February 8, 2002	Friday	Ziqa’ad 24, 1422

KARACHI, Feb 7: The two-day conference of International Chamber of Commerce (ICC) will provide an opportunity for foreign private equity infusion which is necessary for getting rid of the debt-ridden economy.

This was stated by Chairman, ICC Pakistan, Tariq Rangoonwala, at a news conference here on Thursday.

He said the high-profile conference which would have significant representation from the US, EXIM, OPIC, TDA, Canada and Turkey, besides others, would concentrate on the development of infrastructure, energy, IT and telecommunication, transport, copyrights and IPR, privatization and reconstruction of Afghanistan.

He said more than 300 delegates, including functionaries of ICC, foreign delegates, Pakistanis and local representatives of foreign firms, will attend the conference which opens at Karachi on February 17.

Mr Rangoonwala said the conference would also address legal issues relating to business activities. Some of the objectives of the conference include ratification and enforcement of international agreements and conventions signed by Pakistan. In this context ratification of four important conventions was emphasized. He said that such a move would create confidence among foreign investors.

Sindh Finance Minister Dr. Hafiz Shaikh said the conference would take place at a critical juncture when Pakistan was coming into the international mainstream.

The minister pointed at the opportunities of investment in the exploitation of marine resources spread along the long coastline. He also referred to sufficient power, infrastructure, like roads, telecommunication, banking facilities, minerals, coal, agriculture, etc., which are vital for attracting investment. He also referred to fiscal measures taken to deregulate the economy.

Director General, Board of Investment (BoI), Arif Elahi, said that his organization’s job was to facilitate ICC in its endeavour.

Referring to Pakistan’s investment policies, he said no sanction or NOC was required for setting up factories for foreign investor in the country. There is no limit on the repatriation of capital, interest, royalties, fees, etc., by foreign investors from Pakistan, he said.

He pointed out that BoI will also facilitate match making between potential investors at the conference.

US Consul General John K. Bauman commended the initiative and said that visit of high-profile investors delegation would mean tremendous opportunities for Pakistan, especially after the lifting of sanctions.

He said that people were planning to visit Pakistan by the end of February, but due to this conference they have changed their itinerary and will now visit to attend this conference on February 17.

He noted the government was implementing investment-friendly policies, clearing the way for private investment in Pakistan.

The US counsel general, nevertheless, said that internal security, which was important for attracting investmen