Pakistanhas enormous opportunities for the British investors as well as global fund managers. International investors can benefit from the profitable and liberal investment regime of Pakistan. This was stated by Prime Minister of Pakistan Muhammad Nawaz Sharif at the Pakistan Investment Conference held in London today. The Prime Minister apprised the audience about the most liberal investment regime in the region allowing 100% foreign ownership without any limits on the repatriation of the profits earned from the businesses.
The Prime Minister appreciated the cooperation of British government in securing GSP Plus status in the EU which had resulted into duty free access for a wide range of products exported by Pakistan.
Having inherited adverse economic conditions, the new government had successfully improved the macro-economic framework in less than one year and improved foreign exchange reserves of $12bn registering a remarkable decrease of pressure on the Pakistan Rupee parity, the Prime Minister said. The Prime Minister made a specific reference to raising $2 bn from global capital market after a long absence of seven years from the international bond market. The auction of four 3G and one 4G licences at the cost of over $1.1 bn further reflected the confidence of global investors in the emerging market of Pakistan, he added. 40% improvement in the stock market capitalization was another significant economic indicator about the fast growing economy of Pakistan, said the Prime Minister.
In his presentation on the occasion, Dr Miftah Ismail, Chairman Board of Investment further identified the investment opportunities in the areas of coal power projects, oil and gas exploration, Quaid-e-Azam Solar Park, hydro power projects, agriculture and livestock, information technology and mining sector.
Chief Minister of Punjab Shahbaz Sharif also addressed the Conference making specific reference to the investment opportunities in the solar power sector in Punjab. He said that the Government of Punjab planned to add approximately 7,200 MW in 3-5 years to the national grid through private and public investment in coal based power plants.
While addressing the Conference, Baroness Sayeeda Warsi termed the response to Pakistani bond in international market including UK as impressive. Highlighting the close and deep rooted relations between Pakistan and UK, she said that both the countries were partners in promoting peace and prosperity.
Representatives of various British companies present at the Conference expressed their confidence in the profitable business and investment environment of Pakistan. The Conference ended at Q&A session.
A large number of British businesses, City investors, diplomats, both local and British media representatives as well as dignitaries attended the meeting.
Followed by the Investment Conference, CEOs of the leading British businesses held separate meetings with the Prime Minister and expressed interest in investment in Pakistan. They included CEO of Oracle Coalfields Mr Shahrukh Khan, CEO of Glaxo Smithkline Sir Andrew Witty, Chairman of London Stock Exchange Mr Chris Gibson-Smith, Downstream Director RDS Shell Mr John Abbot along with Mr Omer Sheikh, CEO Shell Pakistan and CEO of Asian Precious Metals, Mr Nadeem Khan.