Pakistan to attract US$3 billion FDI this year: PM Aziz
TOKYO (updated on: August 10, 2005, 19:20 PST): Prime Minister Shaukat Aziz has expressed the confidence that Pakistan would attract three billions dollars worth of foreign direct investment during the current financial year.
In his breakfast meeting with media-persons in Tokyo on Wednesday morning, he said last year Pakistan received 1.5 billion dollars of FDI, which is largest in the history of the country.
Prime Minister who referred to his meetings with the top leaders of Japanese business community and said most of them have committed to make investment in Pakistan in different sectors.
He said Honda Motors has announced to set up a plant in Pakistan for exclusive manufacturing of CD-70 brand of its motor-cycles for global marketing.
Prime Minister hoped that the decision of Japan to resume official development assistance would encourage Japanese companies to invest more in Pakistan.
He pointed out that because of economic growth, there is great demand for infrastructure development and Pakistan needs to reform its railway and have more power units to meet its growing energy needs. Shaukat Aziz announced that following successful floatation of the Islamic bond Skuk, which was heavily over-subscribed, Pakistan would go for issuance of Euro Bond by the beginning of next year. He said our goal is to come to the international market once a year to maintain linkages with investors.
Prime Minister also briefed about Pakistan's agenda of reforms in political and economic fields. He said Pakistan is a functioning democracy with active parliament and vibrant opposition and media.
He referred to the introduction of grass-roots democracy where women and minorities have adequate representation.
Prime Minister declared that Pakistan's nuclear programme is defensive in nature and caters to its strategic needs. He said Pakistan is in favour of peaceful use of nuclear energy but firmly against anything that smacks of proliferation.
Replying to a question he said Pakistan supports nuclear free Korean peninsula. He said every country has the right to use nuclear energy for peaceful purpose under IAEA guidelines but no one should proliferate.
Responding to questions the Prime Minister said Pakistan wants peace with India but the two countries must try to find a peaceful solution to various issues especially About UN reforms, Mr. Shaukat Aziz said Pakistan wants the reforms to be broad-based, democratic and equitable. He said our policy is not country specific.
Copyright PPI (Pakistan Press International), 2005
Full Version: Pakistan To Attract Us$3 Billion Fdi This Year
Japanese firms to enhance investment in Pakistan
TOKYO (August 10 2005): A number of Japanese companies on Tuesday announced expansion and enhancement in their business activities and investment in Pakistan, including construction of gas pipeline. The commitments came during meetings of chief executive officers (CEOs) of many companies, who called on Prime Minister Shaukat Aziz to discuss numerous incentives offered by the country and their expertise in specialised fields.
Those who called on the prime minister included ITOCHU Corporation chairman, Japan Gasoline Corporation JGC Corporation chairman, Japan External Trade Organisation (Jetro) chairman and Honda Motors president.
During meeting with the ITOCHU Corporation chairman, a trading company with special expertise in textile, the prime minister said his current visit to Japan was part of the "Look East" policy of Pakistan.
He said Japan was one of the major trading partners of Pakistan and sought its co-operation in home textiles and development of human resource.
The prime minister said there were vast opportunities for investment in oil and gas and small and medium enterprises.
The chairman of the corporation said his company is keen to make investment in Pakistan in textile and auto industry. He praised Pakistan's investment climate and said his company would like to benefit from it.
The Japan Gasoline Corporation chairman showed keen interest in making investment in gas pipelines. Shaukat appreciated the interest of the company and said Pakistan is looking at various options for gas import.
Talking to the Jetro chairman, the prime minister said the company is acting as a bridge between Pakistan and Japan. He said Pakistan needs the expertise of the group in developing its textile industry. Pakistan would also need co-operation of the company in implementing its programme of "one village, one product", he added.
During his meeting with the president of Honda Motors, Shaukat highlighted on Pakistan's economic policies, reforms and high growth rate.
The Honda Motors president said in view of increase in demand for motorcycles, his company would expand its business in the country.
He indicated establishment of another motorcycle plant in Pakistan.
Water and Power Minister Liaquat Ali Jatoi, Industries and Production Minister Jehangir Khan Tareen, Minister of State for Economic Affairs Hina Rabbani Khar, Board of Investment Chairman Waseem Haqqie and some of the businessmen accompanying the prime minister attended the meetings.
Meanwhile, in response to questions after delivering a talk here at the Japan Institute of International Affairs on "The situation in and around South Asia and the future prospects for the South Asian Region," Shaukat said that status quo on Kashmir was unacceptable and Pakistan and India need to address the issue 'squarely' without pushing it to the back burner.
"Status quo is not the answer and we have to think out of the box," he said.
He said the Kashmiris must get an opportunity to decide their future and any solution must reflect the aspirations of the people of occupied Kashmir. He said the three stakeholders have to sit on the table to arrive at a solution.
"I remain optimistic and hope that the atmospherics will create an ambience leading towards solution of this complex issue."
He said Pakistan desired peaceful environment in the region in its own interest. "Kashmir is the longstanding dispute at the heart of tension in South Asia," he said.
The prime minister, who is on a four-day visit to Japan, said Pakistan was engaged with India for the last two years in a peace process and have agreed upon a number of confidence-building measures (CBMs).
"Atmosphere in South Asia has improved, but we must make progress to resolve the core issue," he stressed.
"We believe that with sincerity, courage and flexibility, it should be possible to find out a solution acceptable to Pakistan, India and most importantly to the people of occupied Kashmir."
The prime minister said resolution of disputes and differences, especially Kashmir, will allow South Asia to fully realise its enormous potential for development and co-operation.
"Both the countries need to look ahead and make sincere efforts to achieve a solution to improve the atmospherics," he added.
Referring to trade between both the countries, he said it was limited as Pakistan believed that progress on major issues has to be in tandem with the progress on the Kashmir dispute and if this issue was resolved, movement could also be made on other matters.
Referring to the new dangers of terrorism and extremism, threat of proliferation and the challenges of development that exist besides the conflict situations, he said good governance and progress have become necessary for preservation of independence and sovereignty of a country.
He said the history of international terrorism in Pakistan's neighbourhood has a history that goes back to the days of Soviet invasion in 1979. He said the than world, in particular the West, got united to resist this ingress and to assist the Afghan Jihad.
"Afghanistan became the last front of the Cold War. When after 10 long years the Soviets withdrew, the world also turned away from Afghanistan and became preoccupied with the surge of freedom and free-market in Eastern Europe and the former Soviet Union, a phenomenon partly triggered by Afghanistan," he added.
He said Pakistan that played a key role in resisting the Soviets in the 80s, has become a key partner in the international fight against terrorism.
"We reject terrorism. It is a danger that aims at destabilising modern societies and its anti-progress. We are fighting terrorism and extremism primarily in our own interest," he added.
He said apart from local action against terrorists and extremists, there was a need to address the root causes which lie in the longstanding disputes and problems such as Palestine the Middle East and Kashmir.
"Extremism and terrorism breed in an environment of humiliation and deprivation created by denial of freedom and justice," he added.
He referred to the concept of Enlightened Moderation by President Musharraf and said it addresses the issue aptly.
To a question about the image of Islam, the prime minister categorically rejected the notion that the religion had anything to do with terrorism.
"Islam is a religion of tolerance, interfaith harmony and gives complete freedom to those who practice their beliefs."
He said Islam offered 'Ijtehad' a system of consensus, which allows its interpretation according to the changing times. He also rejected the notion of clash of civilisations and said all religions believe in tolerance. "We are proud of our religion as it preaches peace and tolerance," he added.
The Prime Minister called for the need of developing understanding and an openness among the people of all faiths for greater interfaith harmony.
He said a certain minority, despite the belief it professes, pursues extremism, but said that such attitude should not be attributed to any particular religion.
He said there could be nothing farthest from the truth the impression that Islam was linked to terrorism. "There are certain individuals and we must fight their extremist behaviour," he added.
To a question about Gwadar Port, Shaukat clarified that it was not a defence establishment. "It is an open city, with beautiful beaches and a five-star hotel in its final stages, being developed as a tourist resort."
Shaukat said Pakistan was a responsible nuclear state, committed to nuclear non-proliferation and had put in place checks and balances and controls to ensure that nuclear technology does not fall into wrong hands.
He said Pakistan's nuclear programme was aimed at providing the country sovereignty and security to maintain balance in the region.
The prime minister reiterated Pakistan's stance of nuclear non-proliferation and said the country also believed that any country should use nuclear energy for peaceful purposes under the IAEA safeguards.
He said Pakistan had a strong Nuclear Command and Control Authority that had put in place checks and balances to ensure that nuclear technology does not fall into wrong hands.
"We have a secure system, world class in terms of protection of our nuclear capability and it is robust, effective and provides necessary controls, which are required," he added.
He said that perhaps if India had not conducted its nuclear tests, Pakistan might not have done so. Pakistan had to turn to the nuclear option because of its security concerns, he added.
He said in 1974 Pakistan advocated a nuclear weapons-free zone in South Asia, "however, we found a few supporters for that idea, as the international community had already reconciled to the new reality created by the 1974 test."
He said Pakistan supports nuclear and conventional restraint and avoidance of arms race in South Asia.
"We have offered a strategic restraint regime to India in addition to security related to CBMs to minimise risks on account of accidents," Shaukat said.
He said though it may sound paradoxical, as Pakistan is a nuclear weapon state, but added that the country was a reluctant entrant into the nuclear club and developed its capability in response to the nuclear tests conducted by its neighbour in 1974.
Prime Minister Shaukat Aziz said Pakistan also shares its concern in the region. "We want the Korean Peninsula to be free of nuclear weapons and we wish to see the Six Party talks succeed."
Copyright Associated Press of Pakistan (APP), 2005
TOKYO (August 10 2005): A number of Japanese companies on Tuesday announced expansion and enhancement in their business activities and investment in Pakistan, including construction of gas pipeline. The commitments came during meetings of chief executive officers (CEOs) of many companies, who called on Prime Minister Shaukat Aziz to discuss numerous incentives offered by the country and their expertise in specialised fields.
Those who called on the prime minister included ITOCHU Corporation chairman, Japan Gasoline Corporation JGC Corporation chairman, Japan External Trade Organisation (Jetro) chairman and Honda Motors president.
During meeting with the ITOCHU Corporation chairman, a trading company with special expertise in textile, the prime minister said his current visit to Japan was part of the "Look East" policy of Pakistan.
He said Japan was one of the major trading partners of Pakistan and sought its co-operation in home textiles and development of human resource.
The prime minister said there were vast opportunities for investment in oil and gas and small and medium enterprises.
The chairman of the corporation said his company is keen to make investment in Pakistan in textile and auto industry. He praised Pakistan's investment climate and said his company would like to benefit from it.
The Japan Gasoline Corporation chairman showed keen interest in making investment in gas pipelines. Shaukat appreciated the interest of the company and said Pakistan is looking at various options for gas import.
Talking to the Jetro chairman, the prime minister said the company is acting as a bridge between Pakistan and Japan. He said Pakistan needs the expertise of the group in developing its textile industry. Pakistan would also need co-operation of the company in implementing its programme of "one village, one product", he added.
During his meeting with the president of Honda Motors, Shaukat highlighted on Pakistan's economic policies, reforms and high growth rate.
The Honda Motors president said in view of increase in demand for motorcycles, his company would expand its business in the country.
He indicated establishment of another motorcycle plant in Pakistan.
Water and Power Minister Liaquat Ali Jatoi, Industries and Production Minister Jehangir Khan Tareen, Minister of State for Economic Affairs Hina Rabbani Khar, Board of Investment Chairman Waseem Haqqie and some of the businessmen accompanying the prime minister attended the meetings.
Meanwhile, in response to questions after delivering a talk here at the Japan Institute of International Affairs on "The situation in and around South Asia and the future prospects for the South Asian Region," Shaukat said that status quo on Kashmir was unacceptable and Pakistan and India need to address the issue 'squarely' without pushing it to the back burner.
"Status quo is not the answer and we have to think out of the box," he said.
He said the Kashmiris must get an opportunity to decide their future and any solution must reflect the aspirations of the people of occupied Kashmir. He said the three stakeholders have to sit on the table to arrive at a solution.
"I remain optimistic and hope that the atmospherics will create an ambience leading towards solution of this complex issue."
He said Pakistan desired peaceful environment in the region in its own interest. "Kashmir is the longstanding dispute at the heart of tension in South Asia," he said.
The prime minister, who is on a four-day visit to Japan, said Pakistan was engaged with India for the last two years in a peace process and have agreed upon a number of confidence-building measures (CBMs).
"Atmosphere in South Asia has improved, but we must make progress to resolve the core issue," he stressed.
"We believe that with sincerity, courage and flexibility, it should be possible to find out a solution acceptable to Pakistan, India and most importantly to the people of occupied Kashmir."
The prime minister said resolution of disputes and differences, especially Kashmir, will allow South Asia to fully realise its enormous potential for development and co-operation.
"Both the countries need to look ahead and make sincere efforts to achieve a solution to improve the atmospherics," he added.
Referring to trade between both the countries, he said it was limited as Pakistan believed that progress on major issues has to be in tandem with the progress on the Kashmir dispute and if this issue was resolved, movement could also be made on other matters.
Referring to the new dangers of terrorism and extremism, threat of proliferation and the challenges of development that exist besides the conflict situations, he said good governance and progress have become necessary for preservation of independence and sovereignty of a country.
He said the history of international terrorism in Pakistan's neighbourhood has a history that goes back to the days of Soviet invasion in 1979. He said the than world, in particular the West, got united to resist this ingress and to assist the Afghan Jihad.
"Afghanistan became the last front of the Cold War. When after 10 long years the Soviets withdrew, the world also turned away from Afghanistan and became preoccupied with the surge of freedom and free-market in Eastern Europe and the former Soviet Union, a phenomenon partly triggered by Afghanistan," he added.
He said Pakistan that played a key role in resisting the Soviets in the 80s, has become a key partner in the international fight against terrorism.
"We reject terrorism. It is a danger that aims at destabilising modern societies and its anti-progress. We are fighting terrorism and extremism primarily in our own interest," he added.
He said apart from local action against terrorists and extremists, there was a need to address the root causes which lie in the longstanding disputes and problems such as Palestine the Middle East and Kashmir.
"Extremism and terrorism breed in an environment of humiliation and deprivation created by denial of freedom and justice," he added.
He referred to the concept of Enlightened Moderation by President Musharraf and said it addresses the issue aptly.
To a question about the image of Islam, the prime minister categorically rejected the notion that the religion had anything to do with terrorism.
"Islam is a religion of tolerance, interfaith harmony and gives complete freedom to those who practice their beliefs."
He said Islam offered 'Ijtehad' a system of consensus, which allows its interpretation according to the changing times. He also rejected the notion of clash of civilisations and said all religions believe in tolerance. "We are proud of our religion as it preaches peace and tolerance," he added.
The Prime Minister called for the need of developing understanding and an openness among the people of all faiths for greater interfaith harmony.
He said a certain minority, despite the belief it professes, pursues extremism, but said that such attitude should not be attributed to any particular religion.
He said there could be nothing farthest from the truth the impression that Islam was linked to terrorism. "There are certain individuals and we must fight their extremist behaviour," he added.
To a question about Gwadar Port, Shaukat clarified that it was not a defence establishment. "It is an open city, with beautiful beaches and a five-star hotel in its final stages, being developed as a tourist resort."
Shaukat said Pakistan was a responsible nuclear state, committed to nuclear non-proliferation and had put in place checks and balances and controls to ensure that nuclear technology does not fall into wrong hands.
He said Pakistan's nuclear programme was aimed at providing the country sovereignty and security to maintain balance in the region.
The prime minister reiterated Pakistan's stance of nuclear non-proliferation and said the country also believed that any country should use nuclear energy for peaceful purposes under the IAEA safeguards.
He said Pakistan had a strong Nuclear Command and Control Authority that had put in place checks and balances to ensure that nuclear technology does not fall into wrong hands.
"We have a secure system, world class in terms of protection of our nuclear capability and it is robust, effective and provides necessary controls, which are required," he added.
He said that perhaps if India had not conducted its nuclear tests, Pakistan might not have done so. Pakistan had to turn to the nuclear option because of its security concerns, he added.
He said in 1974 Pakistan advocated a nuclear weapons-free zone in South Asia, "however, we found a few supporters for that idea, as the international community had already reconciled to the new reality created by the 1974 test."
He said Pakistan supports nuclear and conventional restraint and avoidance of arms race in South Asia.
"We have offered a strategic restraint regime to India in addition to security related to CBMs to minimise risks on account of accidents," Shaukat said.
He said though it may sound paradoxical, as Pakistan is a nuclear weapon state, but added that the country was a reluctant entrant into the nuclear club and developed its capability in response to the nuclear tests conducted by its neighbour in 1974.
Prime Minister Shaukat Aziz said Pakistan also shares its concern in the region. "We want the Korean Peninsula to be free of nuclear weapons and we wish to see the Six Party talks succeed."
Copyright Associated Press of Pakistan (APP), 2005
Foreign investment to hit $3 billion: Dr Hafiz
KARACHI (August 11 2005): Foreign investment in Pakistan is expected to be increased to $3 billion from the current 1.5 billion. This was stated by Federal Minister for Investment and Privatisation, Senator Dr Abdul Hafeez Shaikh while speaking as chief guest at the ITCN Asia-2005 gala dinner at Governor House here on Tuesday.
Governor Sindh Dr Ishrat-ul-Ebad Khan and Federal Minister for Narcotics Control, Ghous Bux Mahar were also present on the occasion. Dr Hafeez Shaikh told the guests, including foreign and local delegates to ITCN Asia-2005, investors and businessmen that large business and investment opportunities existed in Pakistan. He said that tremendous business and investment potential existed in Karachi especially, that should be highlighted throughout the world.
Dr Hafeez Shaikh pointed that over 300 companies were participating in ITCN Asia-2005 with over 500 delegates from abroad representing 40 countries while 5000 people worked on this, project directly or indirectly.
Shaikh observed that the negative image of Pakistan had become a major barrier in the path of progress and foreign investment and added that one way of facing the challenge was to let foreigners come to Pakistan and witness that the reality was quite different from the general perception.
Dr Hafeez Shaikh said ITCN Asia brought people from across the world to prove that Pakistan was contrary to its image created in the west by the media.
Speaking on the occasion, Governor Sindh Dr Ishrat-ul-Ebad Khan said economy of Pakistan was growing at a very fast pace. Under the dynamic leadership of President Pervez Musharraf and Prime Minister Shaukat Aziz the economy had touched the highest growth rate in 40 years. The Governor said events like ITCN Asia helped the government to restore confidence of investors in the country.
Dr Ishrat said the Government of Pakistan was providing incentives to foreign and local investors to invest in IT and other sectors in the country. Wong Jeshan, Chief Executive Officer of E-commerce Singapore, presented the welcome address. Tore Johnsen, Chief Executive officer of Telenor Pakistan also spoke on the occasion.
Copyright APP (Associated Press of Pakistan), 2005
KARACHI (August 11 2005): Foreign investment in Pakistan is expected to be increased to $3 billion from the current 1.5 billion. This was stated by Federal Minister for Investment and Privatisation, Senator Dr Abdul Hafeez Shaikh while speaking as chief guest at the ITCN Asia-2005 gala dinner at Governor House here on Tuesday.
Governor Sindh Dr Ishrat-ul-Ebad Khan and Federal Minister for Narcotics Control, Ghous Bux Mahar were also present on the occasion. Dr Hafeez Shaikh told the guests, including foreign and local delegates to ITCN Asia-2005, investors and businessmen that large business and investment opportunities existed in Pakistan. He said that tremendous business and investment potential existed in Karachi especially, that should be highlighted throughout the world.
Dr Hafeez Shaikh pointed that over 300 companies were participating in ITCN Asia-2005 with over 500 delegates from abroad representing 40 countries while 5000 people worked on this, project directly or indirectly.
Shaikh observed that the negative image of Pakistan had become a major barrier in the path of progress and foreign investment and added that one way of facing the challenge was to let foreigners come to Pakistan and witness that the reality was quite different from the general perception.
Dr Hafeez Shaikh said ITCN Asia brought people from across the world to prove that Pakistan was contrary to its image created in the west by the media.
Speaking on the occasion, Governor Sindh Dr Ishrat-ul-Ebad Khan said economy of Pakistan was growing at a very fast pace. Under the dynamic leadership of President Pervez Musharraf and Prime Minister Shaukat Aziz the economy had touched the highest growth rate in 40 years. The Governor said events like ITCN Asia helped the government to restore confidence of investors in the country.
Dr Ishrat said the Government of Pakistan was providing incentives to foreign and local investors to invest in IT and other sectors in the country. Wong Jeshan, Chief Executive Officer of E-commerce Singapore, presented the welcome address. Tore Johnsen, Chief Executive officer of Telenor Pakistan also spoke on the occasion.
Copyright APP (Associated Press of Pakistan), 2005
'Japanese ready to invest in Pakistan'
RECORDER REPORT
KARACHI (August 16 2005): The Consul-General of Japan, Shoichi Nakano has said that Japanese investors are ready to invest in Pakistan and establish new industrial units in joint ventures. Speaking at a meeting of Korangi Association of Trade and Industry (KATI) on Monday morning, he said that Pakistan is economically sound country and it offers best investment environment.
He noted that Pakistan and Japan have old trade relations and conducting bilateral trade for last 50 years.
He said that a trade-boosting mission was establish in 1952 to boost two-way trade between the two countries but it did nothing to in this regard.
He said that the volume of trade could be much higher if this mission had made some efforts to boost the two-way trade.
Nakano said that Japan is a car manufacturing country and Pakistan has big demand of these cars. However, Japanese companies play no role in higher prices or black-marketing of vehicles in Pakistan.
Regarding issuance of Japanese visa, he said that generally Japan issues visa in a week's time. "It is a totally wrong impression that the consulate takes three months in issuing visa".
He said that sometimes the consulate receives threatening calls in respect of issuing visas. He said that frequent travels between Pakistan and Japan increase contact which helps boost two-way trade and improve information about each other market's demands and products.
Welcoming the guests, Chairman, KATI, Abdul Hafiz Khan said that Prime Minister Shaukat Aziz's visit to Japan would play an important role in further strengthening economic and trade ties.
Copyright Business Recorder, 2005
RECORDER REPORT
KARACHI (August 16 2005): The Consul-General of Japan, Shoichi Nakano has said that Japanese investors are ready to invest in Pakistan and establish new industrial units in joint ventures. Speaking at a meeting of Korangi Association of Trade and Industry (KATI) on Monday morning, he said that Pakistan is economically sound country and it offers best investment environment.
He noted that Pakistan and Japan have old trade relations and conducting bilateral trade for last 50 years.
He said that a trade-boosting mission was establish in 1952 to boost two-way trade between the two countries but it did nothing to in this regard.
He said that the volume of trade could be much higher if this mission had made some efforts to boost the two-way trade.
Nakano said that Japan is a car manufacturing country and Pakistan has big demand of these cars. However, Japanese companies play no role in higher prices or black-marketing of vehicles in Pakistan.
Regarding issuance of Japanese visa, he said that generally Japan issues visa in a week's time. "It is a totally wrong impression that the consulate takes three months in issuing visa".
He said that sometimes the consulate receives threatening calls in respect of issuing visas. He said that frequent travels between Pakistan and Japan increase contact which helps boost two-way trade and improve information about each other market's demands and products.
Welcoming the guests, Chairman, KATI, Abdul Hafiz Khan said that Prime Minister Shaukat Aziz's visit to Japan would play an important role in further strengthening economic and trade ties.
Copyright Business Recorder, 2005
http://www.dailytimes.com.pk/default.asp?p...3-8-2005_pg5_12
FDI likely to cross $3 billion in 2005-06
ISLAMABAD: The government is eyeing foreign direct investment (FDI) at $ 3 billion plus figure during 2005-06, Dr Abdul Hafeez Shaikh, federal minister for investment and privatization said this at inaugural session of workshop on “Administrative barriers to investment” on Monday.
He said five year back FDI was around $ 322 million, which has now increased to $ 1.52 billion during the last fiscal year.
He said the privatization of oil and gas, cement, hotel, banks, electricity and telecom are the success of privatization programme.
Dr Shaikh said the government is pursuing a two-pronged strategy of ensuring macro-economic stability and introducing structural reforms for self-sustainable growth.
The issue of land acquisition is of prime importance and its availability needed to be ensured for stepping up investment activities in the country, he added.
The government is in the process of reforming tariff and tax structures to facilitate and attract the local and foreign investors to avail the investment opportunities in a very conducive environment of earning profit, minister said.
Commending the services of Foreign Investment Advisory Services (FIAS of World Bank), he said the areas selected for the study are of great importance to an investor. However, we wished the FIAS experts should take into account the less focused activity, trade as well.
The report has provided us grounds for the formulation of our policies free from administrative barriers to have the deserving taste and flavor of investment in the country. app
FDI likely to cross $3 billion in 2005-06
ISLAMABAD: The government is eyeing foreign direct investment (FDI) at $ 3 billion plus figure during 2005-06, Dr Abdul Hafeez Shaikh, federal minister for investment and privatization said this at inaugural session of workshop on “Administrative barriers to investment” on Monday.
He said five year back FDI was around $ 322 million, which has now increased to $ 1.52 billion during the last fiscal year.
He said the privatization of oil and gas, cement, hotel, banks, electricity and telecom are the success of privatization programme.
Dr Shaikh said the government is pursuing a two-pronged strategy of ensuring macro-economic stability and introducing structural reforms for self-sustainable growth.
The issue of land acquisition is of prime importance and its availability needed to be ensured for stepping up investment activities in the country, he added.
The government is in the process of reforming tariff and tax structures to facilitate and attract the local and foreign investors to avail the investment opportunities in a very conducive environment of earning profit, minister said.
Commending the services of Foreign Investment Advisory Services (FIAS of World Bank), he said the areas selected for the study are of great importance to an investor. However, we wished the FIAS experts should take into account the less focused activity, trade as well.
The report has provided us grounds for the formulation of our policies free from administrative barriers to have the deserving taste and flavor of investment in the country. app
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