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The Pak-Iran Investment Company, a Joint Venture between both the
governments will open a new era of further deepening, cementing and
strengthening of the economic bonds between the two friendly and neighboring
countries. Mr. Zahid Hamid Federal Minister for Privatisation & Investment
stated this during a meeting with a visiting high level 4-member Iranian
delegation led by Mr. Darvishzadeh, Chairman/ MD Iran Foreign Investment
Company here today.
The Minister assured Pakistan’s full support to make the Investment Company an
effective tool for the investors of both the countries. It would generate
economic activities for both by identifying new areas for investment and would
benefit people of both the countries, he added.
Mr. Zahid Hamid said that Pakistan’s investment friendly policies have yielded
record results as witnessed during the past FY 2006, which touched the record
level of US $ 3.5 billion and this accelerating trend was also evident during
the first half of the current fiscal year by setting new record of FDI till
December as close to US $ 3 billion going to increase further in coming half.
Pakistan has comprehensive and broad based Privatisation Program, which
provided exciting and attractive opportunities and PC Ordinance 2000 has given
statuary cover to the whole process, he added.
The Minister further informed the delegation that the country’s economy was
growing at the rate of 7 %, which expected to continue. Pakistan has so far
privatised 162 public sector units raising US $ 7 billion since 1991 while 87
% of the privatisation was completed during the recent 7 years realizing
around US $ 6 billion.
The leader of the delegation Mr. Darvishzadeh, Chairman/ MD Iran Foreign
Investment Company informed the Minister that to establish a Joint Venture
Investment Company an agreement has already been inked and his present visit
was focused to take concrete steps for the implementation phase. The company
would be established with an asset of US $ 25 million, which both the
governments, would equally share, he informed.
He added that we intended to invest out of Iran in the power, petrochemical
and other sectors and would identify new areas and sectors for investment. The
delegation members lauded Pakistan’s economic achievements and desired to
benefit from its privatisation experience.
The other members of the delegation included Seyed Mansoor Mir Abedeni, Deputy
Chairman Iran Foreign Investment Company, Dr. Morteza Adel Gholamzadeh,
Consultant Law and Mr. Mashaallah Shakeri, Ambassador of the Islamic Republic
of Iran to Pakistan. Secretary Board of Investment Mr. Tallat Miyyan and
acting MD Pak-Iran Investment Company Mr. Istaqbal Mehdi were also present
during the meeting.