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The focus on trade with all neighboring countries, normalization of
relations and peace in the region, the best performing macro economic
indicators and above all to streamline our facilitation services for the
US-Pakistan Business Executive Mission the US Government needs to review
travel advisory for Pakistan for US citizens.
Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment
stated this during a meeting with the visiting U.S Chamber (U.S-Pakistan
Business Council) Executive Mission to Pakistan here today.
Elucidating the salient features of economic development, the Minister
informed the delegation that the continuity and consistency of the economic,
trade and investment policies for the last four years had increased the level
of confidence among the local and foreign investors while the growth had been
witnessed from 5.5 to 6 % with new investments poring in, exports crossed all
time higher to US $ 12 billion plus so did the foreign exchange reserves,
stock markets being the best performing in Asia and FDI touching US $ 8
billion showing an increase of over 65 % during the last year.
Dr. Hafeez Shaikh further stated that Pakistan's Privatisation Program was
being accelerated in a liberal regime, heavily represented by the private
sector, which had so far yielded US $ 700 million (Pak Rs. 42 billion) during
the past 12 months. The entire banking sector was being privatized to get the
government out of the ownership and management and that the most recent
privatisation of Habib Bank Limited (HBL) through most transparent process
handed over to the private sector would minimize the chances of any political
patronage, he said.
We were also in the process of strengthening, deepening and broadening the
base of the Stock Markets through public offering of Government's
shareholdings in the Public sector entities and the recent public offerings of
Oil & Gas Development Company Limited (OGDCL) and Sui Southern Gas Company (SSGC)
had received overwhelming, enthusiastic and historic response from the general
public while we were also aggressively heading towards the strategic sale of
power sector including Faisalabad Electric Supply Company (FESCO), Jamshoro
Power Company (JPC), Karachi Electric Supply Corporation (KESC) where four
international consortiums were keenly interested, he added.
Dr. Shaikh said that Pakistan offered equal opportunities to all domestic and
foreign investors by providing a level playing field, without any restriction
to bring in or take out the capital, equity or to have joint venture in the
private sector in any sector.
The leader of the delegation Mr. Ashley Wills, US Assistant Trade
Representative said that the current visit being the first after its
establishment in September 2002 would enable the Executive Mission to foster a
greater awareness of business opportunities in Pakistan as United States
encouraged the investment in the region, especially in Pakistan whose security
and prosperity was important for US.
The members of the delegation from various multinational companies including
Coca Cola, Touchstone Communications Inc, Delta Metrix Inc, Motorola, NetSol
Technologies Inc, Sweetwater Intl Inc, Oracle Corporation, Ledtronics Inc,
General Electric, Telnia Corporation, Synergics Energy Development, Merck & Co
Inc, Lights of America and the senior executives of US Chamber of Commerce and
US-Pakistan Business Council while expressing their views stated that they had
noticed significant development as regard to economic indicators due to
excellent policies put in place and were keen to help Pakistan to improve the
intellectual property environment. Pakistan had made remarkable achievements
and success stories on the economic front and the Pakistan-American Business
Council would continue to explore new areas for investment in Pakistan, they
added.