|
|
|
|
|
Pakistan's solid economic prospects and friendly policies have given
confidence to the investors. Mr. Ahmet Bozer Chairman U.S-Pakistan Business
Council (USPBC) Mission leader stated during a meeting with Dr. Abdul Hafeez
Shaikh Federal Minister for Privatisation & Investment while leading 17-member
US Business delegation here today.
The mission leader who is also President Eurasia and Middle East Division
Coca Cola said that the bold decisions by President General Pervez Musharraf
has shifted the focus towards policies implementation, which has started
yielding the results by showing improvement on the economic front where
privatisation was picking up and now the reality was far better than the
perception. USPBC was committed to increase investment in Pakistan, as the
country's economy was moving in the right direction, he added.
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment while
addressing the delegation said that the government was trying to further
accelerate the pace of privatisation for improvement in efficiencies, revenue
generation and to provide job opportunities through the private sector. The
slogan 'Privatisation for the people' was the hallmark of our privatisation
program, which has set a dramatic and historic record of sharing prosperity
through public participation by public offerings of OGDCL, SSGC, PPL and KAPCO
shares, benefiting 716,000 common citizens through appreciation in the shares
value to the tune of Rs.75 billion on their investment of Rs.25 billion during
a short span of time, he said.
Elucidating the salient features of improvement in the infrastructure, the
Minister said that the country's gas production has been doubled during the
last three years, progress made in the development of roads network, problems
in Telecom tackled efficiently, which has made this sector a dynamic market
for the investors, the cement sector switched to coal fuel as Pakistan has the
world's sixth largest coal reserves mines in Tharparker estimated at 200
billion tones. The strategic sale of two major banks i.e. United Bank Limited
(UBL) and Habib Bank Limited (HBL) and Karachi Electric Supply Company (KESC)
has been completed while UBL for the first time after the first year of its
privatisation has given 22.5 % dividend on 49 % shares retained by the
government, he added.
Dr. Shaikh further stated that the strategic sale of Pakistan
Telecommunication Limited (PTCL), Pakistan State Oil (PSO) and National
Refinery Limited (NRL) has attracted quality players from all over the world
on a massive scale, which proved the investors confidence in the transparency
of the privatisation process and in the country's overall economic policies.
Earlier, Mr. Waseem Haqee Chairman Board of Investment (BOI) informed the
delegation regarding the investment climate and opportunities in Pakistan and
said that employment opportunities could be generated through SMEs. There
existed vast scope for foreign investors in the Power, Telecom, I.T,
Agriculture, Textile and leather industry of Pakistan, he said.
The other members of the delegation including top ranking CEOs of
multinationals and other American companies termed the progress made by
Pakistan in the economy as remarkable and hoped that the potential of FDI and
taking advantage of market condition for IPO strategy would further improve
the economic scenario. Later in the matchmaking session chaired by Minister of
State for Privatisation & Investment Mr. Umer Ghumman, 15 prominent Pakistani
businessmen held discussion with the delegates.