LAHORE: The Punjab Board of Investment and Trade (PBIT) has decided to assist the Balochistan Board of Investment and Trade (BBoIT) in establishing commercial courts in the southwestern province besides increasing investments.
In this regard, the BBoIT Chief Executive Officer (CEO) Farmanullah Zirkun and BBoIT Policy Engagement Officer (PEO) Hamza Storiani visited PBIT here on Thursday to hold detailed discussions with PBIT Acting Chief Operating Officer (COO) Jalal Hassan on inter-provincial cooperation, departmental affiliation.
Hassan informed the visiting delegation that upon BBOIT’s initial request for information on commercial courts, PBIT was making concerted efforts to bring all concerned stakeholders in Punjab together.
“In this context, PBIT’s team had already conducted preliminary meetings in Research Wing Lahore High Court (LHC) and Programme Implementation Unit (PIU), Planning & Development, Department, Punjab with very encouraging results,” he added.
It was concluded that a proposal shall be moved by PBIT requesting notification of a Joint Working Group (JWG) with representation from PIU, PBIT and LHC to assist Balochistan’s team via senior stakeholders in replicating Commercial Courts in their province.
However, the main TORs of the Joint Working Group shall include information sharing/ advice along with the training and development of personnel from Balochistan with the support of stakeholders in Punjab.
Both sides also discussed a proposal to organise a diplomatic evening in Islamabad to showcase investment opportunities in Pakistan and to sign an MOU on institutional collaboration.
Speaking to Profit, Zirkun said, “Balochistan offers significant economic opportunities due to ample and untapped natural resources as well as access to local and global trade markets. In this regard, BBoIT has been mandated to provide assistance to various public and private sector entities in investment facilitation, procedures and liaison between management and stakeholders.”
He said that his team’s mission was to remove initial barriers and facilitate business activities and provide all services from any project planning to risk management.
“We are trying to ensure compliance with laws and regulations for a smooth implementation of the sustainable development model so as to bring about lasting improvement in the investment climate in the province,” he concluded.