RAWALPINDI, Sept 26: In order to maximize and fast-track investment in the country, a top-level meeting here Monday approved the “President’s Investment Initiative” and also decided to streamline business climate for attracting US $27 billion foreign investment over the next five years.

President General Pervez Musharraf presided over the meeting, which was also attended by Prime Minister Shaukat Aziz.

It was decided at the meeting that the government would further streamline the investment climate in the country to achieve a foreign investment of US $27 billion during the next five years.

Federal Minister for Privatization and Investment, Dr Abdul Hafiz Sheikh, Minister of State for Privatization & Investment, Umar Ahmed Ghumman and Deputy Chairman of Planning Commission Dr Akram Sheikh were also present at the meeting.

Minister of State for Privatization and Investment Umar Ahmed Ghumman will be the Chief Coordinator of the President’s Investment Initiative. His main role will be to ensure implementation of the investment initiative and facilitate improvement in the investment climate and boost investor confidence.

The areas of investment specifically identified at the meeting were energy sector, including power generation and gas exploration and development.

In the industrial sector, automotive and engineering were specifically focussed.

In order to attract huge investment it was decided to improve the infrastructure and attract investment in this sector and to encourage hotel industry throughout the country, especially in large cities.

Regular review meetings will be held during which leading investors will be invited to resolve their problems. The first meeting has been set for the second week of October. —APP