BOI chief quits, advises govt to empower board

ISLAMABAD: Muhammad Azfar Ahsan tendered his resignation as Chairman of Board of Investment (BOI) on Saturday, suggesting the new government to make the board more empowered and resourceful to boost the foreign direct investment (FDI) into the country.

In his resignation letter to Prime Minister Shehbaz Sharif, Ahsan noted the inflow of FDI was stagnant at $3 billion/year, which could be increased to $15-20 billion, as the country was replete with opportunities for overseas investors.

“Under my leadership, BOI was successful in instituting 12 regulatory reforms (Asaan Karobar Programme), the establishment of the Pak-China Business & Investment Forum, and the signing of the Framework Agreement with China are historical milestones and I feel humbled and honored that BOI signed it under my chair,” Ahsan wrote in his last letter as BOI chief.

“Furthermore, with the Investment Minister of our brotherly country Saudi Arabia, I have designed the investment strategy to work jointly for investments worth a few billion dollars in different sectors.”

The BoI’s perception, in my honest view, has fully transformed into a progressive and business-friendly premium investment promotion agency, he added.

“The team at BOI is one of the best public servants, with the requisite passion and intellect to continue to play a central role in driving an investment agenda that Pakistan truly deserves.”

He said his parting recommendation would be to grant more empowerment and resources to BOI in line with trends followed in regional countries.

“I am grateful to former Prime Minister Imran Khan for entrusting me with this portfolio. I believe I have served Pakistan's interests well with integrity and character.”

He further said that he was looking forward to spending more time with his family, focusing on his business, and carrying out other social activities in Pakistan and abroad.

“Long before I accepted this position, I, as a global outreach professional, had brought more than 3000 foreign nationals to Pakistan from over 45 countries in the last 20 years. I will continue to do so on a much bigger scale with renewed passion and vigour,” wrote Ahsan concluding his resignation letter.