20000326

Govt has not yet named BoI slots despite CE's order

T A MALIK

ISLAMABAD: Despite announcement of Chief Executive Gen Pervez Musharraf to give priority to investment sector, the government has not yet decided to appoint Chairman and Secretary of Board of Investment (BoI).

The slot of Chairman is vacant for the last five months and secretary for the last 45 days. It looks that the government has ignored the directives of the chief executive and not giving priority to the investment sector, said a local investor.

There is a need for foreign investment to boost up the economy of the country and develop the confidence of the investors.

The foreign investment trend in the country for the last five months has not been encouraging and some of the investors have withdrawn their portfolio investment, he added.

A Finance Division official said that the previous government of Nawaz Sharif had announced the Investment Policy in 1997 and after change of the government there is need for a new investment policy to attract the foreign investment. Investors are waiting the investment policies of the new government and incentives for various sectors.

A Industries ministry official said that both the slots will be filled shortly and Programmes would be finalised to attract the investment. He said that the Investment Policy, 1997 would be continued till any decision regarding investment policy.