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In the wake of rising regional trade blocs in the globalization process it
is essential to bring private sector of ECO member states in the forefront to
make this organization effective through the creation of institutional
governance and to improve the infrastructure to translate our relations into
strong economic bonds.
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment stated
this while inaugurating ECO seminar organized by European Cultural
Investment Trade Institute here today.
The Minister said that ECO has the potential to emerge as strong regional
trade bloc through aggressive domestic policies, which were being witnessed
in the member countries. We must increase our ability of upgrading
communication links, networks, trade relations etc to mobilize corporate
sector for meaningful regional cooperation, he added. He expressed his
satisfaction over the increasing trade with Afghanistan, which he said has
increase to US $ one billion.
Dr. Abdul Hafeez Shaikh further stated that Pakistan has opened all the
sectors for investment and trade without any discrimination among the local
and foreign investors by providing level playing field, improving macro
economic indicators through consistency and continuity of economic, investment
and trade policies and also by making the tax system simple. There was a
gradual increase of foreign investment in Pakistan, which has touched the
figure of US $ one billion last year, he said.
The representatives of ECO member States Afghanistan, Azerbaijan, Iran,
Kazakhstan, Tajikistan, Turkey, Turkmenistan, Uzbekistan and Turkish
Republic of Northern Cyprus presented country papers. Earlier, he
opened an exhibition and visited various stalls of the ECO member
States. Talking to the media men Dr. Hafeez Shaikh said that Cabinet
Committee on Privatisation would meet soon to finalise the offer price of
Kot Adu Power Company (KAPCO) shares for Initial Public Offering (IPO) of 20 %
shares to the general public scheduled to launch during the last week of
current month. Replying to a question he said that fresh EOIs for the
privatisation of PTCL has been invited to bring in players of international
repute and quality for fresh investment in the country.