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Visit of 25-Member Bahraini Delegation to BOI


3/29/2017

 Prime Minister’s Office
Board of Investment
*****

PRESS RELEASE 

VISIT OF BAHRAINI DELEGATION TO BOI

 

Islamabad 29th March, 2017:   A 25-member Bahraini delegation led by Mr. Khaled Almoayed ,BCCI Chairman visited Board of Investment (BOI) and met with Secretary, BOI Mr. Azher Ali Choudhry and Additional Secretary, Mr. shah Jahan shah . The delegation comprised not only Public sector but diversified sectors including power, renewable energy, agriculture, industrial zone development, real estate, trade, logistics etc. The leader of the delegation appreciated efforts of BOI, facilitating their visit to Pakistan.

 

The Secretary welcomed the Bahraini delegation, explained about general investment climate of Pakistan and highlighted importance of Bahraini investment in Pakistan.

The delegation was given a detailed briefing about Pakistan investment policy, different investment opportunities including Export Processing Zones (EPZ), CPEC project, Auto motive policy and facilitation extended to foreign investors by BOI.

Mr. Shah Jahan Shah, Additional Secretary, BOI encouraged Bahraini side for their visit to Pakistan. He emphasized that SEZ’s along CPEC routes would have a natural advantage of back-word and forward linkages and owing to the experience Bahraini  side, there is every possibility to maximize the advantage and also added   the strategic location of Pakistan may make it Asia’s premier trade, energy and transport corridor. It is the gateway to the energy rich Central Asian States, the financially liquid Gulf States and China. This strategic advantage alone makes Pakistan a market full of opportunities. He further said that Pakistan is located in the region which provides the biggest consumer market in the world. So you can excess not only Pakistani consumer but also neighboring markets and Pakistan has a population of approximately 195 million people (6th largest in the world), 60% of which is under the age of 30, which offers huge consumer market with talented labor force from unskilled to highly skilled professionals. The Additional Secretary, BOI  mention here that Pakistan is one of the luckiest countries in the world for having four seasons, abundant land with rich natural resources, extensive irrigation network, favorable climate, year round crop production, skilled work force and vibrant economic outlook and the Government is making best efforts to put the economy on a path of sustained long-term economic growth. In this context, focus remained on public-private partnership in the development process, improved productivity in agriculture sector, removal of energy shortage, enhanced industrial competitiveness, better service delivery system and upgraded human capital formation. Pakistan’s economy has maintained higher and broad based economic growth despite a number of internal and external challenges. Government remained focused on the agenda aimed at reviving of the economy, resolving the energy crisis, improving security situation, and providing ample opportunities to all in order to boost up their socio-economic condition and the Economic outlook of Pakistan has altogether changed in the last four years, which is being acknowledged globally. Inflation is continuously on downward trend, whereas Stocks, Foreign Exchange Reserves and home remittances are on the rise. GDP growth is increasing and remittances are on the rise and will soon touch 6% growth rate.  He said  Pakistan Investment Policy have been designed  to provide a comprehensive framework for creating conducive business environment for the attraction of FDI. Pakistan's policy trends have been consistent, with liberalization, de-regulation, privatization, and facilitation being its foremost cornerstone and the policy is very liberal and investor’s friendly which provides no restriction on remitting capital, profits & dividends. 100% foreign equity and 100% repatriation of profits is allowed. Exemption of taxes on import of Plant, Machinery & Equipment is available. All sectors are open for investments. Equal treatment is given to local and foreign investors.

Mr. Shah Jahan shah also mentioned that Pakistan is open for business. There are over one thousand Multinational companies profitably operating in Pakistan. They enjoy a level playing field with the domestic investors and do not face any barriers to entry or exit. They can expand capital or wind up business without permission from any government department and the Foreign Direct Investment is protected under Law through the Acts of Parliament of 1976 & 1992.He also added that Pakistan and Bahrain have signed Bilateral Investment Treaty, for promoting and protecting bilateral investment and Avoidance of Double Taxation during the last visit of the Bahrain’s King (March, 2014), a Memorandum of Understanding (MOU) between Board of Investment (BOI), Pakistan and Economic Development Board (EDB), Bahrain was signed the Foreign Direct Investment (FDI) from Bahrain was around US $5 million in 2015-16, which does not reflect the true potential.

At the end Additional Secretary BOI, appreciated Mr. Khaled Almoayed and his delegation for visiting Pakistan and BOI to further strengthen the trade & investment ties between the two brotherly countries. He assured the delegation of full support as and when needed.

(SHAH JAHAN SHAH)
Additional Secretary / Spokesperson, BOI

 

 Source:  BOI's Official Press Release