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FDI increases to $233.8m in fiscal year of 2017-18

FDI increases to $233.8m in fiscal year of 2017-18

ISLAMABAD: Foreign Direct Investment in Pakistan has increased to $233.8 million in fiscal year of 2017-18 whereas during 2010 to 2017, 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 coming few months , senior official of BOI told APP here on Monday.

Under new work plan, BOI would hold road shows with the collaboration of chambers of industries and All Pakistan Textile Mills Association (APTMA) for focusing on textile and steel industry. He said that through pro-active approach, “We would mainly focus on achieving the FDI target of US$15 billion by 2025.

The BOI said that huge foreign investment in automobile sector was expected from different groups because of the prudent policies of the government. He said that foreign investors were keen to invest in various sectors of Pakistan and added the government was committed to provide ease of doing business for foreign investors and also global competitiveness for Multinational Companies (MNCs).

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

The duration of visa process had now been reduced from six months to few weeks subject to the 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 to foreign investors.

Seven Special Economic Zone (SEZ) cells had also been approved for facilitating the investors through one window operation to provide them 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 that nine more industrial zones had been approved for high tech industry to enhance the export and employment opportunities in the country. He said the SEZ Cell had been furnished on the contemporary corporate style and would be equipped with state-of-art facilities.