handout, the Federal Cabinet under the chair of Prime Minister Shahbaz Sharif approved legislation for the ‘Invest Pakistan’ initiative on the recommendations of BOI.
Through this legislation, the office of ‘Invest Pakistan’ will be established under the BOI. This is a public-private partnership initiative and the said legislation will help ensure the provision of investor-friendly services, according to the statement.
‘Invest Pakistan’ is a flagship project of the BOI that specializes in investment realization, sustainability, and bringing the government together to resolve binding constraints in the investment decision.
BOI will register a new public-private partnership company named ‘Invest Pakistan’ with the Securities Exchange Commission of Pakistan (SECP).
The company will operate as a joint venture between the government and private sector partners and will bring together the expertise and resources of both parties to promote investment in the country.
The company will be mandated to work as an investment promotion agency, with the primary objective of creating a more business-friendly environment in the country to encourage foreign investment.
The initiative is about augmenting the capacity and functions that are either inadequate or non-existent at BOI in the current structure. As these new functions gain strength and show results, they will help reform the overall organization to a more goal and outcome-oriented one.