ISLAMABAD, Sept 29: Pakistan has been declared in a recent World Bank report as top 10 reformer countries in the world, and has been ranked 60th in case of doing business list among 155 countries by the International Financial Corporation (IFC).

“We have liberalized and opened up our economy for private sector investment and provided a level-playing field to both domestic and foreign investors,” said Board of Investment Chairman Waseem Haqqie at the launching ceremony of World Investment Report 2005 “Trans-national Corporation and Internationalization of R&D” at United Nations Information Centre here on Thursday.

Mr Haqqie said the government had adopted investment friendly policies for the promotion foreign direct investment (FDI). He said that Pakistan had attracted $152.2 billion FDI during the last financial year in five sectors of oil and gas, information technology and telecommunication, financial sector, pharmaceutical, power and construction.

Pakistan, he said, had been focusing on oil and gas, agriculture, power, telecommunication and infrastructure sectors for investment.

According to the World Investment Report 2005, FDI in South Asia has registered a 31 per cent growth in 2004.

The report said that with Asia and Oceania region breaking the records of higher FDI, South Asia attracted $7 billion in FDI inflows during the year 2004, showing an increase of 31 per cent over the last year.

The increase in FDI in South Asia was because of higher inflows to India, Pakistan and Bangladesh, according to the investment report launched by the United Nations Conference on Trade and Development (UNCTAD) on Thursday.

FDI in the region of Asia and Oceania broke records in 2004, the report added. The region received $148 billion in FDI, making it the top recipient among developing regions.

Rapid economic growth, an improved policy environment, and increasing strategic commitments to Asian markets by trans-national corporations contributed to the surge.

China was again the largest recipient of FDI inflows, not only among all countries in the region but also among developing countries worldwide. FDI in China attained another record of $60.6 billion.

Flows to Hong Kong, China, amounted to $34 billion, an increase of 150 per cent and the highest investment growth rate among the region’s economies. Together, China and Hong Kong accounted for two thirds of all FDI in this part of the world.

Among the various sub-regions of Asia, East Asia remained the preferred target last year, with a 46 per cent gain in FDI inflows. Southeast Asia saw a further rise in inflows — from $17 billion in 2003 to $26 billion in 2004.—APP