LAHORE: Participants in a consultative session on `Investment Climate Reforms` underlined the need for removing official bottlenecks in the way of smooth investment in sectors with highest growth potential in Punjab on Wednesday.

They said the true implementation of the Punjab Growth Strategy 2018 would not only bring domestic and foreign investment in the province but also generate employment in different sectors.

The participants gave suggestions on how to provide ideal investment opportunities for both local and foreign investors. The purpose of the consultative session organised by the Punjab Planning & Development Department`s PunjabResource Management Program was to get suggestions from different stakeholders and highlight the key steps being taken by the government to improve overall investment climate.

It was attended by senior government officials, Lahore Chamber of Commerce & Industry members, academia, civil society and media personnel.

Provincial Secretary P&DD Iftikhar Ali Sahoo highlighted the importance of private sector and export-led investments in order to meet targets set under the PGS. He said the government was committed to taking major steps to facilitate investors and improving overall investment climate in the province.

Deputy Program Director PRMP Ali Jalal informed the participantsthat the provincial government in collaboration with the World Bank was going to launch the Punjab Jobs & Competitiveness Program under which the government would also be working on improving the doing business ranking in four key indicators which are construction permits, business registration, property registration and contract enforcement.

One of the key interventions under this program would be improving doing business global ranking of Punjab in respect of key business indicators under the provincial control, he said, adding the government would continue to engage key stakeholders for their valuable inputs on various government`s initiatives under this program in future as well.

Dr Nasir Javaid, Chief ExecutiveOfficer Urban Unit P&D, gave a presentation on a strategy which would assess the potential of Punjab`s growth corridors and growth nodes and coordinate investments accordingly. He said the strategy would inform large public investments related to connectivity infrastructure, urbanisation and the development of industrial estates.

Director Land Record Management & Information System, Board of Revenue, Maqbool Ahmed Dawla gave a presentation on various initiatives being undertaken by the BoR to simplify property registration procedures.

The representatives from the LDA also gave presentation on the government`s recent initiative to reduce the time for issuance of construction permits.