“Employers Federation of Pakistan has hailed the appointment of Haroon Sharif as Chairman of Board of Investment. This decision of the PTI government is commendable because since many years, the BOI has been unable to make any headway in attracting foreign investment.
It has over the years become a mundane government department that has not been able to convince foreign investors to invest in Pakistan. EFP is confident that Haroon Sharif has the global experience and influence to introduce a doable and pragmatic foreign investment policy.”
Majyd Aziz, President EFP, Zaki Ahmed Khan, VP EFP, and Ismail Suttar, Chairman EFP Economic Council, in a statement added that except for CPEC, there has been no substantial foreign direct investment.
The fact that FDI plunged more than 40% last month is a matter of great concern. Haroon Sharif must steer BOI away from trite and banal presentations made by BOI staff that, more often than not, fall flat.
He should also introduce structural reforms to make BOI into a vibrant organization. Lethargic, uncooperative, and lackadaisical mindset in BOI has disappointed many potential investors. He should authorize a forensic audit of BOI sponsored delegations and expenses to determine whether the BOI has been effective in attracting investment or whether these foreign tours were nothing but joy trips and producing no tangible results.
EFP is also of the opinion that Haroon Sharif must ensure that a paradigm shift is put in motion and that there should be a closer cooperation between BOI and the Provincial BOIs, between BOI and the private sector, and between BOI and Pakistan’s Diaspora, especially in USA and Europe. EFP also advises the formation of Sectoral Advisory Groups in order to broad base the avenues for promoting FDI into Pakistan. EFP also desires that Chairman BOI should also focus on FDI in mining, transportation, agriculture and tourism since these are sectors that can provide decent employment, can earn or save foreign exchange, and can significantly contribute to economic prosperity. EFP offers its full support to Haroon Sharif in promoting Pakistan whenever and wherever required.