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Pakistan’s strong economic indicators, attractive for foreign investment in power, oil sectors |
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By Shumaila Andleeb
TIANJIN, China, Sept 12 (APP): Prime Minister Raja Pervez Ashraf on Wednesday, mentioning Pakistan’s strong economic indicators, said the country was an attractive zone for foreign investment, particularly in power, oil and gas exploration and infrastructure development sectors. The Prime Minister expressed these views while leading a discussion of the Business Interaction Group on Pakistan at the Meijiang Convention Centre - the venue of ongoing World Economic Forum’s Annual Meeting of New Champions. Dilating upon Pakistan’s macro-economic stability and liberal investment policy, the Prime Minister said country’s economic consistency, openness and predictability in policies were vital factors in providing foreign businessmen an enabling environment for their investment.
He said his government was
committed to facilitation of business, reforms and deregulation in
pursuance of its economic philosophy.
He mentioned Pakistan’s
strategic location next to three important regions - South, Central and
West Asia, that provided a shortest access to the energy-rich and fast
developing Central and Western Asia.
He said for the economic world,
the country could prove a bridge, linking to multiple corridors of
cooperation in energy, trade, investment, transportation and tourism.
Prime
Minister Ashraf said due to macro-economic stability, the country’s
economy was expected to grow by over four percent this year. He said
country’s banking sector had withstood the global financial crisis of
2008 with the help of its exports that grew by 30 percent in 2011.
On
liberal investment policy, he said all sectors of economy were open to
Foreign Direct Investment (FDI). In addition, there was no restriction
on equity as foreigners were permitted hundred percent foreign equity,
statutory protection, and high rates of return accrued to investment.
He
said there were institutional safeguards provided in the system like
Competitive Commission, the Security and Exchange Commission and Central
Bank. He said Pakistan had a non-discriminatory investment policy for
all countries.
The Prime Minister said Pakistan was a country of 180
million with a growing middle class and an increasing demand for goods
and services. He mentioned that abundant and unexploited natural
resources including coal, oil, gas, water and irrigation systems and
minerals had great potential of exploration.
He said investment in
power sector could be made in the areas of solar, wind, renewable
energy, solar tubewells, hydro and thermal power generation. He said
opportunities also existed in modernization and refurbishment of ports
and railways. He informed the Business Group that a Korean company had
shown interest in constructing a 300 mega watt solar power plant in
Balochistan.
He said recently an upfront tariff had been determined for solar energy plants which would help the investors.
To
a question, the Prime Minister said Pakistan was working to have good
relations with India including trade ties. He mentioned the recent visit
of Indian External Affairs Minister S.M Krishna to Pakistan and the
discussions carried out on easing the visa regime and cooperation in
agriculture sector.
Regarding facilitating the overseas Pakistanis,
Raja Ashraf said their confidence in the country was reflected through
increase in remittances.
Finance Minister Dr Abdul Hafeez Sheikh said
the middle class expatriates could benefit from investment in stock
exchange. He said an investment fund was being set up for expatriates.
He said housing schemes had been launched to attract investment from
expatriates.
There were also a few questions about increasing
cultural exchanges with India to which the Prime Minister mentioned a
recent agreement. He said relations with India were being improved
step-by-step in a positive way.
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Chinese Premier Visit to Pakistan |
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Presidential address to the joint sitting of parliament |
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