RIA, BoI sign MoU to promote investments

ISLAMABAD: Russian Investment Agency (RIA) and Board of Investment (BoI) on Friday signed a Memorandum of Understanding aiming at exploring possibility of enhanced commercial and economic cooperation, two-way investments and exchange of information regarding investment policies between the two countries.

A 3-member delegation from Russian Investment Agency visited BoI during which the memorandum was signed. The members included Oleg Gorbullin CEO National Investment Agency, Sergey Dragnov, Specialist Russian Trade and Maxim Second Secretary`Embassy of Russian Federation.

The delegation members showed their interest for investment in the areas of Coal and Energy, according to a press statement issued by the board.

On the occasion, BoI Chairman, Saleem H. Mandviwalla briefed the delegation about the outcome of his recent visit to Russia.

He said that Pakistan needed support form Russian investment to achieve the national GDP objective and move the country on the dynamic path of social and economic development.

On the occasion, BOI Director General, Muhammad Muslim gave a detailed presentation on Investment policy, incentive package and tremendous potential available in the field of oil and gas, agriculture and energy sector.

He highlighted the policy parameters that allows 100% foreign equity in the major sectors and full repatriation of profits and dividends in all the sectors.

He informed the delegates about the bilateral agreements of Investment Protection with 47 countries and agreement of Avoidance of Double taxation with 52 Countries.

He also told the delegation about SEZ policy which has been providing a high level preferential treatment with lucrative incentives.