BOI urges removal of bureaucratic hurdles to boost investment

LAHORE: Federal Minister for Investment and Chairperson of the Board of Investment (BOI) Qaiser Ahmed Sheikh has said that as a businessman himself, he fully understands the challenges faced by the business community.

Addressing members of the Lahore Chamber of Commerce and Industry (LCCI) on Friday, he said, “There was a time when we guided countries like China, but today they have surged far ahead. China’s exports now exceed $3.5 trillion, while ours stand at just $32 billion,” he regretted, adding that Pakistan has immense potential, which must be tapped effectively.

He emphasised the need to eliminate bureaucratic hurdles to support the growth of the business sector, noting that the BOI is actively promoting both domestic and foreign investment. “There are no duties on machinery for industries operating in special economic zones (SEZs), and a 10-year income tax exemption is available -- businessmen should take full advantage of this,” he said.

LCCI President Mian Abuzar Shad remarked that the LCCI considers investment to be the cornerstone of economic development. He underscored the critical role of the BOI in fostering investment and pointed out that while all key economic indicators are showing positive trends, the investment-to-GDP ratio remains alarmingly low at 13.1 per cent, with private sector investment contributing only 8.7 per cent. He further noted that technology transfer is essential for a mineral-rich country like Pakistan.

LCCI Vice President Shahid Nazir Chaudhry highlighted the need for investment in local manufacturing of solar panels. He identified the risk of currency devaluation and high gas tariffs as major challenges for industry.