ISLAMABAD: Tunisian Minister for Industry, Energy, Small and Medium Enterprises Afif Chelbi has said that Pakistan has huge investment potentials and his country is keen to have joint ventures with Pakistan in textile, information technology, science and food processing sectors. In a meeting with Wasi Zafar, Federal Minister for Privatisation and Investment, here on Monday Chelbi said that Pakistan has great potentials in textile and IT and both countries should take advantage of each other expertise in the these sectors.
Wasi Zafar stressed the need for exchange of business and trade delegation of both the countries to further promote the existing economic bonds and to benefit from each other’s experience in the related areas and the available investment opportunities. He maintained that Pakistan was surplus in production of variety of fruits and provided opportunities in food processing, information technology, telecommunications, power, textile, oil and gas exploration, real estate, tourism and banking.
Giving an overview of Pakistan’s economy and the salient features of the investment and privatisation policies and achievements as a result of the economic reforms introduced by the government, Zafar said that three pillars of Pakistan’s economy deregulation, liberalization and privatisation have yielded encouraging results. He said the privatisation of public sectors entities has confined the government’s role to policy making, good governance and has foster competition and increased efficiency and revenues.
Exciting investment opportunities in an investment friendly environment along with level playing field for both local and foreign investors, effective regulatory framework with liberal policies have made Pakistan an attractive destination for investment, which has also given boost to the investor’s confidence, he added. He informed the Tunisian minister about the liberal investment policy included 100 percentage foreign equity in all economic sectors, attractive incentives like remittances of capital, profit, royalty and technical and franchise fees without obtaining permission from the government.
The foreign investment was fully protected under Foreign Private Investment (Promotion and Protection) Act 1976 and Protection of Economic Reforms Act 1992, he stated.
The Minister said that Pakistan has so far privatized 166 public sector units raising seven billion US dollars since 1991 while 87 percent of the privatisation was completed during the recent seven years realizing around 6.1 billion US dollars through the privatisation of 61 transactions.
He said our Privatisation Program provides a number of opportunities in oil and gas, power, engineering, financial institutions, minerals, and tourism and restaurants sectors. Ahmed Jawad, Federal Secretary Ministry of Privatisation and Investment, and Mushtaq Malik, Secretary Board of Investment (BOI), also briefed the distinguished guest regarding the functioning of PC and BOI. Tunisian envoy to Pakistan was also present during the meeting.-SANA