Economic stability restores investors` confidence: Shaukat
24 April, 2007
ISLAMABAD: Prime Minister Shaukat Aziz has said that the structural reforms carried out by the government based on the principles of deregulation, liberalization and privatization Pakistan is attracting investors in all sectors particularly banking, housing and telecom.
The Prime Minister said this while talking to a delegation led by Mr. Khalid Juffali, Vice Chairman and Managing Partner of E.A. Juffali and Brothers here Monday.
The Prime Minister said that the economic stability achieved by the country has restored the investors` confidence and investments are all times high contributing to employment generation and poverty alleviation.
He said that Pakistan has become an attractive destination for Foreign Direct Investment (FDI) because of the availability of skilled manpower and comparatively low cost of production and a level playing field available to both foreign and local investors without discrimination. He said this financial year foreign investment will exceed six billion dollars which will be an all time record.
The Prime Minister said that with a population of 160 million people Pakistan has immense potential in several sectors particularly telecom, insurance and automobile. He said teledensity in the country is rapidly increasing and 1.5 million mobile phones are being added every month. The sector has attracted an investment of over US $2 billion creating over 10,000 jobs, he said.
He said that in the last seven years the size of the country`s economy and its per capita income have doubled. The World Bank and the International Finance Corporation have also ranked Pakistan as the top reformer in South Asia and tenth in the world, he said.
Talking about Pakistan`s relations with Saudi Arabia the Prime Minister said that both the countries enjoy broadbased and deep rooted relations in every field including diplomatic, cultural, political and economic.
Mr. Juffali said the economic stability and high growth achieved by Pakistan makes it an attractive place for investors. He appreciated the investor friendly atmosphere that exists in Pakistan particularly the encouragement the government is giving to the Saudi investors.
Other members of the delegation included Chairman World Call, Mr. Salman Taseer, CEO of GAP CORP Holdings, Mr. Nasser Watar and Prince Sager Sudieri.
Federal Minister for Privatization, Mr. Zahid Hamid and senior government officials also attended the meeting.