JEDDAH, 3 October 2005 — Pakistan is a country of opportunities for investment, as it offers a “very liberal, conducive and profit earning” environment.
“Investors should exploit these opportunities and make maximum investment in the country,” Board of Investment (BOI) Chairman Waseem Haqqie said yesterday.
Speaking on “Investment climate and opportunities” on the second day of ‘Pakistan specific week catalog show’ at the Jeddah Chamber of Commerce & Industry, he said the government was committed to facilitate and encourage investors. It has introduced a number of reforms in the investment sector, removing all hurdles and providing maximum facilities to the business community.
Urging Saudi businessmen to visit Pakistan to physically examine the factual situation and explore the investment opportunities, Haqqie said: “Pakistan has opened all sectors for investors and provide them maximum facilities for facilitating their business.”
Pakistan’s investment policy, generally recognized as one of the most favorable in the region, has long been characterized by steady moves toward liberalization, deregulation, and privatization. The policy direction has been consistent, market-led, and business-friendly, said Haqqie.
“The business opportunities are manifold, our domestic market is growing and we offer access to the tremendous market potential of the landlocked economies of Central Asia,” he said.
Industries with strong potential for investment include textiles, oil and gas, food processing, IT, small and medium enterprises, engineering industries, tourism, and a wide range of services that have been deregulated, he said identifying the areas that would attract investment.
Regarding the initiatives taken by the government, Haqqie said major steps had been taken to accelerate programs to address investor’s concerns. New sector and export promotion support measures are being implemented. Full support is being provided to existing and new investments and the privatization program is being given top priority. The tariff and tax systems and related institutions are also being reconstructed.
“An open economy and liberal business environment has given a strong impetus to private sector investment,” Haqqie said and highlighted the government’s role in encouraging foreign investors.
To coordinate the process of investment and create an investor-friendly culture in the country, the government established BOI as the central investment promotion and facilitation agency whose main functions are to promote investment opportunities in sectors of the economy and provide investment facilitation services to local, foreign, and overseas Pakistani investors.
Zafar Ali Khan, managing director, Pakistan Power and Infrastructure Board, in his presentation highlighted the importance of power sector and with the help of a documentary film and slides projected the need of investment in the power sector. He said the country would require an increase from 14,642 MW to 20,584 MW by 2010.
Khan assured sound returns on investment. “The response to our policy is beyond of our expectations. We’re working on 36 projects worth about $10 billion,” he said.
North West Frontier Province’s Irrigation Secretary Khalid Gilani discussed the energy requirements in the province and highlighted its energy problems. He also explained the main features of the proposed provincial power policy 2005 to draw attention of the investors.
Shaukat Hayat Durrani, additional secretary, Ministry of Petroleum and Natural Resources, highlighted the potential of Pakistan in the oil and gas sectors. He urged Saudi businessman to come forward and invest in the country.
Gawadar Port Authority Chairman Akbarali Pesnani referred to the business opportunities in Gawadar Port and urged investors to visit the area and explore its vast investment opportunities.
Ministry of Tourism’s Joint Secretary Sami ul-Haq Khilji in his presentation highlighted the opportunities available in the tourism industry for investment.
Hijab Gul, commercial counselor at the Consulate General of Pakistan said the two countries had been enjoying strong bilateral relations, which reflected mutual understanding and complete uniformity between them.
The event ends today with a focus on the service sector that includes education, health, tourism, IT, and National Database & Registration Authority.