ISLAMABAD, Pakistan: Board of Investment (BoI) on Thursday said that the Foreign Direct Investment (FDI) in the Country had exceeded to $2 billion during July to May 2016-17, up 22.6 percent increase as compare to previous year.
Talking to the state-run news agency in Islamabad, the Spokesman of BoI Shah Jahan Shah said that the Board of Investment would review the investment strategy 2013-15 in light of new realities for evolving the mechanism for modernization and staff capacity building with the collaboration of World Bank.
The BOI Spokesman said that the government was focusing on paying taxes in order to ensure ease of doing business for local and foreign investors.
“We are focusing on tax reforms and would take further steps to simplify payment of taxes mechanism for the local and foreign investors,” the BoI spokesman said.
Shah Jahan Shah said that an effective system of taxation helped in formalizing the economy, encourages economic growth, shapes political cohesion between tiers of the government and results in increase in social sector service delivery.
The BoI spokesman stressed that there was dire need to reform the taxation regime particularly reducing the administrative burden on tax payers through merging and addressing the multiplicity of taxes, tax payments and tax collecting agencies.
The spokesman said that the government would hold road shows in China, Italy, Singapore, United Kingdom and United Arab Emirates (UAE) including all big economies in coming few months for increasing Pakistan’s Foreign Direct Investment.
Through new work plan, BoI would hold road shows in collaboration with chambers of commerce and industries and All Pakistan Textile Mills Association (APTMA) for focusing on textile and steel industry.
The BoI spokesman said that priority of the Board of Investment was to reviving the confidence of foreign investors to ultimately boost foreign investment in the Country.
