Pakistan an attractive place for investment: PM
Nawaz Sharif urges to shun politics of sit-ins, focus on issues of poverty, unemployment, terrorism.
Prime Minister Nawaz Sharif says Pakistan offers business friendly environment and space for foreign direct investment without any restrictions.
Addressing in the inaugural ceremony of International Investment Conference in Islamabad on Monday [October 27], he said board of investment has been made the high level one window agency to facilitate investors in planning and implementing their ventures.
He pointed out that the gradual but steady escalation in the baseline profitability index strongly signifies Pakistan as an attractive investment proposition.
He said Pakistan is widely liberal foreign investment regime in the region. Investment incentives in Pakistan are diverse and business friendly. We offer prospects of co-production, joint ventures with local partners. We are allowing one hundred percent foreign equity and no limit on repatriation of profits particularly in large scale infrastructure and manufacturing sectors. Tax concessions and exemptions are also available to specific businesses.
He said the potential growth sectors such as infrastructure, power and natural resources are open to large scale investment. He said we also provide exclusive economic zones and infrastructure subsidies as well as research and development support.
Referring to the steps taken by the government over the last fifteen months to improve economy, Nawaz Sharif said our pressing priority has been to implement a comprehensive macro-economic course, stipulating increase in revenue, controlling expenditure and reducing fiscal deficit. We have devised a vast development portfolio aimed at upgrading the national infrastructure. He said our efforts have successfully stabilized currency, increased foreign exchange reserves and controlled inflation.
Nawaz Sharif said the government is mindful of the vast gap between production and requirement of energy. Therefore, the government has planned installation of all kinds of power generation units to boost energy production. We have added fifteen hundred megawatt of operational capacity to our national grid and have put in pipeline numerous projects whose production will soon outstrip demand. We plan privatizing power distribution network along with rationalization of tariff that will make investment in power sector very attractive.
The Prime Minister said the government has also tried to create space for investment by carrying forward the process of privatization. We are transparently disposing off partial equity in large scale public sector enterprises. We have invited our private sector to set up a LNG import terminal to replace costly furnace oil power generation. He said we will soon build an LNG terminal at Gwadar port.
Earlier, Chairman of Board of Investment Miftah Ismail in his welcome address highlighted the investment opportunities in different sectors.
Meanwhile, talking to the media persons, Prime Minister Nawaz Sharif has said those trying to impede the process of development through sit-ins should demonstrate political maturity.
He said it appears as if they have no interest in the prosperity of the country. The game being played by them is highly inappropriate.
The prime minister strongly criticized the politics of sit-ins and said we need to focus on issues, including poverty, unemployment, terrorism and security challenges.
He said Pakistan is viewed positively by the global community and those pursuing politics of sit-ins should not distort this image. He said the negative politics has caused huge damage to the country's economy. This led to the cancellation of the Chinese president's visit and resulted in depreciation of rupee.