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BoI gets full authority

The move to give the BoI sole agency and clearing house status was made to ensure that the process of finalising investment proposals would be completed within the shortest possible timeframe. Officials say that the Prime Minister’s Secretariat has directed all relevant ministries and departments to refer all foreign investor credential-verification matters to the BoI.

In the past the government had turned down a proposal submitted by former federal minister for privatisation Dr Hafiz A Sheikh that the BoI be made the first point of contact for foreign investors wishing to engage Pakistan. However, as foreign investors began to increasingly complain of unnecessary delays in credential checking, the government has issued the new directive which is expected to be implemented with immediate effect.