October 25, 2003	Saturday	Sha’aban 28, 1424

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ISLAMABAD, Oct 24: Foreign investors expressing security concern on Friday said only stable government, consistent policies and less involvement of bureaucracy could attract investment in the country.

A number of foreign investors, currently on country’s visit, during an investment and business roundtable said that the perception in US about Pakistan was negative where it was considered not secure for investments. They, however, acknowledged that the visit had greatly helped in removing their misconception about the country.

The roundtable was organized by the National Commission for Human Development here at a local hotel. The foreign investors also had a dinner with President Gen Pervez Musharraf on Friday.

The investors, who attended the roundtable, included Michael A. Lagan of the Lagan Holdings, James Khan, Jean Boschung of Switzerland, UK Parliament Member Chaudhry Mohammad Sarwar, Netsol chief Mark Caten, Ahmad Randharay from South Africa and Irfan Mustafa.

Investment and Privatization Minister Dr Abdul Hafeez Sheikh said that it was not the endeavour of the government to project Pakistan as a trouble-free country, but to promote that the government was pursuing a right path by almost doing away the corruption for the sake of success and progress.

He stressed the need to create investment opportunities by attracting investors from countries like Germany, China and Turkey, which enjoyed a lot of respect in Pakistan.

“I am of the firm belief that the government should do little as governments never do most things right,” he observed, but said consistent domestic policies could only ensure development and progress.

He conceded that red tapism, poverty and unemployment were rampant in Pakistan, but said the government was making all-out effort to tackle the issues.

He said 600 multinational companies were operating in the country with an annual turnover of 20 to 60 per cent.

Irfan Mustafa, who runs a chain of restaurants, described Pakistan as a strong product, but with a weak brand and drew comparison between Pakistan and India saying Pepsi Cola invested $500 million in 1989 in India, while in Pakistan it invested just $5 million in 1993, but earned $100 million to the day.

In India an average Indian drinks three Pepsi cola per year while in Pakistan an average citizen drinks 28 bottles per annum.

Similarly, the KFC had opened its chain in India in 1991 and has now one store in India, but it had 28 stores in Pakistan.

Mr Caten, while talking to reporters, said that Netsol, which already had offices in Lahore, Karachi and Islamabad with 300 employees, intended to expand by establishing a campus near the airport in Lahore where state of the art infrastructure would be set up by employing 600 IT professionals.

Mr Lagan said that his organization was looking forward to invest in water projects, but he was more interested in building airport for his expertise in the field.

He said that Pakistan was a good country to invest, but had failed to project itself properly, adding that his country would initiate a preliminary market research to ascertain investment prospects.

NCHD Chairman Nasim Ashraf, Export Promotion Bureau Chairman Tariq Ikram and Board of Investment chief Wasim Haqi, also spoke on the occasion.