PBIT, WB organise workshop on investment policy
LAHORE: Punjab Board of Investment and Trade (PBIT) in collaboration with World Bank Group on Tuesday organised a workshop on ‘Investment Climate and Policy in Punjab’.
On the occasion, CEO PBIT Amena Cheema said in the post 18th amendment scenario, provinces are independently seeking foreign investment for which provincial boards have also been formed to facilitate this process, therefore, the Punjab government in collaboration with World Bank was devising an investment policy to expand both domestic and foreign investment.
She said, “In the current phase, improving investment climate through revival of private sector investment is the foremost priority of government. Creating environment for businesses will have a good effect on growth in every sector.”
Amena Cheema said the primary purpose of organising this workshop was to gather all relevant stakeholders on one platform and to receive feedback from the private sector on obstacles, barriers and constraints in the investment climate at the provincial level. Director General PBIT Mudassir Tipu said that proposed policy revolves around seven key principles- equal treatment afforded to domestic and foreign investors, effective property rights protection, sound regulatory practices, effective investment retention, transparent incentives regime, maintenance of environmental and social standards and the provision of good governance.
Operations Officer World Bank Saima Zuberi said to improve the investment climate and to attract local and foreign investors, the Punjab government was working on a provincial-level investment policy in which the World Bank was providing technical assistance in formulating a pro-investor policy.