November 29, 2006	Wednesday	Ziqa'ad 7, 1427

ISLAMABAD, Nov 28: Pakistan’s macro economic policy is deeply impressive together with extraordinary liberal investment and attractive privatisation opportunities, which need to be exploited and Britain will make efforts to promote investment in Pakistan.

This was stated by Britain Minister of Trade Ian McCartney during a meeting with Privatisation and Investment Minister Zahid Hamid here on Tuesday. He is leading a high-level UK companies’ delegation.

The Britain minister said that in future a number of British business and trade delegations were being scheduled for Pakistan to benefit from the attractive investment opportunities in financial, healthcare, oil and gas, power and other sectors. A delegation of Britain’s business groups led by Lord Mayor of London would visit Pakistan in February 2007, he informed the minister.

Members of the delegation while terming Pakistan an important part of international banking network observed that it was growing successfully and offered to assist in upcoming GDRs.

While elucidating salient features of the privatisation and investment policies, Mr Hamid briefed the delegation that Pakistan provided a level-playing field to local and foreign investors for investment in all sectors with attractive incentives, allowing 100 per cent foreign equity and remittance of capital, profits, royalty, technical and franchise fee and zero-rated import of raw material for export manufacturing.

The minister informed the delegation that privatisation worth $5.3 billion had been realised by privatising 58 transactions during the past seven years, which was 85 per cent of the total privatisation conducted since the inception of the Privatisation Commission in 1991.

Mr Hamid said that economic reforms had delivered tremendous results, as FDI during five years had increased 10 times i.e. from $322 million to $3.5 billion in 2006, which included $1.5 billion privatisation proceeds and $2 billion green field investment. The increasing trend in FDI was continuing in the first quarter of current financial year, he informed the delegation.