KARACHI, March 28: President Gen Pervez Musharraf said on Tuesday that he would chair all future conferences to be held in the country on investment to ensure that problems being faced by foreign investors were resolved then and there. Addressing a ceremony held to launch operations of Dubai Islamic Bank, Pakistan, he said: “Pakistan is a good destination for foreign investment due to its inherent qualities and strategic location.”
The president said that local and foreign investors were at par as they could get 100 per cent ownership of business, repatriate the profit or capital amount and enjoy a win-win situation for them as well as for Pakistan.
He pointed out that the International Rating Agencies, Standard and Poors as well as Moody’s had upgraded the credit rating of Pakistan due to the high growth rate it had achieved despite all odds, including the Oct 8 earthquake.
He said the improved infrastructure and deregulation had helped build the confidence of investors and they were making 20 to 60 per cent profit and some of them were even drawing up to 80 per cent, showing that the situation was equally good for them and Pakistan.
President Musharraf said that Pakistan’s foreign reserves had built up, the country was out of the debt trap and investment was pouring in. “Investment is coming into the country because the economy is growing and growing fast.”
About relations between Pakistan and United Arab Emirates, he said that in the present era the friendly ties were cemented through trade and hoped that these would be furthered in the coming days bringing the two countries closer.
He said the banking sector was a success story in Pakistan. He pointed out that those who entered the banking sector by setting up Islamic banking operations had failed because they had started at a very minor level. —APP
