Dar urges ambassadors, high commissioners to benefit from investment opportunities in Pakistan
Source : Business Recorder Date : 23-05-2015
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ISLAMABAD: Terming Pakistan as one of the best investment destination Minister for Finance Senator Mohammad Ishaq Dar has called upon the ambassadors and high commissioners of the friendly countries to take benefit from the investment and trade opportunities being offered in the different sectors of economy in the country.
The present government through its prudent and investment friendly economic policies has opened up various sectors of economy for investments due to its unique strategic location , attractive investment polices,with lucrative incentives, huge comparative advantage , dedicated skilled and cheap labour force, he said while addressing as chief guest at investment dinner hosted by Chairman Board of Investment Dr.Miftah Ismail and Secretary BOI Iftikhar Babar here at local hotel last night.
Advisor to Prime Minister on National Security and Foreign Affairs Sartaj Aziz, ambassador of United States of America to Pakistan Richard Olson, ambassadors and high commissioners of different countries based in Islamabad, business community leaders , senior government officials and journalists attended the dinner.
Highlighting the economic policies of the government ,Ishaq Dar said that when present government came into power some two years ago Pakistan was a verge of default as the foreign exchange reserves were depleting and no foreign country or donor was ready to do business with Pakistan.
Ishaq Dar said that soon after coming into power the government took bold decisions to stabilize the national economy and restore the confidence of the investors on Pakistan's economy.
Now , Pakistan economy he said had not only stabilized but the foreign countries were willing to do business and investments in Pakistan.
He added that Pakistan has successfully completed the 6th and 7th reviews with International Monetary Fund (IMF) without taking any waivers from the fund.
He added that due to efforts and good polices of the government Pakistan's foreign exchange reserves have increased to over US $ 17 billion as a result the country has qualified for the development loans from International Bank for Reconstruction and Development (IBRD).
The Minister also highlighted the steps taken by the government for the safety net for the poorest of the poor under National Income Support Programme (Benazir Income Support Programme) and also enhanced its budget.
Government, he said was also taking steps for the energy and infrastructure development in the country.
Speaking on the occasion Dr.Mifta Ismail said that Pakistan was blessed with huge natural and human resource to build the country of sound footing.
He said that Pakistan was the ultimate investment destination with lucrative incentives for investors.
He also urged the ambassadors to take advantage of the investment friendly climate of Pakistan and motivate the business and trade communities in their countries to invest in Pakistan for their own benefit and socio economic prosperity of Pakistan.
He assured the investors of the BOIs full cooperation in this regard.
Secretary BOI Iftikhar Babar with the help of slides highlighted the investment friendly policies of Pakistan and profitable incentives being offered to the investors in the country.
He said Pakistan is the 3rd largest cotton consumer and exporter,4th largest cotton producer, 4th largest milk producer,8th largest wheat producer, 11th largest rice producer and the country has largest canal system of the world.
He told the gathering that Pakistan offers opportunities in value added products,food processing and halal food, leather,textilecalue chains.
The Secretary BOI said that Pakistan has oil reserves of 362 MMBBL , gas reserves of 24,504 BCF and 105 trillion cubic feet of shale gas reserves.
He also highlighted the opportunities in mining sector, energy sector,special economic zenes, china Pakistan economic corridor, and Gawadar port.
Sartaj Aziz in his brief remarks said that when present government came into the power it first initiated its economic diplomacy to stabilize the national economy.
He added that government for the last two years had also taken important steps for the peace and security in the country.