PUNJAB ON THE WAY OF FOREIGN INVESTMENTS
Dec 19 - 25, 2011
Pakistan Muslim League-Nawaz led Punjab government has created a conducive atmosphere for investment in the province wherein maximum facilities are offered to investors. A vibrant and autonomous Punjab Board of Investment and Trade (PBIT) has also been established with representation of experts in various sectors therein.
The Punjab Board of Investment and Trade (PBIT) is Punjabís premier investment promotion agency linking Punjab to a global network of progressive investors - promoting projects with burgeoning potential and high IRR.
This one-window-operation also facilitates investors by streamlining procedures and institutional processes through proactive policy advocacy within the government.
Based on the same core beliefs under which the federal board of investment (BOI) operates, PBIT links directly to its federal counterparts at one end and also ties in with other sub-national IPAs in the country.
As a member of the World Association of Investment Promotion Agencies (WAIPA) created by the United Nations Conference on Trade and Development (UNCTAD), PBIT accesses best practices and has incorporated these into all aspects of its operations.
By cutting bureaucracies, PBITís private sector focus has enabled investors to take advantage of the Punjab governmentís liberal trade policies.
PBIT has a wealthy human resource cache, which brings with it an expertise-based approach towards investment.
The creation of an independent company, outside the bureaucratic hierarchy, with such a mandate focused on facilitation of the private sector, is a manifestation of the provincial governmentís commitment to factor growth of private sector.
This commitment originates in recognition of the fact that private sector has to be the main engine of economic growth, with the government being focused on its role of regulation, facilitation and providing an overall conducive environment for economic activity.
To oversee the end-to-end process, PBIT is managed by experts from the private sector as well as government interface technocrats with global expertise and vision. Nevertheless, PBIT is created to parallel successful investment promotion agencies around the world.
According to Punjab Chief Minister, Muhammad Shahbaz Sharif, Pakistan has huge natural resources, which could be used for national prosperity and in turn to shed reliance on foreign aid. There is a wide scope of investment in different sectors in Punjab and government in order to attract the same has adopted a comprehensive strategy.
In the 80s, Mr. Sharif said Pakistanís exports were higher than Turkey but now the volume of exports of Turkey is $136 billion whereas Pakistani exports are only about $25 billion.
He said that Pakistani nation would also have to display a sprit of commitment, dedication, and hard work to ensure speedy progress of the country. He said huge foreign exchange could be earned through export of agri products and Halal meat to Malaysia, Middle East and other countries for which, negotiations were going on with different countries.
Mr. Muhammad Shahbaz Sharif said that Pakistan is in dire need of foreign investment for progress and development and all-out encouragement will be extended to investors in the province. He said that public-private partnership is promoted for investment while speedy and transparent completion of all projects is ensured.
He said that joint ventures can be launched for development of agriculture and livestock sectors and the group will be provided all out facilities for this purpose.