With focus on promoting Punjab as destination of choice for local and foreign investors and to provide an 'Economic Development Plan for Punjab', aligned with economic policy of the province, the Punjab Board of Investment and Trade (PBIT) has been constituted with immediate effect. The Chief Minister has been named as Chairman of the PBIT while Haroon Khwaja is its Vice-ChairmanChief Executive Officer.
The Board will be given absolute operational and financial autonomy. Sources told Business Recorder on Saturday that the PBIT would co-ordinate and implement trade and investment policies of the federal and provincial governments besides innovate and rethinking investment in Punjab. The PBIT will assist Board of Investment, Islamabad in formulation and implementation of investment policies of the federal government besides innovate and rethink investment in Punjab.
The PBIT will promote Punjab as the destination of choice for local and foreign investors besides mobilising business leaders to contribute to Punjab's economic vision. It will also provide referral (match-making) services for prospective investors and existing businesses.
The PBIT will facilitate investment through one-window arrangements and strengthen domestic commerce and export led growth apart from resolving disputes in government business relations. It will provide a forum to share ideas, contracts and business opportunities and promote private-public partnership models.
The PBIT will enhance export and domestic commerce besides liaison with private sector, trade bodies and associations for their active participation in promotion of trade and investment. It will also consider individual investment proposals and categories of investment requiring special treatment and additional incentives or relaxation of condition of criteria prescribed in existing policies, the sources added.
According to sources, Vice ChairmanCEO-designate Haroon Khwaja will finalise the structure of the company, make necessary preparation regarding Memorandum of Association and Articles of Association in consultation with the Board members, and recruitment of the essential staff. Cornelius, Lane and Mufti law firm will be associated for incorporation process of the company.
An amount of Rs 100 million will be initially provided by the government for establishment of the PBIT for the remaining part of the current financial year ie 2008-09, sources said, adding that a post of Chief Operating Officer will also be created so that he can make bridging arrangements between Board and different departments of the governments.
Sources said that the PBIT would be a corporate body duly registered under Section 42 of the Companies Ordinance, 1984. Babar Ali, Muhammad Mansha and Jehangir Khan Tareen have been named as Honorary Directors while Chairman P&D, Secretary Commerce & Investment and Secretary Finance are its ex-Officio MembersDirectors.
Tariq Mehmood, Amer Abdullah, Shafqat Illahi, Nadeem Babar, Aamir Fayyaz, Seema Aziz, Mohsin Syed and Rehan Mullick who are representing different sectors such as agriculture, livestock & dairy development, business & industries, infrastructure & energy, health, education, technical education have been named MembersDirectors of PBIT.