BoI drafts proposal to enlist commercially-run foreign firms
Saturday, 30 June 2007
Naim-Ul-Karim
The government is planning to enlist foreign organisations engaged in commercial activities in the country with the Board of Investment (BoI) aiming to have a real picture of inflow of foreign investment, a BoI official said.
According to the Companies Act 1994, currently, the foreign owned industrial organisations are required to be enlisted, firstly, with the office of the Registrar of Joint Stock Companies and Firms and then with the BoI.
But the foreign owned non-industrial organisations, investing here for running commercial activities are required to be enlisted with only the Registrar of Joint Stock Companies and Firms.
However, the BoI source said the BoI has already drafted a proposal in this connection for submission before the next executive council meeting of the BoI.
He said the board is likely to send the proposal to the chief adviser for approval.
When asked, an official source said the BoI is not actually aware of exact figure on FDI coming into the country.
He said the real picture of the country's FDI is not possible to get unless the investments on commercial activities are taken into account through enlistment with the BoI.
"The BoI-prepared statistics on FDI in the country is partial as it does not reflect the entire amount invested including that for commercial activities," he said.
However, an official of the Registrar of Joint Stock Companies and Firms said there are currently 698 foreign organisations in the country, of which about 20 per cent are industrial ventures and enlisted with the BoI and the Joint Stock Companies and Firms.
The rest of the organisations are operating as commercial activities in the country.
The government is planning to enlist foreign organisations engaged in commercial activities in the country with the Board of Investment (BoI) aiming to have a real picture of inflow of foreign investment, a BoI official said.
According to the Companies Act 1994, currently, the foreign owned industrial organisations are required to be enlisted, firstly, with the office of the Registrar of Joint Stock Companies and Firms and then with the BoI.
But the foreign owned non-industrial organisations, investing here for running commercial activities are required to be enlisted with only the Registrar of Joint Stock Companies and Firms.
However, the BoI source said the BoI has already drafted a proposal in this connection for submission before the next executive council meeting of the BoI.
He said the board is likely to send the proposal to the chief adviser for approval.
When asked, an official source said the BoI is not actually aware of exact figure on FDI coming into the country.
He said the real picture of the country's FDI is not possible to get unless the investments on commercial activities are taken into account through enlistment with the BoI.
"The BoI-prepared statistics on FDI in the country is partial as it does not reflect the entire amount invested including that for commercial activities," he said.
However, an official of the Registrar of Joint Stock Companies and Firms said there are currently 698 foreign organisations in the country, of which about 20 per cent are industrial ventures and enlisted with the BoI and the Joint Stock Companies and Firms.
The rest of the organisations are operating as commercial activities in the country.