|
|
|
|
|
Syed Naveed Qamar Federal Minister for Finance, Privatisation & Investment
assured the visiting Japanese investors that Pakistan would ensure
establishment of special Economic Zone for Japanese investors on priority
basis, which would be equipped with the basic infrastructure. He was talking
with a 15-member delegation on Pakistan-Japan Business Forum led by Mr. Makoto
Kakebayashi during a meeting here today.
Giving an overview of Pakistan’s economy Syed Naveed Qamar said that the
pressure on current account was due to oil and food imports, which was being
curtailed through effective measures. Efforts were underway to improve
environment for the private sector and a list of the public sector entities
being offered through strategic sales, out right sale for privatisation would
be made public within next ten days time, while the inflows of FDI have been
good, which reflected GOP’s facilitated portfolio – based investment planning
and especially the tremendous interest by the investors in the power projects
in consideration of existing power shortage in Pakistan was encouraging, he
stated.
In order to curtail the smuggling of diesel to the neighboring countries the
subsidies on certain petroleum products would be reduced gradually, he added.
He further informed that the Pakistani workers remittances have gone up to US
$ 6.5 billion as compare to the previous years figure of US $ 5.5 billion.
The Finance Minister who is also Minister for Privatisation & Investment
directed the Board of Investment (BOI) to work together with the Pakistan
Japan Business Forum in conducting an in-depth study to find out the
impediments being faced by the investors in general and the Japanese
investors, in particular. A workable report should also be prepared in the
light of this study suggesting remedial measures to remove all sort of
hindrances and bottlenecks and all out efforts should be made to encourage the
Japanese business sector to enhance their operations and investment in
Pakistan, he added.
The leader of the delegation of Pakistan-Japan Business Forum Mr. Makoto
Kakebayashi expressed that the Japanese Business and investment groups and the
government were keen to modernize the basic infrastructure in Pakistan through
Official Development assistance (ODA), JICA, JPIC in the health, education,
water and communication sectors and projects of Khanki Barrage and Karachi
circular railway were already underway. A report of the Pakistan Japan
Business Forum joint study group would be submitted to the GoP by the end of
the year, he said.
The members of the Japanese business delegation offered to install two
500-megawatt power plants in Pakistan and to further increase investment in
the automobile industry.
The delegates further discussed with Finance Minister matters relating to
promotion of business ties and trade relationship between the two countries.
The Japanese Study Group comprises important Heads of Japanese companies that
focus investment, business opportunities and bilateral trade between the two
friendly countries. The Japanese Business Study Group aims to prepare a study
report on scope, extent, problems and prospects of Japanese investment in
Pakistan.
The Secretary Investment Division Mr. Ahmad Waqar and senior officers of
Finance Division, Privatisation Commission and Board of Investment were also
present during the meeting.