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Pakistan is open for investment in all sectors without any discrimination
or restrictions on bringing in or taking out capital. Mr. Zahid Hamid Federal
Minister for Privatisation & Investment stated this during a meeting with the
visiting delegation of Mitsubishi Corporation Japan led by Mr. Hajime
Katsumura Group CEO here today.
The Minister said that the government was ready to facilitate investors to
promote both foreign and domestic investment activity in the country.
Investors were free to form joint ventures or establish their own businesses
with 100 % equity. More than 600 multinational companies were successfully
operating and making profits in Pakistan, which has become an attractive
location for investors due to the liberal investment climate, government’s
business friendly policies, Foreign Investment had increased tenfold during
the last five years and was expected to cross US $ 3.5 billion by June 2006.
Mr. Zahid Hamid appreciated Mitsubishi’s efforts to introduce new technology
in the privatised entities for increasing their efficiency and production and
assured that the government would fully support all such arrangements, which
bring in modern technology in various sectors.
Mr. Hajime Katsumura Group CEO the leader of the delegation of Mitsubishi
Corporation Japan informed the Minister that they have entered into an
agreement with Fatima Group, buyers of the privatised Pakarab Fertilizers (Pvt)
Limited to develop Clean Development Mechanism (CDM) project at the cost of
Rs.1.8 billion, first of its kind and new in the whole world. After
implementation of CDM project, which was scheduled to be commissioned by early
2007, would benefit environmentally, socially and economically, he added.
He observed that Pakistan was a good market and partner, which was evident
form Mitsubishi’s operation in Pakistan since 1990. Besides ongoing four joint
ventures the company was working on seven more joint ventures, he added.
The 14-member delegation remained with the Minister for some time and
discussed the matters pertaining to the upcoming investment opportunities and
Pakistan’s incentives for the investors.