Islamabad: The Board of Investment (BOI) on Thursday unveiled a three-year Investment Promotion Strategy geared to facilitate the achievement of the set Foreign Direct Investments (FDI) target of USD 5 billion by 2023, according to news sources.
As per this new strategy, the targets set for FDI are USD 4 billion for (Fiscal Year) FY2020-21, USD 4.5 billion for FY2021-22 and USD 5 billion for FY2022-23. The BoI also aims to generate 50 news leads, tracked by its new Investment Relation Management System (IRMS), out of which ten leads can result in investments worth of USD 200 million during the next year.
The Investment Promotion Strategy was launched at a seminar organised by the BoI in collaboration with the World Bank (WB), International Finance Corporation and the Commonwealth Office of the United Kingdom (UK).
Moreover, the investment strategy also includes priority sectors that were picked based on multi-dimensional criteria that encompasses competitive and comparative advantage, import-substitution, employment generation capability, export potential and the global outward FDI trends. The said strategy seeks to rebrand Pakistan globally as an investment-friendly destination for investors.
During the ceremony, the Sixth Ease of Doing Business Reform Action Plan was also launched. This reform plan seeks to “simplify sales tax registration, one-window facility of the Sindh Building Control Authority (SBCA), amendments in building bylaws of Lahore Development Authority (LDA), the introduction of designated courts for commercial cases by the Lahore High Court (LHC) and the enactment of Corporate Rehabilitation Act 2018”.