July 6, 2003	Sunday	Jumadi-ul-Awwal 5,1424

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ISLAMABAD, July 5: Investment and privatization minister Abdul Hafeez Shaikh said here on Saturday that no government could give hundred per cent surety that incidents like the one in Quetta would not happen, but stressed that the government was doing its utmost to improve law and order to encourage investment in the country.

“Pakistan is moving in a right direction and such incidents are intended to derail and slow down the economic process in the country,” Mr Shaikh said at a press conference after his return from abroad along with President Gen Pervez Musharraf.

He termed the president’s visit to France very successful since it helped in promoting cooperation between the two countries in the fields of investment and trade.

“The investors around the world now have different and positive perception regarding Pakistan as the recent visits have opened an atmosphere of confidence and trust among the investors,” he said, and added that they eyed Pakistan as a business and investment friendly country.

Mr Shaikh said the investment conference held in Paris had given a loud and clear message around the world that Pakistan was open for investors from any part of the world in any sector. “This conference will further give a boost to the investment and privatization activity in the country,” he observed.

The government, he said, was fully committed to accelerate the pace of privatization through a transparent and competitive process but at the same time it intended to maximize the proceeds and to handover state entities to the quality players to bring in efficiency and better services.

“We are not doing anything in haste to sell our national assets as all phases of the process are being followed strictly,” the minister said, and added that the interests of the investors and consumers were being guarded through effective regulatory regime.

OIL ACCORD: About the agreement signed between Pakistan and the Consortium of Companies, led by largest French multinational TOTAL, about the Off-Shore Drilling for Oil Exploration, he said an exploration well would be drilled in October 2003, involving investment of $30 million and, in the event of commercial discovery, would lead to a further investment of $2-3 billion for field development.

“Exploration is to be carried out in two blocks located in ultra waters of Indus Delta in Pakistan. Both blocks are located in Indus Delta south of Karachi at a distance of around 200km in the water depth between 1,700 to 3,400 metres,” Mr Shaikh added.