ISLAMABAD: The newly-appointed chairman of Board of Investment (BoI), Mohammad Zubair formally assumed charge of the board on Monday with a resolve to resume dialogue with US administration on the Bilateral Investment Treaty and to achieve foreign direct investment target of $5.5 billion per annum.

Mr Zubair, who has vast experience of working with domestic and foreign companies, told BoI officials of his optimism to achieve the FDI inflows of $2bn in the first year and the rest in the subsequent years of the five-year investment policy.

The target is assumed on the basis of an average GDP growth of 5 percent during which FDI stock would account for 20pc of GDP from the existing 13pc. The global average is around 20pc of GDP.

The new BoI chairman’s first interaction with the US administration will be on Tuesday when President of Overseas Private Investment Corporation (OPIC), Elizabeth Littlefield, will visit BoI to get insight of the government’s investment-policy.

OPIC has a $1bn credit line set aside for energy projects in Pakistan, and BoI will present three power projects to OPIC for investment. These projects include Mahl hydropower project, 80MW Neckeherdim-Paur hydropower project and 58MW Turtonas-Uzghor hydropower project for OPIC investment.

On Bilateral Investment Treaty, the US administration has said that it is ready to sign the treaty but it is yet to be cleared and finalised by the Pakistani authorities.

In view of the current economic situation, Pakistan desperately needs to attract financial inflows to build up the dwindling foreign exchange reserves, Mr Zubair told BoI officials.

On assuming the charge as BoI chairman, Mr Zubair briefed BoI officials about the new government’s initiatives to resolve the issue of energy, promotion of investment and improve law and order situation in the country.

In the meantime, founder of Pakistan-Turkey Business Council, Turgat Bayan, held a meeting with the BoI chairman on Tuesday and discussed investment opportunities.

Mr Bayan informed that Turkey plans to invest $1bn in Pakistan over the next three years in communications, textile and automotive sectors. Presently, FDI of Turkey to Pakistan is $370 million.

Mr Turgat Bayan informed the BoI chairman that Turkey has applied for the license for Turkish television channel, ‘Samanyolu’ in Pakistan to broadcast Urdu and Turkish content simultaneously.