Islamabad, November 16, 2021 (PPI-OT):Chairman Board of Investment (BOI), Muhammad Azfar Ahsan, visited Engineering Development Board and met with the Chairman Engineering Development Board (EDB) Mr. Almas Hyder and CEO EDB. He was given a comprehensive briefing on the investment opportunities in the engineering sector in Pakistan. It was highlighted that out of the total global trade, engineering goods accounts for a significant portion; in addition there is a huge domestic market for such goods.
This sector therefore represents a significant opportunity for investment within the country for exports enhancement as well as import substitution. Mr Azfar Ahsan informed that BOI was working towards of promotion of investment in all sectors of economy and enhancement of the country’s international competitiveness as well as contribution to economic and social development.
He outlined his vision of transforming the interactions with investors through automation. Mr. Almas Hyder stressed that in addition to improving ease of doing business within the country to attract foreign direct investment and facilitate local capacities enhancement, the country needs to work on improving its ranking in the global competitiveness index. This will facilitate Pakistan based companies to compete successfully in the global market.
It was agreed that developed land needs to be made available in all major cities of the country in order to take advantage of local skills and competitive advantages, which will enable external investments as well as allow already formed clusters to expand. Chairman BOI highly appreciated the steps being taken by EDB for the engineering industry and assured his support in facilitating the local industry as well as attracting investment in these sectors. It was decided that a roundtable will be held by BOI and EDB with the engineering industry shortly for a better understanding of issues, solicitation of proposals, and development of a long-term plan development plan.
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