“The private sector is the engine of growth. Successful businesses drive growth, create jobs and pay the taxes that finance services and investment.” Azfar Ahsan “BOI has initiated various reforms to improve the overall investment climate and to attract Foreign Direct Investment (FDI) in the country.” Chairman BOI Minister of State and Chairman Board of Investment (BOI) Muhammad Azfar Ahsan addressed business and corporate leaders in Karachi on January 13, 2022. Mr. Ahsan, highlighting the steps taken by the incumbent government for improving business climate for the private sector, said that the government is doing so by adopting initiatives and policy measures aimed at: (i) reducing the red tape and administrative procedures required to set up and run private firms; (ii) introducing commercial courts for quick decisions; (iii) improving competition and abating barriers to market entry by private enterprises; (iv) providing better access to finance especially for small and medium-sized enterprises (SMEs); and (v) improving overall corporate governance. The Chairman said that BOI has initiated various reforms to improve the overall investment climate and to attract Foreign Direct Investment (FDI) in the country. In addition, BOI has approved 22 Special Economic Zones all over Pakistan, which offers lucrative incentives to potential investors. “The private sector is the engine of growth. Successful businesses drive growth, create jobs and pay the taxes that finance services and investment. “ Azfar Ahsan He further shared that in an effort to make the regulatory environment friendly and amenable to investors, BOI is leading the “Pakistan Regulatory Modernization Initiative” (PRMI), launched by the honourable Prime Minister of Pakistan which shall transform the regulatory landscape across all tiers of government; federal, provincial and local. “Our government has a vision for a prosperous and progressive Pakistan through export-led labor-intensive industrialization.” Chairman BOI “Pakistan’s export competitiveness is declining, the export profile is concentrated in terms of products and markets, and very few businesses are integrated in the global economy. Pakistan is currently the world’s seventh most protected economy as measured by the Overall Trade Restrictiveness Index.” Mr. Ahsan added. The Chairman stated that BOI also runs grievance resolution system to resolve the issues of investors and working to establish online public grievances / queries addressing system to strengthen its public outreach. Mr. Ahsan stated that the Board of Investment, under the visionary leadership of PM Imran Khan, resolves to provide One Stop Services to local and foreign investors in all the existing and new sectors to contribute in the sustainable economic development of Pakistan. He concluded by saying that the government is fully committed to harness Pakistan's economy through business friendly policies and a strategic vision and BOI's objective remains the enhancement of investment and industrialization in order to achieve sustainable economic development in the country. ********
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