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A high-level investment delegation led by H.E Shaikh Ali Bin Abdulla Bin
Thani Al-Thani President of the Management Council of Qatar International
Islamic Bank (QIIB) held a meeting with Dr. Abdul Hafeez Shaikh Federal
Minister for Privatisation & Investment here today.
In his meeting with the Minister, the leader of the delegation H.E Shaikh Ali
Bin Abdulla Bin Thani Al-Thani said that QIIB and Qatari Business groups
Companies were keen to take part in the privatisation of Pakistan and to focus
on the investment opportunities as the economic reforms in Pakistan have
started yielding results and the economy was moving forward, which was very
encouraging for the investors. The delegation expressed keen interest in the
privatisation of Oil & Gas, Communication and Insurance sectors and stated
that the Bank has decided to have direct investment in Pakistan through joint
ventures in various other potential sectors being explored as being done by
QIIB in Morocco, Syria, UK and Europe.
Dr. Abdul Hafeez Shaikh appreciated the role of Qatari investors contributing
in the economy of Pakistan and said that any investment from Qatari Business
Groups/ investors in Pakistan would be fully supported by the people of
Pakistan in view of the strong brotherly relations between both the countries.
It would also provide an opportunity to the business groups of both the
countries to identify new avenues for further developing the existing economic
relations, he said.
The Minister stated that a major initiative was being taken by commencing the
privatizing process of Oil & Gas Development Company (OGDC), Pakistan
Telecommunication Company Limited (PTCL), Pakistan State Oil (PSO), National
Investment Trust (NIT), the power distribution systems in Pakistan, which
includes Karachi Electric Supply Company (KESC) and Faisalabad Electric Supply
Company (FESCO), Peshawar Electric Supply Company (PESCO) and a power
generation unit of Jamshoro. There was vast scope for the Bank to invest into
leasing, investment banking, housing and construction, hotels and livestock
sectors, he added.
He said that the strong economic indicators and the conducive investment
environment have attracted large number of foreign investors from abroad in
all sectors. The government has liberalized the financial sector through the
privatisation of major Banks like MCB, BEL, UBL and HBL, he stated. Dr. Shaikh
briefed the delegation regarding Pakistan's Privatisation and Investment
Policies, Process and the Program. He said that there was a need to accelerate
our efforts to further transform our close relations in promoting commercial
activity. Pakistan is the most promising area in the region for the local and
foreign investors for business activity in almost all the sectors. Pakistan
would continue to extend new investment opportunities with remarkable
incentives to the private sector while providing a level playing field to both
domestic and foreign investors, he added. Mr. Waseem Haqqie, Chairman Board of
Investment senior officials of BOI and Privatisation Commission and members of
the Qatari delegation attended the meeting.