ISLAMABAD, Jan 31: The Canadian High Commissioner to Pakistan David B. Collins has emphasized the need to explore the opportunities for enhancing Canadian investments in Pakistan.

According to a press release the Canadian diplomat expressed these views in a meeting with federal minister for Privatization and Investment Dr Abdul Hafeez Shaikh at the Board of Investment here on Tuesday.

The minister apprised the High Commissioner of the trends of investment in Pakistan and said that there was a need to project abroad the aspects of liberalization of investment policy, which is a part of the greater economic reforms process.

The Canadian High Commissioner informed the minister that the Canadian businessmen were due to visit Pakistan in near future to explore investment opportunities and commented that Pakistan was, in fact, a very good destination for investors and it was important to visit the country to know about it in true sense.

Dwelling on the results of liberal policy Dr Shaikh informed the Canadian diplomat that the investment had risen sharply crossing $1.5 billion mark in 2005, as foreign direct investment (FDI) inflow from July to Dec 2005 was 148 per cent higher than the corresponding period of last year. Similar great acceleration has been experienced in privatization as well, the minister added.

Highlighting the salient features of the investment policy Dr Hafeez Shaikh said the liberalization had led to open-up all the sectors in Pakistan to foreign direct investment. In addition to this, 100 per cent foreign equity is allowed and no government permission is required except for few sectors.

The minister said that the attractive tax and tariff package coupled with freedom to remit technical and franchise fee, capital, profits and dividends were strong incentives to invest in Pakistan.

Talking about the protection of foreign investment, the minister said that the investment was fully protected in Pakistan by Foreign Private Investment (Promotion and Protection) Act, 1976; Protection of Economic Reforms Act, 1992, and Foreign Currency Accounts (Protection) Ordinance 2001.