FDI increases to $233.8mn in FY2017-18

ISLAMABAD: Foreign Direct Investment (FDI) in Pakistan has increased to $233.8 million in the fiscal year of 2017-18 whereas, during 2010 to 2017, the total FDI in the country was recorded at $2807.85 million.

The Board of Investment (BOI) is taking initiatives to further increase the FDI by holding road shows in China, Germany and other world economies in the coming few months, a senior official of BOI told APP here on Monday.

Under the new work plan, BOI is to hold roadshows with the collaboration of chambers of industries and the All Pakistan Textile Mills Association (APTMA) to focus on the textile and steel industry.

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He said that through a pro-active approach, “We would mainly focus on achieving the FDI target of $15 billion by 2025.

The BOI said that huge foreign investment in the automobile sector was expected from different groups because of recent prudent policies of the government.

He said that foreign investors were keen to invest in various sectors of Pakistan and added that the government was committed to providing ease of doing business for foreign investors and also global competitiveness for Multinational Companies (MNCs).

The official said that BOI had digitalised the visa process for foreign investors and now the investors could apply online for a business visa from anywhere and they would be responded in a very short period of time.

“The duration of the visa process has now been reduced from six months to a few weeks, subject to verification from different agencies”, he added.

He said, “We have also transformed the liaison and branch office from manual to online to facilitate the investors”.

He informed that Pakistan was among the top ten countries in the world in respect of improving investment laws and providing facilities for doing business with foreign investors.

“Seven Special Economic Zone (SEZ) cells have also been approved for facilitating the investors through a one window operation to provide the facility at one place”, the official said.

The official said that SEZs investors would get the facility for plant and machinery import without customs duty in all four provinces of the country.

Replying to a question, he said, “Nine more industrial zones had been approved for the high tech industry to enhance the export and employment opportunities in the country”.

He added that the SEZ Cell had been furnished on the contemporary corporate style and would be equipped with state-of-art facilities. Pakistan had one of the most liberal foreign investment regimes in South Asia.

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