March 21, 2003	Friday	Muharram 17, 1424

KARACHI, March 20: At the two-day, 10th Annual Asia Pacific Issuers & Investors Forum organized by Euromoney in Singapore, the Managing Director, Karachi Stock Exchange, Moin M. Fudda presented Pakistan’s case as a strong investing opportunity, a KSE press release issued on Thursday said.

The Euromoney conference was attended by over 600 delegates from 26 countries.

During a six-member panel discussion held on the sidelines of the conference on “Investing Opportunities in the Subcontinent”, Mr. Fudda was the sole representative from Pakistan—compared with the other five from India. Mr. Fudda told the participants about the unparalleled dividend yield of 10.6 per cent offered by Pakistani equities. He said that the market had climbed 112 per cent year-on-year, making KSE the ‘world’s best performing market in 2002’. The market capitalization had shot up to $10 billion, from $4 billion an year ago.

The KSE said that the bourse’s MD told delegates and investors at the conference about the structural reform programme undertaken by the country’s economic team led by Mr. Shaukat Aziz, over the last three years, which had led to an unprecedented rise in foreign exchange reserves to $10 billion.

“He also apprised the delegates about the successful rescheduling of foreign debt, the stabilization of the currency and the decline of interest rates,” KSE press release said, adding that the conference was told that the country’s macroeconomic position had been transformed into one of stability and growth.

Improvements that had taken place in corporate governance under the SECP and the financial sector reform by the State Bank of Pakistan were also said to have been outlined. Mr. Fudda told investors that barriers for investment on foreigners had been dismantled and they could own up to 100 per cent equity in any industry. Identifying sectors with high level of growth, he said that telecom and energy sector was well positioned, while in agriculture, there were possibilities for joint ventures in packaging and food processing; textile remained the backbone of the country’s industrial structure.