March 4, 2003	Tuesday	Zul Hijjah 30, 1423

ISLAMABAD, March 3: Orascom, encouraged by enabling investment climate in Pakistan and its experience of doing business here, would increase investment in the country.

This was stated by Naguib Sawiris, chairman of Orascom in a meeting with Shaukat Aziz, Adviser to Prime Minister on Finance, on Monday.

Recalling his pleasant and profitable business adventure in Pakistan, the chairman of Orascom said that his investment in Mobilink cellular phone networking in Pakistan was encouraging.

So far the Mobilink has over one million subscribers and could double the figure if even more encouraging environment was provided to this industry. He also showed his willingness to invest in fertilizer and cement plants.

Shaukat Aziz, Prime Minister’s Advisor on Finance informed the guests that the government would encourage foreign investment and would make the environment even more conducive for investors. He said that lower interest rates have considerably reduced upfront cost of investment in Pakistan and have encouraged consumer credit growth.

Similarly, he said that the government was encouraging housing as an industry to attract investment in the sector.

He assured the chairman that the government would further review its existing policies to make it even more viable for foreign investors.

The delegation also had a meeting with senator-elect Dr Abdul Hafeez Shaikh, Adviser to the Prime Minister on Privatization and Investment.

Dr Hafeez Shaikh informed the delegation that most of the targeted entities in the oil and gas, telecom, fertilizers, construction and banking sectors had attracted the potential local and foreign business groups, which was a significant and positive development.

Some of these mega entities were now at advanced stage and were near bidding process, he added.—APP