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Tunisia is keen to have joint ventures with Pakistan in textile,
information technology, science and technology and food processing sectors.
Mr. Afif Chelbi, Tunisian Minister for Industry, Energy, Small & Medium
Enterprises stated this during a meeting with Mr. Muhammad Wasi Zafar Federal
Minister for Privatisation & Investment here today.
Mr. Wasi Zafar stressed the need for exchange of business and trade delegation
of both the countries to further promote the existing economic bonds and to
benefit from each other’s experience in the related areas and the available
investment opportunities. Pakistan was surplus in production of variety of
fruits and provided opportunities in food processing, information technology,
telecommunications, power, textile, oil & gas exploration, real estate,
tourism, banking etc., he said.
Giving an overview of Pakistan’s economy and the salient features of the
investment & privatisation policies and achievements as a result of the
economic reforms introduced by the government, Mr. Wasi Zafar said that three
pillars of Pakistan’s economy deregulation, liberalization and privatisation
have yielded encouraging results.
He further stated that the continuity and consistency of policies was the
hallmark of the government. The privatisation of public sectors entities has
confined the government’s role to policy making, good governance and has
foster competition and increased efficiency and revenues. Exciting investment
opportunities in an investment friendly environment along with level playing
field for both local and foreign investors, effective regulatory framework
with liberal policies have made Pakistan an attractive destination for
investment, which has also given boost to the investors confidence, he added.
He informed that liberal investment policy included 100 % foreign equity in
all economic sectors, with attractive incentives like remittances of capital,
profits, royalty, technical and franchise fees without obtaining permission
from the government. The foreign investment was fully protected under Foreign
Private Investment (Promotion & Protection) Act 1976 and Protection of
Economic Reforms Act 1992, he stated.
Giving details of the achievements Mr. Wasi Zafar said that Pakistan’s
investment friendly policies have yielded record results as witnessed during
the fiscal year 2006-07 by setting new record of Foreign Investment to US $
8.4 billion, which was 5.8 % of GDP, which was maintaining the level of 7 %
for the last five years. Pakistan has comprehensive and broad based
Privatisation Program, which provided attractive opportunities and PC
Ordinance 2000 has given statuary cover to the whole process, he added.
The Minister further informed that Pakistan has so far privatised 166 public
sector units raising US $ 7 billion since 1991 while 87 % of the privatisation
was completed during the recent 7 years realizing around US $ 6.1 billion
through the privatisation of 61 transactions. Our Privatisation Program
provides a number of opportunities in Oil & Gas, Power, Engineering, Financial
Institutions, Minerals, Tourism and Restaurants sectors.
Mr. Ahmed Jawad, Federal Secretary Ministry of Privatisation & Investment and
Mr. Mushtaq Malik Secretary Board of Investment (BOI) also briefed the
distinguished guest regarding the functioning of PC and BOI. Tunisian envoy to
Pakistan was also present during the meeting.