ISLAMABAD: Board of Investment (BOI), in collaboration with the World Bank, International Finance Corporation (IFC) and Foreign and Commonwealth Office of the United Kingdom organized a seminar on “Doing Business Reforms in Pakistan” and launched “6th ease of doing business reform action plan’’ and BOI’s “Investment promotion strategy 2020-2023” here. Presentations were given by BOI highlighting reforms planned for 6th reforms cycle for DB report 2022 and for the new Investment Promotion Strategy during the seminar.
Ms. Fareena Mazhar, Secretary BOI informed the participants that over the last 5 years Pakistan’s investment to GDP ratio on average remained 15 % whereas the average investment to GDP ratio of regional countries like Sri Lanka, Bangladesh, India and Thailand was around 25%. She expressed optimism that better and conducive business climate would be instrumental to improve investment and growth. Mrs. Mazhar said the government was fully committed to make Pakistan a business friendly destination. She appreciated the efforts of various federal and provincial departments for improving business environment in the country. Secretary BOI specifically mentioned Pakistan regulatory modernization initiative (PRMI) and also highlighted that every province has its own comparative and competitive advantage and providing enabling business environment is the key to make good use of this advantage. Mukarram Jah Ansari, Additional Secretary BOI gave a presentation to the participants focusing on reform trajectory of Pakistan under the umbrella of ease of doing business initiative. Ansari underlined a few key initiatives such as online complaints by NEPRA, online banking account opening facility by SECP, designating commercial courts in Sindh and national one window for trading across borders. Ms. Qurat-ul-Ain, director, Sindh Investment Department said Sindh government is very keen for the improvement of business environment in the province and informed that Sindh Doing Business Reforms Council (SDBRC) had already been actively working to this end. . Imran Sikandar Baloch, Secretary P & D, Punjab said the government of Punjab is striving hard to implement comprehensive reform agenda. Obtaining a building permit has been simplified through electronic submission of applications and integration of WASA and TEPA with LDA, he concluded. World Bank Country Director for Pakistan, Najy Benhassine, appreciated the efforts of federal government as well as government of Punjab and Sindh. He stated that reform process needs a lot of efforts on the behalf of public sector. “I am quite impressed noting the 39 position jumps in ease of doing Business ranking in the last two years”, he said. He assured continued support of World Bank Group to Pakistan in future. Ms. Shabana Khawar, Principal Country Officer, International Finance Corporation Pakistan congratulated BOI and other relevant agencies for a big achievement in ease of doing business. She emphasized on the vital role of BOI in attracting investment for the country. She was of the view that new investment strategy owing to COVID-19 is a very timely process. Both World Bank and IFC assured to continue their cooperation with BOI and provincial government with an objective to improve investment climate in Pakistan.
