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News: BoI restructuring
plan finalised ISLAMABAD: Board of Investment (BoI) restructuring plan has been finalised keeping in view the experiences of Thailand Board of Investment, Irish Development Agency and Economic Development Board of Singapore, official sources told Daily Times on Friday. The proposed organisational structure of the proposed Investment Division and restructured BoI which would replace the existing Board of Investment seeks 4 new posts of Director General domestic investor facilitation and implementation, Executive Director General project development, Director General marketing and Director General policy planning. Prime Minister on Thursday approved the restructuring of Board of Investment with conversion of it into Investment Division. The restructuring plan has been prepared and finalised by the Competitiveness Support Fund (CSF), financially assisted by United States Agency for International Development (USAID). Input for the restructuring plan has been arranged from Pakistan Business Council (PBC) consisting top 20 companies of the country including multinational companies and Overseas Investors Chamber of Commerce and Industry (OICCI). According to the proposed organisation structure of the restructured BoI, the Prime Minister would be the president of the Board and Federal Minister to be Chairman of the Board, Federal Secretary Investment Division, along with Advisor, Executive Director General facilitation and implementation, Director General international investor facilitation-1, Director General international investor facilitation-2 and Director General domestic investor facilitation and implementation. The second wing of the proposed organisational structure of the BoI would consist of Executive Director General Project development, Director General marketing and Director General policy planning. The re-organisation of the internal operational wings of the BoI seeks to focus on international investment facilitation especially America, Europe, Russia and Asia including China and Middle East. The domestic investment facilitation and implementation of the proposed BoI would be ensuring coordination among regional wings, provincial coordination. Peshawar regional office, special economic zones (SEZs) and promotion of Small and Medium Enterprises (SMEs) will handle the investment facilitation and implementation in Northern Areas. The project development wing of the restructured BoI would perform the functions like marketing of investment opportunities in Pakistan and abroad, creation of databank of investment opportunities and investors with success stories and gaining the investment fruits in Pakistan. This wing would hold road shows workshops for creating awareness among local as well as foreign investors. The proposed Policy and Planning Wing consisting foreign and local investment consultants would constitute BoI Advisory Board and would also deal legal maters like Bilateral Investment Treaties (BITs) and Free Trade Agreements (FTAs). The restructured BoI would also have sector specific wings like oil & gas, telecommunication, IT and telecom, manufacturing, real estate, food processing, agro based industries. The organisation structure of the Investment Division also seeks to build capacity for professionalism and improve efficiency of the staff. In this regard there would be a mix of regular staff and contracting consultants that would boost the capacity and increase the output of the department. Honoraria for the staff to be based on the performance. Payment for the contractual employees and project managers, which are enjoying annual increment of 5k, would be getting annual increment of 35k to 100k. Consultants to be hired on competitive rates like Trade Development Authority of Pakistan and civil servants to be compensated in line with the Prime Minister Secretariat employees. New initiatives to be undertaken under the restructuring of BoI include international investment facilitation and domestic investment facilitation would be given FDI targets and investment councillors and marketing efforts would help them achieve their assigned targets. Domestic investment facilitation would increase the scope to Northern Areas, including SEZ wing, coordination with provincial departments and industries. SME investments to be encouraged from Overseas Pakistanis as well as foreign investors by giving incentives and by formulating friendly policies. sajid chaudhry |
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