ISLAMABAD, June 2: Prime Minister Shaukat Aziz has said the banking industry is playing an important role in the economic growth of the country. Talking to Chief Executive Officer Barclays Emerging Market’s Ahmed Khizer Khan here on Saturday, the premier said the banking sector had been transformed to a vibrant private sector enterprise as a result of market based reforms.

Barclays is a UK-based financial services group with a large international presence in Europe, USA, Africa and Asia.

An official announcement said Pakistan with its growing market, strong economy and an emerging middle class offers immense opportunities for business and investments.

Mr Aziz said the government as part of its financial sector reforms encouraged consolidation of banking sector through mergers and acquisitions so that stronger banks provide a full range of services.

He said due to government policies of deregulation, privatisation and liberalisation foreign banks were investing in Pakistan and making their presence felt in a substantive way.

Consistency and continuity of policies, coupled with an investment-friendly and hassle-free environment is fast making Pakistan a destination of choice for foreign investors, the premier said. The record foreign investment of $6 billion this year is a vote of confidence of international business community in our policies, he added.

Mr Khizer apprised the prime minister of Barclays Emerging Market’s growth and expansion plans particularly in Middle East, Africa and South Asia.

He said encouraged by the economic stability and investment potential in Pakistan, Barclays had decided to explore avenues for starting operations in Pakistan.

He said his company was also implementing plans to hire, train and export professional talent from Pakistan.

The prime minister appreciated the role of Barclays in the financial sector throughout the world and welcomed their plans to start operations in Pakistan.