Increasing investments in Pak a testimony of confidence of local, foreign investors: Aziz
14 April, 2007
ISLAMABAD: The increasing investments in the country are a testimony of the confidence of local and foreign investors in the economic policies and potential of Pakistan, Prime Minister Shaukat Aziz said.
He observed this during his meeting with Mr. Essa Abdulfatta Kazim, Chairman, Dubai Financial Market, UAE who called on him along with a delegation of investors here Friday.
The Prime Minister said the capital market reforms have improved the functioning of stock exchanges in the country and Karachi Stock Exchange is among the best performing Stock markets of the region. He said Karachi Stock Exchange is in the process of demutualization and conversion from a guarantee limited company to a public limited company.
The Prime Minister said as a result of the multi pronged strategy adopted by the government to facilitate investments and growth of businesses, for the first time in the country's history the rate of investments has reached 20% of GDP. Last year record foreign investment of $ 3.8 billion was received and this year the amount is expected to be over $ 5 billion.
The Prime Minister said the comparative advantage enjoyed by Pakistan due to the availability of skilled manpower, low manufacturing cost, availability of infrastructure and raw material enables our industrial sector to undertake contract manufacturing.
The Prime Minister said Pakistan is an ideal location to be the regional hub for manufacturing and trade. These factors coupled with consistency of policies and transparency of procedures is fast making Pakistan a destination of choice for foreign investments, the Prime Minister said.
Mr. Essa Abdulfatta Kazim said Dubai Financial Market is keen to be a strategic investor in Karachi Stock Exchange. He said the economic stability achieved by Pakistan and the successful implementation of reforms particularly in the financial sector have enhanced its investment potential and his company is planning to invest in Pakistan in financial sector, capital market and Real Estate business.
The delegation members appreciated the high growth achieved by Pakistan and said the multifaceted reform agenda implemented by the government and consistency and continuity of policies have brought development and prosperity in Pakistan.
The meeting was attended among others by Minister for Privatisation Mr. Zahid Hamid, Minister of State for Finance Mr. Omar Ayub Khan and senior officials. The delegation members included Mr. Soud Ba'alawy, Executive Chairman, Dubai Group, Mr. Saad Abdul Razzak, Group Chief Executive, Dubai Islamic Bank PJSC, Mr. Saad Zaman, Chief Executive, Dubai Islamic Bank and Mr. Hussain Al-Kamzi, Chief Executive Officer, Noor Investment Group.