WORLD BANK LISTS PAKISTAN ABOVE THAN CHINA-RUSSIA-INDIA FOR DOING BUSINESS- Senator Waqar speaks at Kula Lumpur
 

Islamabad, May 20, 2010

Pakistan’s Federal Minister for Privatisation, Senator Waqar Ahmad Khan has urged the investors from 30 different countries to invest in Pakistan in areas such as energy, power, infrastructure housing, oil and gas exploration, milk and milk based products, live stock and Halal food products, says a press release received from Kuala Lumpur here today.

The Minister for Privatisation who gave a detailed presentation on the theme, “Pakistan: The Land of Opportunities”, to business delegates in the Plenary session ” at the 6th World Islamic Economic Summit in Kuala Lumpur today said that owing to the sound and stable economic policies of the democratic government of Pakistan, the country had been placed at 87th position by the World Bank with regard to ease of doing business, whereas regional countries such as China, Russia and India ranked below Pakistan.

The Senator said that currently Pakistan was ideally placed for investment as it offered quite high rates of return on investments ranging from 20% to 30%. The country enjoyed a stable political government with sound and long-term prudent economic and fiscal policies, a growing GDP, sizable foreign exchange reserves of over US$16 billion. Pakistan also had put in place an Alternate Dispute Resolution Mechanism for speedy resolution of business and investment-related disputes. Given such attractive investment-friendly incentives, presently more than 700 foreign companies were successfully operating their business in Pakistan, he added. Pakistan offers very attractive incentives to the investors, such as 24-hour security, creation of special economic zones with tax breaks, durable monetary policies and one-window operation with regard to starting businesses in the country. The Ministers from Syria, Indonesia, Iran and Senegal also addressed the plenary session.

On the sidelines of the Forum, Senator Waqar Ahmad Khan also held a bilateral meeting with Deputy Prime Minister of Kazakistan Mr. Aset Issekeshevy. Both Ministers agreed for the need to expand bilateral relations for mutual benefit of both the countries.

The Minister also visited the custom-made Pakistan Pavilion at the 6th world Islamic Economic Exhibition. He appreciated the display and hospitality of Pakistani mangoes. He also took keen interest at the traditional ladies garments, leather products and pottery displayed there.

Earlier, the Senator Waqar Ahmad attended the opening session of the 6th World Islamic Economic Forum (WIFE). The Prime Minister of Malaysia Dato Mohd Najib Bin Tun Razzaq declared the forum open in a ceremony, which was attended by more than 2500 delegates from over thirty countries. Leaders from more than half a dozen Islamic countries are attending the two-day annual Forum on 19-20 May in Kuala Lumpur.