Monday, April 15, 2024

By 2023, the BoI expects to generate $50 billion in FDI prospects

The BoI’s first aim is to attract investment from major economies across the world, such as the United States and China, in a variety of sectors, as well as to encourage overseas Pakistanis to invest in the country to take advantage of these significant investment opportunities. Fareena Mazhar, the Federal Secretary of the Interior, told the APP in an exclusive interview.

Textile, Personal Protective Equipment (PPE), agriculture, agro-industry, car, logistics, and sports, according to the secretary, would all see increased investment prospects.

She stated that Chinese businesses had invested $260 million in the steel sector of the Rashakai Special Economic Zone (SEZ) to boost productivity and growth in the local industrial sector.

“We chose these individuals based on their business experience and other relevant qualifications. This will be critical in informing the Chinese business community about prospective Joint Ventures (JVs), other investment opportunities, and the lucrative incentives available to foreign investors in Pakistan,” Fareena said.

She said that the Rashakai Special Economic Zone (SEZ) will pave the way for modern industry in Pakistan and bring in a large amount of foreign direct investment.

According to Fareena, Pakistan’s proximity to China will enable these SEZs to build economic cooperation for mutual benefit.

According to her, the BOI advocated the building of all of these SEZs with the purpose of capitalising on CPEC investment inflows, inclusive economic growth in the provinces, job creation, industrial development, and export generating in Pakistan.

The government, according to the secretary, has set a goal to complete changes in BOI at the local, provincial, and national levels through the Pakistan Regulatory Modernization Initiative (PRMI).

According to the new policy approach, the BOI also hopes to produce a lot of fresh leads, which will be tracked in the board’s newly developed Investment Relation Management System (IRMS), in order to improve the FDI in the coming year.

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