KARACHI – The Board of Investment (BOI) Chairman Saleem H Mandviwala will compile Foreign Direct Investment (FDI) data from next month to ensure the inflow of foreign investment in the country. The chairman was speaking at the inauguration of new office of the board. Diplomats, leading businessmen, representatives of business associations and chambers and officials were also invited at the ceremony.
Mandiviwala said that the FDI data would be complied in collaboration with the State Bank of Pakistan (SBP), Federal Board of Revenue (FBR), Ministry of Finance and Securities Exchange Commission of Pakistan (SECP).
He said that Federal Finance Minister Dr Abdul Hafeez Shaikh had convened a high level meeting in Islamabad this month to discuss why the status FDI is not adequately reported.
The meeting would devise a mechanism to include all the inflow of foreign investment in FDI, he pointed out and said that investment of $300 million conducted by the Turkish company Karadeniz power plant, Airblue’s $60 million and $30 million by Lotte were not reported in the current FDI scenario. Responding to a question regarding declining FDI, Mandviwala said that it would surpass the target for the current fiscal year as all inflows would be recorded properly. In the next six months FDI will improve, as there are several projects in the pipeline for this fiscal half, he noted. He said the new office will enable BOI to invite foreign delegations, missions, multinational companies here and facilitate meetings in the relocated premises.
“We are also planning to introduce investor facilitation at airports in the next three months, launch online work visa system and create a BOI club for investors”, he added. Calling it a historic day, Mandviwala that it was the vision of Shaheed Mohtarma Benazir Bhutto that BoI should have an office of international standard. He said that delegations from the US and Germany will be visiting Pakistan in the near future. He also revealed that the Chinese are interested in mining while German investors are eyeing the energy sector.
