April 5, 2003	Saturday	Safar 2, 1424

ISLAMABAD, April 4: The government plans to fix $1.5 billion foreign investment target in 2003-04 after having received sizable investment during the current financial year, says Chairman Board of Investment (BoI), Waseem Haqqie.

“We have received $630 million foreign investment in the first eight months of 2002-03 and hope to achieve our $1 billion target by June 30 this year”, he further stated.

He told Dawn on Friday that there will be a quantum jump to have over $50 million foreign investment in the month of March, the details of which will be announced by April 15.

He pointed out that $630 million foreign investment achieved in first 8 months was very encouraging against $250 million of corresponding period of 2001-02. “Therefore, I am sure to achieve $1.5 billion new foreign investment target in 2003-04”, he said.

The main sectors, which will be attracted for foreign investment, Mr Haqqie pointed out, were oil and gas, financial sector, agriculture, tourism and infrastructure development.

Asked about the OIC conference on investment and privatization, he said Prime Minister’s Adviser on Privatization and Investment Dr Hafeez Shaikh presided over a meeting on Friday to review various arrangements for the moot.

He said he was confident that over 300 delegates from Islamic countries including UAE, Saudi Arabia, Kuwait and Oman will be very much interested to explore the possibilities of investing in Pakistan.

“The war in Iraq is forcing the rich Middle East countries to look for new places for investment and in this behalf Pakistan can provide them all possible facilities and liberal rules”, the chairman BoI said.

He said nobody was coming to Pakistan for fun sake and that they were visiting Islamabad to make new investment here.

The OIC conference, which is being organized by BoI in collaboration with E-Commerce Gateway of Singapore and the Islamic Chamber of Commerce and Industry, will be inaugurated by President Gen Pervez Musharraf on April 19. Besides the conference a grand exhibition titled “FUTURZ 2003” will also be inaugurated the same day by Prime Minister Mir Zafarullah Khan Jamali.

The chairman BoI said that there were number of sectors which had been identified to be offered for investment to the OIC delegates and investors including small and medium enterprises, mining, telecommunication and defence production.

Responding to a question Mr Haqqie said that the country’s top leadership would ensure that the new investors did not face any problems and that all kinds of infrastructure facilities like power, water, telephone etc., were instantly provided to investors.

He said BoI will coordinate efforts so that after the OIC conference there was certain serious follow up to attract foreign investment in the country.

He said that local investors will be provided an opportunity to have detailed interaction with OIC delegates for undertaking joint ventures in various fields.