SINGAPORE, May 12: Prime Minister Shaukat Aziz on Thursday noted a vast potential of expanding trade and commercial ties with Singapore and expressed the hope that his visit would boost bilateral economic relations and attract Singaporean entrepreneurs to benefit from Pakistan’s investment-friendly climate. Speaking at a luncheon meeting hosted by International Enterprises Singapore, he gave a bird’s eye view of the Pakistan’s growing economy and the liberal investment policies that offer unparalleled incentives to the investors in the region.

“We have provided level-playing field to the local and foreign investors and the government is only playing the role of a facilitator,” he told the gathering of eminent Singaporean businessmen. He said prudent fiscal policies and their continuity have transformed the country’s economy and placed it on the path of robust growth, and transparency has been ensured at all levels.

Pakistan, he added, achieved 6.4 per cent economic growth in 2004 while the current growth rate was around 7.5 per cent. The Prime Minister said that Pakistan now offered the most investment-friendly regime and was attracting increasing flow of foreign investment in all areas.

Referring to the Singaporean investment, which is largely in the banking and telecom areas around the world, Prime Minister Aziz said that in Pakistan 85 per cent of the banks were now in the private sector.

Similarly, he said, telecom sector has been deregulated which was now attracting increasing flow of foreign investment. Pakistan is an open economy and there is no restriction for foreign investors to invest in the country, he added while enumerating the liberal investment policy.

He said Singapore was the largest exporter of capital and an important hub of business activities and Pakistan would like to develop linkages with the country to have an opening for its people.

Responding to a question, he said Pakistan was looking forward to increased economic and trade ties with Singapore which showed its desire to discuss a ‘golden standard’ FTA that is available to very few countries. —APP