ISLAMABAD, 18 October 2003 — The government has made the revival of the economy its top priority. The creation of the Board of Investment (BoI) and the president’s decision to head the board are clear indications that Pakistan’s investment policy is going to play a crucial role in attaining its goal of economic development.
Its main thrust is to restore investor confidence. Since the country adopted an export-led strategy for economic growth, the emphasis has been on production of consumer products and their supply to domestic and foreign markets.
The government has opened up all agricultural sectors for foreign investment. It is encouraging corporate farming, urging local and foreign investors to acquire land on 50-year leases on their own or as a joint venture. There are only four industries that Islamabad has excluded from the area of private investment. They are arms and ammunition; security, currency and mint; high explosives; and radioactive substances. Both local and foreign investors enjoy a single-window facility at the BoI to help investors solve their problems quickly.
Islamabad has signed bilateral agreements with at least 45 countries to facilitate investment. Freedoms extend to remittances, repatriation of capital, capital gains, profits, royalties and technical franchises, and government officials have gone as far as to say that they will make sure no future government can reverse the current investment policy of the country. During his recent visit of the United States, Gen. Pervez Musharraf announced four sectors as vital to his economic revival plan: Oil and gas, IT, agriculture, and small and medium enterprises.
