KARACHI, March 9: Privatization and Investment Minister Dr Hafeez A. Shaikh said on Thursday that Pakistan would attract $3 billion in foreign investment during this fiscal.

He was talking to newsmen after inaugurating the International Trade and Industry Fair (ITIF) Asia 2006 at Karachi Expo Centre.

He said that the country had already received a foreign investment of $1.5 billion and about the equal amount would come in the remaining months under various transactions.

He said that the inflow of foreign investment had recorded a surge of 500 per cent in last three years, rising from $500 million to $3 billion by the end of current fiscal.

Answering a question, the minister said that in the last 16 years, Pakistan had been attracting a foreign investment of Rs8 billion per year.

However, Dr Hafeez said that during his three-year tenure as minister, the country had received an inflow of Rs285 billion at the rate of Rs90 billion per year which was higher by 10 times over previous regimes.

He said that investment climate had improved a lot and private investment had surged.

Responding to a question about his next assignment, the minister said that he would work to protect the interest of Pakistan at every international forum.

About the privatization of Pakistan Steel, he said that there was no delay in its sell-off as matters relating to land and workers package were being finalized.—APP