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Pakistan offers attractive investment opportunities with the consistency,
continuity and implementation of stable and liberal economic policies ensuring
comfortable and conducive atmosphere for foreign and domestic investors. Dr.
Abdul Hafeez Shaikh, Federal Minister for Privatisation and Investment made
these remarks while inaugurating Saudi Arabia 2003: International Exhibition
being held at Dhahran Saudi Arabia under the auspices of the E-Commerce
Gateway (Pvt) Singapore, says a message received here today from Jeddah.
He said that the second International Exhibition (a Pakistani Brand
Exhibition) of Information Technology Commerce Network (ITCN) was being held
with an objective to highlight Pakistan's I.T potential in the Middle East and
to bring closer operation between the two brotherly countries. Having deep
rooted and long association with the Kingdom of Saudi Arabia there existed
vast scope between the private sector of both the countries to accelerate the
pace of business interaction and to enhance and strengthen economic relations
between the two sides.
A large number of Saudi investors, 95 Pakistani delegates and 22 companies are
attending the second International Exhibition (a Pakistani Brand Exhibition)
of Information Technology Commerce Network (ITCN) at Dahran.
Dr. Hafeez Shaikh said that under the dynamic leadership of President General
Pervez Musharraf and the Prime Minister Mir Zafarullah Khan Jamali the
government has realized record proceeds in the first year of the government
through the privatisation of public sector entities amounting to Rupees 17
billion plus, which was a record. Out of this Rs. 14 billion were received
through off loading the Government shares in the public sector entities to the
general public for broadening and deepening the base of the Stock Market and
transferring the benefits of privatisation to the common man through Initial
Public Offering of Shares of entities like OGDCL and the heavy response from
investors gave a clear indication of the excess liquidity available. The
Minister further said that the listing of OGDCL had increased market
capitalization by more than Rs. 170 billion, which translates to about US$ 3
billion. The investor response had clearly indicated the market appetite for
good investment opportunities and bodes well for future offers for sale of
high performance companies, he added.
Dr. Hafeez Shaikh said tht it was the basic desire of the government to
make the people of Pakistan the real owners of mega entities and for this
purpose after OGDCL IPO the IPO of PPL and KAPCO would soon be offered. All
out efforts were being made to accelerate the pace of privatisation process of
all the ongoing and upcoming entities, he stated.
The Minister during his meeting with the President of Saudi Railway discussed
the possibilities for participation of Pakistani companies in the expansion
and laying of new railway tracks in Saudi Arabia. The matter regarding
accelerating the process for the establishment of a Steel Mill in Pakistan was
also discussed with the Altavair Group. The representatives of leading Saudi
media conducting separate interviews with the Minister.