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UAE is all set to invest US $ six billion to set up refinery at Karachi
Export Processing Zone. Sheikh Abdullah Bin Zayed Al Nahyan Foreign Minister
of UAE informed Mr. Zahid Hamid Federal Minister for Privatisation &
Investment during a meeting here today.
Sheikh Abdullah Bin Zayed Al Nahyan Foreign Minister of UAE assured full
support of UAE government to further promote the private sector and UAE
government investment in Pakistan in the fields of energy and real estate
sectors.
Earlier, while giving an over view of Pakistan’s economic picture, Mr. Zahid
Hamid Federal Minister for Privatisation & Investment informed the visiting
dignitary that due to the consistency and continuity of economic reforms and
policies based on three pillars of deregulation, liberalization and
privatisation, Pakistan has become a safe haven for investors from all over
the world. Investors from China, Middle East, Chile, Germany and other
countries were expressing keen interest in various sectors of economy.
Mr. Zahid Hamid further stated that Pakistan’s economy was performing much
better as the GDP per capita and Exports have doubled, the Foreign Investment
as compare to US $ 499 million in 2002 has now raised to historic level of US
$ 6 billion plus. It was the economic reforms which have further strengthened
the confidence of foreign investors resulted in unexpected response from
foreign investors in Euro Bond with lower interest of 6.8 % as compare to 7.12
% of last year which was over subscribed with US $ 3.5 billion while our
demand was for US $ 500 million, however, we have picked up US $ 700 million,
he said.
He added that Pakistan provided tremendous investment opportunities to all
investors in every sector of economy with liberal investment policy and
unmatchable incentives in the region with a level playing field. The Secretary
Board of Investment (BOI) Mr. Mushtaq Malik briefed the delegation regarding
the functioning of BOI.