ISLAMABAD, April 19: Federal Minister for Investment and Privatization Hafeez Sheikh on Saturday said the OIC countries should work collectively to generate economic activities for strengthening their economies.
Addressing the opening session of “Investment Conference” Hafeez Sheikh said “it is high time to work together in larger interests of the Ummah.”
He said tremendous investment opportunities exist in Pakistan, and the OIC states should avail the unique opportunities and invest in the advancement of science and technology.
He said Pakistan has opened all sectors of the economy to foreign and local investors with a guarantee that the capital would remain safe and it could be transferred to any country as and when required by investors.
He said the government has made all necessary arrangements to provide investors necessary information about various incentives offered to establish business in Pakistan.
The Conference is part of the government’s efforts to draw investors’ attention towards most conducive and investment friendly atmosphere in Pakistan.
Dr Ahmed Mohammad Ali, President Islamic Development Bank (IDP), speaking on the occasion, appreciated economic policies of Pakistan and termed these as very positive and beneficial for the people.
He emphasized the need for adopting a collective approach by the OIC states for economic development of the OIC member states.
Ambassador Izzat Kamel Mufti Assistant Secretary General of the OIC also read out the message of OIC Secretary General on the occasion and expressed full support for the aims and objectives of the Investment Conference as these are in the larger interest of the Ummah.
He said the OIC states while rising to the occasion should avail the opportunities being extended by Pakistan.
Later, Commerce Minister, Humayun Akhtar, chairing the 2nd session on “defence, infrastructure, tourism and others” stressed the need of adopting a compatible approach to have a better competitive edge in the face of upcoming new world trade order and quota free environment under the WTO regime.
“The world trade scenario is going to change in the new circumstances to be emerging after the implementation of WTO rules in 2005,” the minister observed.
Humayun Akhtar further said that the government is going to announce new telecom policy shortly, adding, there is a vast scope of investment in this sector.
“There is a need of new infrastructure for adequate promotion of power generation sector increased the rate of sales tax from 12.5 per cent to 15 per cent besides fulfilling domestic needs of the country,” he added.
He said the government was actively considering to create infrastructure fund at a large scale at federal as well as provincial levels, adding, “We do want to introduce infrastructure bonds.”
The minister said there was also potential of investment in the housing sector and the banks have been asked to lower their interest rates.
Meanwhile, Expert Advisory Cell of the Ministry of Industries and Production, has displayed their publications titled ‘Pakistan Investment guide’ and ‘Prospects of chemical Industry in Pakistan’, in the exhibition.
The other report i.e. ‘Prospects of Chemical Industry in Pakistan’ also depicts the current status and future importance of the chemical based industry in the changed economic scenario of Pakistan.—APP
