HAFEEZ URGES US COMPANIES PARTICIPATION IN PAK PRIVATISATION PROGRAM-MEET US DELEGATION

Islamabad, May 11, 2005

There exists vast scope for American companies to participate in Pakistan's most transparent Privatisation Program. Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment stated this during a meeting with a visiting high-level delegation of Overseas Private Investment Corporation (OPIC) from USA headed by Mr. Ross Connelly; President & CEO who called on him here today.

OPIC being an ideal instrument could structure some effective tool for US  investors/companies to participate in various sectors under Pakistan's Privatisation Program to further accelerate the pace of privatisation activity, the Minister said.

Dr. Shaikh elucidated the salient features of Privatisation Program and  informed the delegation that the privatisation process for the strategic sale with transfer of management control of Pakistan Telecommunication Company Ltd (PTCL), Pakistan State Oil (PSO), National Refinery Ltd (NRL) and Pakarab Fertilizers Ltd (PFL) was at an advanced stage while in the power sector a distribution company Faisalabad Electric Supply Company (FESCO) was being processed.

He pointed out that US companies were focused in a couple of sectors while  there was a need to generate their interest in other areas like Agro based industry, food processing, mining etc.

The Minister informed the delegation that Pakistan has great potential in  coal production and was the third country in the comity of nations that has  the largest coal reserves. Our cement industry has almost switched over to coal based production, he added.

The leader of the delegation of Overseas Private Investment Corporation  (OPIC) from USA Mr. Ross Connelly; President & CEO said that OPIC has  pproved projects worth US $ 500 million and was actively supporting the private sector to spot areas of interest in Pakistan.