BoI achieves foreign investment target of $1.3 billion?

The Board of Investment (BoI) has achieved $ 1.3 billion foreign investment target set for first three quarters of current fiscal year. The Board of Investment (BoI) has set total $2.7 billion target for foreign investment for the year 2016-17, Spokesman of Board of Investment (BoI) told the media on Sunday.

He said that seven Special Economic Zone (SEZ) cells had been approved for facilitating the investors through one window operation to provide them facility at one place.

The spokesman said that SEZs investors would get the facility for plant and machinery import without customs duty and also 10 years tax holiday for investment by June 30, 2020.

The investors, who would invest in SEZs after June 30, 2020, would get tax holidays for five years. Replying to a question, he said that 9 more industrial zone have been approved for high tech industry to enhance the export and employment opportunities in the country.

He said the Cell has been furnished on the contemporary corporate style and will be equipped with state-of-art facilities.

The spokesman said that Joint Working Group (JWG) also formed under Chairman BOI, Dr Miftah Ismail for industrial collaboration.

Coca-Cola, he said, is presently contemplating a further US$200 million of green field investment, and expanding Coca-Cola’s production and distribution capacity in Pakistan in Faisalabad and Islamabad regions.

The company has already invested U500 million during this year on the up-gradation of the existing plants in the country.

He further said that Coca-Cola intends preferably to establish their units at Special Economic Zones (SEZ) in Pakistan.

The spokesman said that Pakistan has one of the most liberal foreign investment regimes in South Asia.

The Board of Investment (BoI) is fully committed to reviving the confidence of foreign businessmen to ultimately boost foreign investment in the country. He said that foreign investors were keen to invest in various sectors of Pakistan.