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During the last two consecutive years increase is being witnessed in the
Foreign Direct Investment, which is gradually gaining momentum due to
Pakistan's liberal and growth oriented investment policy and encouraging
economic indicators. Dr. Abdul Hafeez Shaikh Federal Minister for
Privatisation & Investment stated this at Board of Investment today while
addressing a large German Businessmen delegation currently visiting Pakistan,
led by Mr. Joschka Fischer German Foreign Minister.
The Minister said that the liberal investment regime, fiscal, capital market,
deregulation & privatisation reforms and good governance has increased GDP
Growth to 6.4 %, the last year 65 % increase in FDI increased further to
20% this year($950 Million), foreign currency exchange rate remained stable,
13.4 % growth in the manufacturing sector with the best performing Stock
Exchange in the region. The FDI flow is from Europe, USA and Middle East in
the Oil & Gas, Finance and Communication sectors. We have ensured level
playing field to the local and foreign investors with no restrictions in any
sector, remittance of profits & dividends and 100 % foreign equity was
allowed, he said.
Elucidating the salient features of the privatisation successes, Dr. Hafeez
Shaikhsaid that during the last 20 months proceeds worth Rs.43.9 billion
have been realized through the privatisation of 17 transactions by adopting
two pronged strategy, which included strategic sale and selling the shares of
various public sector entities through Capital Market. The privatisation
proceeds were noticed average per year Rs.6 billion during the first 10 years,
with further Rs.12 billion average per year increase during President General
Pervez Musharraf's three years, which has now recorded ever highest proceeds
average per year to Rs.26 billion, he added.
Dr. Hafeez Shaikh further stated that the ambitious privatisation program
provided attractive opportunities to the German investors in Banking &
Finance, Oil & Gas, Power, Telecom, Transport and other sectors. Pakistan's
Telecom sector has been deregulated, opened up and its monopoly has been
broken. A decision would be taken in the next few weeks to privatize PTCL as a
single entity or through its breakup in various sections for better
competition. There was a vast scope for German companies to accelerate the
pace of economic interaction with Pakistani entrepreneurs, he stated.
The German businessmen delegation expressed keen interest for
joint-ventures in Telecom, IT, Industrial, Renewable Energy, Food, and
environment related areas. The delegation included top leaders of German
business groups of Renewable Energies, Environmental Technologies, Food
Technology, Information Technology, Trade, Garments, SMEs and other sectors.
Presentations were made by the senior officials of Ministry of IT &
Telecommunication, Renewable Energy Development Board, SMEDA and Board of
Investment highlighting the investment opportunities in the related sectors.
Later, Mr. Waseem Haquee, Chairman Board of Investment and Mr. Jahangir
Bashar, Secretary BOI conducted an open dialogue between German and
Pakistani Business Groups.