Sherry asks BOI to prepare rules & regulations within 90 days

Islamabad: Vice President PPP, Senator Sherry Rehman said, “It is appalling that the Board of Investment (BOI) has not made its statutory rules and regulations for 20 years, and is locked in a stalemate over pay packages among other things.

“It is shocking that a premier federal agency is paralysed by so much mismanagement; it is no surprise that Foreign Direct Investment (FDI) has slipped around 35% in 2020-21,” said while addressing the media after convening a meeting of the PAC subcommittee-III.

“It is surprising that over the past 20 years, BOI has only had 8 board meetings. Despite having the responsibility of piloting CPEC projects, including the Special Economic Zones (SEZs), they have failed to present the annual reports for last 3 years or resolve internal anomalies which is preventing their progress. This must be immediately rectified as transparency is the currency of investor confidence,” she added.

Rehman said, “Annual reports should be shared with the Committee but in this case only discussions of a draft for the FY16-17 have been mentioned. This is creating a backlog of reports that should be the last thing expected from a body that deals with financial matters of macroeconomic significance. Reports need to be finalised and released. If the PTI government aims to increase the investment it must do away with such inefficiencies and lack of transparency.”

“Pakistan needs foreign investment and employment opportunities; hence it is important for the BOI to play its part effectively. We have given them 90 days to finalise their rules and regulations as we cannot afford any more delays,” concluded PPP Parliamentary Leader in the Senate, Senator Sherry Rehman.