ISLAMABAD: In a recent meeting of the Standing Committee on Board of Investment (BoI), Lamaison Developers (Pvt) Ltd, a private real estate investor, presented an enticing offer to the federal government.
The proposal suggests investing in completing Islamabad City’s master plan, aligning it with the development plan from 1960.
This ambitious project aims to generate an impressive $2 billion in funds without burdening the public with additional expenditures.
Chaired by Zulfiqar Ali Bhatti, the committee was updated on the progress of previous recommendations made by the Ministry of the Board of Investment.
In response to Lamaison Developers’ offer, the committee suggested involving all relevant stakeholders before proceeding with further discussions.
During the meeting, representatives from Lamaison Developers presented a comprehensive investment project, highlighting its potential to yield substantial returns of $2 billion.
However, committee members emphasized the importance of engaging the Ministry of Housing and Works, the Federal Government Employees Housing Authority (FGECHA), the Capital Development Authority (CDA), and the local Islamabad administration in future deliberations on this initiative.
The Ministry of the Board of Investment informed the committee about an upcoming initiative to establish a one-stop shop to streamline and facilitate the investment process in Special Economic Zones.
However, this initiative’s approval is pending from the Cabinet Committee for Disposal of Legislative Cases.
Furthermore, the ministry revealed its plan to appoint honorary investment counsels in various countries pro-bono.
This strategic move is intended to attract investment by fostering relationships and assisting potential investors.
Additionally, the ministry mentioned that the “Asaan Karobar Bill” has been submitted to the cabinet for recommendations.
In an effort to enhance efficiency and promote investor friendliness, the committee requested the ministry to share the aforementioned bills for review.
Moreover, the ministry gave the committee insights into the Pakistan Regulatory Modernization Initiative, a project to re-engineer business processes to create a more favorable environment for investors.
The committee was also briefed on establishing a business-to-business portal for the China-Pakistan Economic Corridor (CPEC).
This portal, linked to the Chinese Board of Investment, is designed to assist investors and facilitate trade and collaboration between the two nations.
The ministry encouraged the committee to explore the “Business-to-Business portal established by the Board of Investment” to gain further understanding.
As the offer from Lamaison Developers continues to be evaluated and scrutinized, it remains to be seen how the completion of Islamabad City’s master plan will progress.
Without relying on public funds, the potential injection of $2 billion into the development could bring significant advancements and improvements to the city’s infrastructure and overall urban landscape.
Source: Business Recorder
