May 13, 2007	Sunday	Rabi-us-Sani 25, 1428

ISLAMABAD, May 12: Prime Minister Shaukat Aziz has said that the government will provide tariff and non-tariff facilities to encourage foreign investment in the manufacturing sector.

He was talking on Saturday to a delegation of Japanese investors and Pakistani investment banks led by Haseeb Rehman, president of the Universal Metal Corporation of Japan and chief executive officer of Aisha Steel Mills project.

Mr Rehman said the modern project to be established with an investment of $96 million would be operative in the two years producing 220,000 tons of steel sheets. The prime minister said the Pakistan-Japan joint venture in steel manufacturing would be an excellent symbol of cooperation in expanding steel production in the country.

He said the consumption of steel was rising because of increased economic activity in all sectors, including construction, engineering and manufacturing.

Mr Aziz said the government was encouraging increase in steel production with focus on plant modernisation and increasing efficiency. He said outdated plants could not achieve the required efficiency needed for a highly competitive market.

He said foreign investment of more than $6 billion was expected during the current financial year.

The delegation appreciated the investor-friendly policies of the government and told the prime minister that all formalities for setting up the project had been completed. They said the joint venture of in the private sector would lead to more investment in the manufacturing sector from Japan.