Gilgit-Baltistan Board of Investment & Trade Act, 2019 (Act No. VII of 2019)

5. Composition of the Board.-(!) The public se~tors -~embers shall include Chief Secretary, Additional Chief_ Secretary Planni11g & Development Department, Secretary, Finance, Industries, Managing Director· N o_rthernAre·as •Transport Corporation _and Secretary of the: concerned _Department in which • 1 investment is to be made.· • • .. ~ . _ (2) The -private sector rp.embers 'shall be four fo five· and shall -be app6i1_1ted by ~he Government for non ~xtendable period of 2 years: {3) ··The Chief.Minister Gilgit-Baltistan shall be the Chairperson .of the . - Board and Vice Chairperso·n-,sha~l be appointed by, Government eith~r from Public or Private sector on such terms and Conditions as ..Government may determine for non extendable pe,riod of two years. {4) • The Voice Chairperson •shall be a. person· of known .integrity and __having ba~k ground of soun_d.policy making and policy imple1!1e~tationskills. , (5) The Board may_ co-opt any Gov~rnment officer· on case to· case . . basis. A co-opted member shall be entitled to participate 111meetings with no right of Vote. • .,. • • (6) The Voice Chairperson and Members from the privat.e sector. may at any time resign from thei~ offices by notice in written address 'to Chairperson. (7) No person shall be ~ppointed or remain as Vice Chairperson or a .Member of the Board, if h~ • a. is·of unsound mind; ,_:b. is a defaulter of' an·y fin~nciaf institution of federal or P1:ovincial Goy.emment; , ·, • .. •. . _ •, , •• .J. '' ' •.c.~. . ~as. applied_to be adjudicated as an in~olvent and his _application is 1 ··'pending· •. . • •• • - • . ';: _-: ' , •·1 ••.. ' ' ' .• ~ ':.,~ . • ' ' • • : .._ I • ;·• .. ·. ==·~-. THE~. !75~2~· ~··~9~A~Z~E~TI~.~E~O~F~P~AKI;;·· ;;.;;sT;;A~N= ..'=:E==X=f=:~·~==' ===~-~-~--,:';. =.,==N==O==,v==·==5==, 2=0==1=9::::_ _, has ·been convicted by a Court.-·6f Law for an offence involving -'/: •_-moral turpitude; • • • • • ! e.· .• has-been-debarred from-holding any offic'e .under any_provi~ion,-of - - • • , .... - -_. • ;~Y;~~- ,_ • . J •• -. , Law or;. - -"-~·,, f. has conflict of interest with such position •. _ (8) The Secretary_of Industries Gilgit-Baltistan shall be_t_hePrincipal: Acco~nting Officer of the Boar~. - ;- (9) - The Director General shall be the:~ember of the Board by virtue.of • ,, his office and shall also be as·-Secretary of t~e Board~ •- _ •• . . • 6. .Meeting of the .Board.41) The mee1ings of the Board· shall qe regulated in-accordance with the procedure as may be prescri~ed~ • • (2) _·The chairperson shall- preside over a meeting of the Board and in -i· the absence_of Chairperson, the Vice Chairperson shall preside over meeting of· the Board .. (3) the quorum shall be two-third of the total membership of th_eBoard • for a meeting; , (4) All decision of the Board _shallbe taken by majority 9f the ·member present and voting, and in case of a tie, the Chairperson shall have ca·stingvote. _ (5) . Meetings of the Board shall be held as and when required but once _•• at least every three (3) months, at the time and place as the Chairperson may ·- determine. _ · . ••• -•.

7. Power a·nd functions o_fthe Board~-The Board shall exercise and •• -perform the ~allowing powers and functions:-·_ - • - • (a) Facilitate the investors by proactively engaging and coordinating _· with ·an concerned departments· for the purposes· of :promoting; . ~ enco~raging and facilitating both local and ·foreign. {nvestme,ntin·_ the Gilgit-Baltistan. •• • . (b) Facilitate G(?veinmen_t on creating ·an ~nabli~g environmeri\f°r:: _':,-:f: _investment. .(C) A~sist Government i'n ~he_impleme~tation bf Gilgit~Baltistai1publfo· ' '·. _Pnvate Partnership Act,_2019. - : · • _, .•. · :,: • (d) • . Deal ~ith ·matters rel~ting -to industrial· Zone.s, special ~c0 0 ~d- _·? _< ,z~mes-or_o}p~r..:Zone~. or ~ther initi~tives of Gilgit,-;Balt1~tapa~_ :: _ , . F~cleratGovernments.· ' - ·-; - • : -· . . •· ; i. . (i]!l~':C • . ••• • ;,.-· • .... ' . ·--- THE GAZETTE OF PAKISTAN, EXTRA., Nov. ·s,2019 753' • . . . •-(e) · S;ggest irnprovernents • in regulatory. framework and procedural . systems for Trade and Industrial activities .in.Gilgit-Baltistan. '.!., .(f) Prepare investment ap.d • ... . ' industrial policy for Gilgit-Baitistan. - ' ' • ' - . . . . (g) Act ~ a focal ·point for ail )nve~tment related activities in G1lgit- .• • -Baltistan·. • •• • •• .. •) ' (h} :_Maintain a data-base of investment projects in the private sector . • - that inyolve local and foreign capital.. • • • .... ~ • . . ' , . '(i) . Negotiate· and finalize agreements· for. prqtection and promotion of . 1nv~stment with pertinent to investment prom_otion.-_• (j) From time to time, detetrtnine· and :review the scale of fees· and •charges. for services provided· to the investors by it. • (k) • Promotion. of Gilgit-Baltistan -as investment friend}y and· potential d~stiqatiori both at national and international levels ·thr~ugh various· means . . (I) • Conduct pre-feasibilities for proje·ct interv~ntion. • (m) Capacity bu_ilding/train1ng of .relevant stakeholders/both government departments and private _sector. orgariizations. and institutions for improving service delivery. ·:• (n) Undertake sub-s·ectors studies and develop concepts, briefs and fact sheets both internally in consultation with government department and through outsourcing to _consultants on differe_ntpriority-sectors . of the Gilgit-Baltistan economy that h_avethe potenti~l for growth and employment· generation -and share the same with private an~ institutional investors including multilateral and bilateral donors .. (o) Assist i~ identification of sector wise potential projects· arid pr~pare · • pre-feasibility. -reports of such projects wherever -possi~le .in. consultation . . . with . concerned . Departments. ( • . • . . •(p) Prov1de one. window· facilities for provision ·of all services •ahd · • utilities. '.,_ • . ' ( q) • Engage on a regular basis with the. larger business community including .but no limited to business .association, •forums, trade· bodies and chambers of commerce and industry, ·both at local and-. national leve~ _to stiml:llate. ideas for investment in the Gilgif- Baltistan. • (r).. T.q. :Prescribe. :by. ·regulations ·any fee, ifor,;::services . rendered or· _., . _facilitation exte:r;ided·pythe bc,ard.· •••·_,_.,·i:•·,_ : '. \,: ' • ~... .:• ••. ' • ,..t .. - 754 ·, . '.THEGAZETTE oFl>AKisTAN,·ExTRA.,- Nov. s,2019 _-_ -[PARr.r(J ' !~ ~--'"'', :. (s) •-~'Fr9 m: tii:ne to time, re_vi~w the Gilgi_t-B.altis!an•i~vest~ent-policf -)? -_:. ~:.·-~--. and laws, and propose any amendments; mod1ficat10ns and relations -~l th~rein:it may d~em appropriate to Cabinet for approval. •••• ·<j ' . • . . ~~ '. (t) , • Review inv~stment . promotion .pl~ns, • formulate . iristitutional ._:: . arrangements, and ·make transparept and·_sitnplified· procedures and:.·\ : •.•• guidelines for.investment pt~motion~ - • • : (u) A~praise, e·vatuate and. process· all investment_ propo~als' -and. projects received from the investors for submission to the Cabinet", _· or a Committee of the Cabinet or the Board. -~ • • •"_;. (v) • Develop a· marketing, 1rrtage-buildif1:g_ and public re~~tions_stra!egy·-: •.to generate interest· in_the potenti~l arid opportunities of the local.:... . in~rket, within the country ~nd publicize its activities. (w) Com~uhicate an major "important administrative, financial and •. ·, .policy matters to the management of business undertakings falling -:-<: witl)irt •·the p~rview o_f·the· investment· policy .approved ·-by tn~: .·: _Government.. • .... . , ' ~ . \,: (x) .Consider indfvidual investment proposal and categories 'of:_:; investment which require special treatment and reco~mend to the_If'. government for approval, where appropriate, additional inceµtive·s ·_'.~ or re_laxation of conditions or· •criteria required under"_existing·>: policies. . . , . - •;:; (y). To_do advocacy and -to hold conferences,. semjnars, toundtables and· :) presentations locally, nationally _and internationally, to attract·~"; potential_ ·investors - by cre_ating awareness .. about. Government}:¥ policies< buiiding confidenc~ and exchanging p~actical and feasibl~f.f;~ investment ideas. • -.::~rlr 'I . • / - '.--~:~ (z) Exe'rcise· and perform such powers and functions as ·-may b_·_e ____ .-: __ f_:_[_l:- :_:~,i, ... . ••assigned· by the g(?Yemment from time tb tim·e. ,_. 1.1,.;~,,.,~

8. Director General.-{l) Government -shall _appoint.· Directo/~3~ ' ' ~·, :~ti 9eneral_on the·r~con-imendation of the B9ard;- •• _--~?t • "!'',.'0:. (a) .from atr1:~mgst Government offices not below the, rank of grade -19:or;-_ (b) .Fro~ ·private sector on such term and conditions and 'having SUC?h:':.? qualifications as may be de_term_ined·_by. the Government • • • 2. .(i) The· Director Genera( shall -be responsible .for day_ to day\:, adininistratio~_of Boar~_and wiJI be as Secretary of the Board. (ii) _·The Director.General_shall have al;,solutepoweran&responsibility T,.,·,. __ .,,. . . ' • . . . .. -.- . . ' ' • ... , ... f " ' ~ ·: •• • • THEGJ\ZETTEbFPAKrsTAN'.ExTRA.,No\i.5 20Ji •• -755·: • • • '. . . . . (a) }~vfake;ad1ni~i'strative-decisior1 as~he may· deem··_ -t:t••-~ · d".:.t' • d' ·,_.- --·a-ffiairs: · ...- _-, -- . · · . ·- · · . N · ·1or ay · o- ay (~) . Prepare the<?annualRe'ports of Board~ (c) Prep_aratimi• of the agenda, working. papers and its .distribution among ~hemembers of the Board. • . - (d) _-1?-~~1t_oring _a~devaluati~~ of the _progr~~sof pr~je.ctapproved hy ,·: _ the Board and _ -· • .- • · - · .• - . •• ' "1"' (e) ··fors_uch·other fµnctio,~s;s may be_· assigned_·bythe Board. "' : ~ _ _ 9. , Committe~s~~: (1)_the-Boardmay consthute ~ommittee to_·assist it _i~ the perfor~ance :of its functions,-suc}:i. ~ommittees_~hall-consist ·of such pers(?ns • - as the board may deem fit,_including'.any member or officer of-the board. The •·Board may Co-opted as·me·mber~ofa committee .or Committees, other persons cis, _ • it may deem fit Provided, however that all decision and recomme-ndationsof ~he c6mmittee shall be subject to approval of the-board. : • • • ·. ~ . (2) . the meeting of the :c·ominitteeshall" be in -'SUGh manners as may be ·_pres:cribedby regulation~.:',_- • • , • __,,_. ·-

10. - Delegation of Powers.·-The.-Board-may. del~gat"e··--~py of jt~- - powers, to any of its member or officer in such ll)ann~r,extent and-period as may -. \ be prescrib_edby"regulations. -• • - - - ' . . . 11. • Fu~ds.-(1) There ·sh~n-be' ,co~stituted a:furid Ao. be called the· :Gilgit-Baltistan Board of Investment Fund which shall·vest'in the.Gilgit~Bal~istan •Board of Investment and shall be· utilized to meet the expense~ in connection _withihe functions of the G!lgit-Baltistan Board of Investment· _.(2) Th~ fund shall consist ·of: :__• .(a). Grants made by th~ Government; . -·.. - (b)- • For~ign· aid and loans obtained or, raised by the ·Gilgit-Baltistan _Board of Investment. with special or general sanction · of the ..-.·.,_ Govern·mentand • • . - . . I. • {c) • ~Allsums· including income, fees and charges receivable qy Gilgit- Baltistan Board of investment.. - ,_ • • ,· .. ·., '(3)' Thefund'shallbe utilized for the pµrpose·of: ~ • -'{-••._::~-••(a) L~wful e·~p~ndjt~re incurred by ~h~ GHgit-Baltistan:B6ai·d 'Qf • .._.. _ ... .i.::: . 'Investmen(in 'respect of remuneration of its_mempers,.e~ploye~s, •::·'-'.."/. :_-_: .·_:..'..:.-::-~advisers:im:t¢0nsultants·incJudiDgproyidentJu.11.9, ,_legalfoes ~11d - . -• . .: ...-~<)_-·_· __ ~Osts; ·-:,~:,</-::'. :.;- - ..• · - · . , . - · •.•. · -<. · ..< ... , •• -· ---·.· -_. - . ·.· ,• '--~. ...... .. ' ...... .,. ~ . ~. ' .:~:,(\~l\l~:\: __ ,,~(:.-_:,::::1- _...: _--... \..).__ THE GAZETTE OF PAKISTAN, EXTRA., NOV.rs, 2019 (b) ••Any. other expenses; c~~t_s_·or.expendim~e. lawfully incurred by. the _ • : Gilgit-Baltistan Board of._Investment in the perfomiance ·of its ·; functions or the exercise of its powers under this Act; • 't . (c) Gener~lly . paying any expenses for carrying into ·effect • the .provisions of this Act; •

12. Audit and Accounts.-{l) The accounts· of the funds_ shall be. maintained in such _formand.in such manners as may b~ prescribed. • . (2) . Accounts_ of .the Funds shall be audited by _theauditor ·General of Gilgit-Baltis_tan_.-- • 13, ·Annual ·Reports.~l) with _in ni~ety .days from_the end_ ~f eath •. financial year, the Board shall c~use a report-to be prepared on the activities of the Board.during that financial year. - - .. (2) The board shall, within one huridred arid twenty· days of the e~ch financial year, send a copy of the annu~l report'ofthe board under sub-section (1). together with· a copy ·of the statement of accounts· of the board certified by the_ auditors and a copy of the auditor's report to government.

14. Appointment of officers, advisers, etc.-Board may· appoirits - such •officers, consultants and employees as •it considers necessary for the· efficie_nt performance of its functions on such terms and conditions as may be prescribed_ under the rules made with the prior approval of the Government, ._ provided that all appointments shall be made in aqcordance with the prescribed· educational, technical or professional q_ualificationsand experience_. • - ,,.: ·.

15. Members, officers, staff, etc. deemed to be public servants.-·. -- • Subject to .other provisions of this ·Act, every officer and :-employee· of Gilgit-., Baltistan Board of_ Investm~nt shall be deemed to be a public servant in • I 1 equivalent Basic Pay Scales within the meaning of section 21 of the Pakistan Penal Gode (A_ctXL V of 1869)

16. Assistance from other ageilcies.-(1) The Board may require:any> information from all sources including private sector organizations, department; -: statutory: body·; corporation, agency of the provincial government which, in its • opinion, concerns any matter relating to. Board, and the requisite information ... shall be provided to Board within a fortnight of the receipt of su,ch request; (2) • Board may request ariy Department, statutory body, corporation of·· • • Gilgit-Baltistan Government,·· to review such proposals,: polic'ies, di_rections,•• . . . guidelines,. notifications, ~irculars, orders, regulations and rules, whi~h, in. its .• -.~ ': :opinion, c·oncem any matter relating _to Board, and the concerned. Departme,nt, • • statutory' body~ corporation~· Gilgit-Ba~tistan G~verrunent: shall gj_veits. decision ; in ,vriiing based cin sound,-re~ons within <:1-fortnight of such re91:1est • \! ..•.. · ~J\RT I] • • THEGAZETTE OFPAKIS;rAN, NOV,s;20\9 EXTRA., - 757 • . • ~3) Subject_tosulr-section(4), .if; upon re~eivingthe deci$ionunder, • \ sub-sedton(2),.~heBoar~of Investmentis of opinionthat the decisionadversely'.. 1 j affects any, po~1c:yrel~tmg t? _its.w~rkin.g,it may request the Department, • .1 statutory.body,corporation,G1lg1t-Balttstan .Government to·reviewsuchdecision in consultationwith it or its authorizedofficer. (4) In case Gilgit-BaltistanBoardof Investt~entis not satisfiedwiththe revised decision of the Department,statutory body, corporation,·of Gilgit;- •BaltistanGover~ent under sub~sections (2) and (3), the·unresolve_d issue shall be placed~eforeGilgit-BaltistanBoardof Investmentwhereinthe'representative. from the-Department,statutorybody, corporation,etc.,of the Gilgit-Baltistan• Governmentmaybe invitedby specialinv_itation to assistthe B9ardor the Gilgit- BaltistanBoa.rd_ofInvestmento arriveat a finaldecision. •

17.'_Indemnity.-.No Suit, prosecutionor other i~galproceeding-sh~ll lie againstHoard,the Chairp.erson,the Secretary,the members,the officers,the employeesand ·consultantsof the Board for anything·doi:iein .good faith or i'ntendedto be doneunderthis Act or anyruleor regulationmadethere.under.• . 18. Power to make rules.~ovemment may, by notificationin the officialGazettemakesrulesto carryout the purposesof this Act. l •, • •

19. Power to make regulations ..-. The board may, by notification.in .•theGazettemakeregulations,not inc_onsistencewiththe provi~ionof this Act,for carryingout the·purposeof this act. • • •

20. Power of Go~e,rnritent :to issue directives.-Govemmentinay,as and when it . considers necessary,issue :policy.directivesto the ·board, not inconsistentwiththe provis_ions of the this act~and boardshallcomplywithsuch directives.

21. Removalsof difficulties.-If any difficultyarisesin givingeffect to any provisionof this·Act, Governmentmay, in consultationwith the board, issue orders,_notinconsistentwith the provisionsof t~is Act, or the rules made ,• there-under,for the removalofthe difficultyup to twoyear. - • , FIDAMOHAMMAD NASHAD, 'Speaker . Gilgit:-Baltistan Assembly. r , RAJAJALAL.HUSSAIN MAQPQON, . Governor Gilgit-Baltistan.. . • • ••• ·_ • TIONOF PAKISTANPRESSJSLAMABAD.· · ' .PRINTEDBYTHEMANAGER, PRI~TING~-OR~ON~Y ANDFORMSUNIVERSITY ROAD;KARACHI.. . · 1 '" PUBLISHED BYnm DEPUTY CONTROLLER, sIATl ~ ' • ' . •. . . . . ·..