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  Wednesday, March 28, 2007, Rabi-ul-Awal 08, 1428    

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PM vows to maintain peaceful environment for investment: PM
Pak, Hong Kong agree to further promote trade ties


Hong Kong—Prime Minister Shaukat Aziz Tuesday reiterating Pakistan’s commitment to maintain a stable and peaceful environment for local and foreign investment urged the foreign investors to take advantage of vast opportunities for investment available in different fields.
In his key note address at 1oth Asian Investment Conference here organized by Credit Suisse Asia, and attended by CEO of many companies, investors and businessmen from the region, the Prime Minister said, Pakistan has been creating a conducive environment to make it a regional hub for investment, trade and transport.
Referring to reforms agenda of the government, the Prime Minister said it was based on effective implementation of liberalization, deregulation and privatization policies of a private sector competitive market economy.
The Prime Minister said, “We are establishing a new statistical authority, reinforcing our security and exchange commission and deepening our capital markets to provide maximum benefits and opportunities to the investors.”
He said the financial sector is now primarily owned and managed by the private sector.
He said Pakistan is creating a modern private sector driven competitive market economy that meets the aspirations of the people. He said the second generation reforms of Pakistan are designed to create effective institutions of a private sector competitive market economy.
He said Pakistan offers vast opportunities for investment in energy, oil and gas, mining, engineering, automobiles, infrastructure development, information technology and telecom, financial and agriculture sectors.
“We also have a sound and transparent privatization programme as well as opportunities for public-private partnership,”said Prime Minister while giving details about Pakistan’s success story to the conference participants .
The Prime Minister said maximum local and foreign investment is being received in sectors where the government had undertaken reforms. These sectors, he said, are Telecom, Oil & Gas, Banking and financial sector.
He said, “Pakistan is open for business. The economy is vibrant and the business environment is highly favourable for local and foreign investors.” There are unlimited opportunities for making investments in greenfield projects, in privatization programme, and capital markets, he added.
The Prime Minister said, “Pakistan has undergone a positive transformation during the last seven years and poised to be a leading emerging economy of the world.” He said there has been a rapidly growing middle class fuelling unprecedented growth adding that Pakistan is rapidly transforming into a major market economy with large product, services and labour markets and a world class manufacturing and servicing centre of the region.
Earlier, Pakistan and Hong Kong on Tuesday agreed to forge closer economic links by enhancing level of trade and investment between the two countries.
It was decided in a meeting of Prime Minister Shaukat Aziz and Chief Executive of Hong Kong Donald Tsang, which was held here.
The meeting was also attended by Minister for Privatization Zahid Hamid, Minister of State for Information and Broadcasting Senator Tariq Azim Khan and Advisor to Prime Minister on Finance Dr Salman Shah.
The two sides agreed to increase frequency of flights between the two countries and easing the issuance of visa to businessmen of the two countries to promote trade and investment and increase interaction between the private sectors.
Prime Minister Aziz gave an overview of economic development in Pakistan and said that due to liberal and investment friendly consistent economic policies; there has been tremendous increase in the foreign investment in different fields.
The Prime Minister said investment is flowing in all the sectors from different parts of the world.
He said there is level playing field available to local and foreign investors and any one could invest in any sector without any discrimination and restriction.
The Prime Minister said Hong Kong is the financial hub and Pakistan wants to learn from its experience to further promote investment opportunities in the country.
Referring to his forthcoming visit to China, the Prime Minister said bilateral relations between Pakistan and China would be further strengthened following this visit.
He said China, being a global power, is source of strength for Pakistan and both the countries have time tested relations based on strong bonds. The Prime Minister also congratulated the Chief Executive of Hong Kong who has been re-elected for the next five years term.
The Chief Executive of Hong Kong, Donald Tsang said the relations between Pakistan and Hong Kong would be further improved with the investment from different companies in Pakistan taking advantage from the liberal and investment-friendly policies..—APP


 






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