http://www.thenews.com.pk/daily_detail.asp?id=62603
Temasek to start operations in Pakistan
By our correspondent
ISLAMABAD: Temasek Holdings of Singapore intends to launch a mass self-employment scheme following its success in Indonesia, Malaysia and India.
In this regard it has set up pilot projects in Sindh and Punjab for collecting data to conceive a financial model based on competitive support to increase production capacity of people at grass root level, generate self-employment, commercial activity and promote SMEs in the rural areas of Pakistan, says a press release of Finance Ministry.
It would also create investment and banking infrastructure at the district and village level to promote housing sector, real estate and augment income for self-employed people such as barbers and fishermen through financial schemes.
It would also encourage establishment of labour cooperatives to improve their lives and to raise their standard of living.
This was stated by Madam Ho-Ching, CEO Temasek Holdings in a meeting with Dr Salman Shah, Adviser to Prime Minister on Finance & Revenue on Saturday morning.
Dr Shah said that Pakistan offered a vast investment canvas in a deregulated, liberal economy driven by the private sector. Pakistan’s improved international credit rating based on its economic performance and innovative policies would even attract more foreign investment and double the size of the economy in dollar terms in another six to seven years.
It’s unique position as a gateway to Western China and Central Asia provided an opportunity, especially to investment, banking to set up its infrastructure at grass route level to tap potential and create a viable economic thrust for converting human resources into engine of economic growth.
Madam Ho Ching appreciated Pakistan’s economic reforms and reposed its confidence in the policies of the Government.
Among others who attended the meeting include Secretary Finance, Singapore’s Ambassador to Pakistan, Members of the Delegation and senior officers of Ministry of Finance.
Meanwhile addressing the ceremony to mark NIB Bank’s acquisition of a majority shareholding in PICIC, Madam Ho Ching said the increasing level of foreign investments is testimony to the growing international confidence in Pakistan.
“Our early investment in NIB Bank and now in PICIC gives us a broad-based exposure to this growing economy via the financial sector,” she said.
According to industry analysts, this merger allows NIB to position itself as a dominant player in the financial sector of Pakistan, covering the fields of commercial banking, investment banking, asset management and insurance.
According to Khawaja Iqbal Hassan, President and CEO of NIB Bank, the merged entity will aspire to be a truly universal bank serving each customer segment through its unique value propositions, embedded in the local market and committed to expanding the reach of banking services to the Pakistani masses.
Madam Ho Ching emphasized that Temasek has a positive long-term view of Asia.
Over the last 2 years the group has doubled their exposure to Asia from 19 per cent to 39 per cent.