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Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation said that the
structural reforms and stabilization of economic policies being followed by
Pakistan had achieved impressive progress on the macro economic front, says a
message received here today from Berlin. He was delivering his keynote address
as head of a Pakistani delegation at the second Pakistan Business Day
organized by Deutsch-Pakistanisches Forum (DPF) and Pakistan Embassy in
collaboration with various German business groups and organizations,
Pakistan-German Business Forum (PGBF), Karachi and Pakistan's Board of
Investment (BOI) in the framework of the fourth Asia Pacific Week Berlin.
He said that the economic exchange and the industrial cooperation were the key
to economic growth in the present world order. Pakistan during the last three
and a half years under the leadership of President Gen. Pervez Musharaf and
the present government of Prime Minister Zafarullah Jamali had worked hard to
make the country pro-private sector by developing conducive investment
policies, he added.
In view of our friendly relations the economic & trade interaction need to be
accelerated in the presence of the existing potential in both the countries,
he said. The Minister gave an overview of the economic progress achieved by
Pakistan through macro economic stabilization, consistency in economic
policies and economy oriented reforms and stated that the foreign exchange
reserves had touched the ever highest figure of over US $ 11billion giving
enough room and confidence for upgrading the country's credit rating to BB.
Pakistan's exports had gone beyond US $ 11 billion last year with a reduction
of external debt by US $ 1 billion, the record remittances of US $ 4.3 billion
were made by the overseas Pakistanis last year and 65 % record jump increase
through Foreign Direct Investment (FDI) touched the figure of US $ 800 million
during the fiscal year 2002-2003, he added.
Dr. Abdul Hafeez Shaikh further said that the revenue collection had shown an
increase of 14 %, GDP growth to 5.1 % and inflation around 3 %, which resulted
due to consistency in over economic policies being pursued during the past
four years. The Minister also presented the key features of Pakistan's
Investment and Privatisation Policies and invited German companies to invest
in Information Technology, Telecom, Power, Water Resources Management/ Dams,
Housing & Construction, Education, Health, Oil & Gas and tourism.
The investment opportunities allowed 100 % equity to foreign and local
investors in all the sectors and that too without any restriction to takeout
their dividends, he said. The Minister apprised the participants of the
facilitating role of BOI and assured full support and cooperation to the
business group for establishing their businesses in Pakistan as well as to
assist in finding suitable local partners for joint ventures.
He said that the holding of Pakistan Business Day at Berlin would prove to be
a landmark in the growth of Pak-German economic interaction in the private
sector. It has offered business opportunities to German Businessmen and
experts, provide opportunities for contact between Pakistani and German
Businessmen and it would further facilitate business partnership/ joint
ventures between the two sides.
The German companies expressed their keen interest in Hydel and Coal Energy,
Renewable Energies, Water Resources Management/ Dams, Information Technology,
Telecom and Textile sectors. The Forum accepting the Minister's invitation
decided that a Business Delegation from Germany will visit Pakistan very soon
to identify more investment opportunities and to accelerate the pace of
economic interaction between both the countries.
A Memorandum of Understanding (MOU) between Pakistan German Business Forum (PGBF)
and its counterpart in Germany Deutsche-Pakistan Forum (DPF) was also signed
in this regard for promoting the investment, trade and business relations with
Pakistan.
In his opening remarks Dr. Alfred Tacke, Secretary of the German Ministry of
Economy and Labour while highlighting the stabilization policies pursued by
the Government of Pakistan during the past four years hoped that these
policies would continue in future. Referring to Pakistan's Afghan Policy the
German Minister expected that Pakistan would continue as an active partner in
Afghanistan's reconstruction. He desired that the issues arose from investment
protection and avoidance of double taxation agreements would soon be resolved.
He emphasized the German investors and the Business Groups to make investments
in Pakistan and hoped for further strengthening of Pakistan-German bilateral
relations.
A member of the Pakistan delegation Mr. Tariq Ikram, Minister of State and
Chairman Exports Promotion Bureau (EPB) while making a presentation on
potential and opportunities of Pakistan's exports and sharing the strategy
being adopted by Pakistan to enhance its exports, invited the German
Businessmen to increase their imports from Pakistan stating that Pakistani
products merit both on price and quality. In four sessions of the Pakistan
Business Day Pakistan's role in Afghanistan's reconstruction, status of
textile exports after elimination of quotas, political and economic
expectations from forthcoming SAARC Summit, the development of Human Capital
and transport infrastructure with specific reference to regional transport
infrastructure also came under discussion. The German investors who have
already invested in Pakistan shared their success stories with the
participants. A large number of the high profile Business Executives of
various German and Pakistani companies and overseas Pakistanis living in
Germany participated in this event.