ISLAMABAD, Sept 5: Tunisia is keen to have joint ventures with Pakistan in textile, information technology, science and technology and food processing sectors.

The visiting Tunisian Minister for Industry, Energy, Small and Medium Enterprises Afif Chelbi stated this during a meeting with Wasi Zafar, federal minister for privatisation and investment on Wednesday.

Wasi Zafar stressed the need for exchange of business and trade delegations of both the countries to further promote the existing economic bonds and to benefit from each other’s experience in the related areas and the available investment opportunities.

Pakistan has surplus production of variety of fruits and provides opportunities in food processing, information technology, telecommunications, power, textile, oil and gas exploration, real estate, tourism, and banking, he said.

Giving an overview of Pakistan’s economy and the salient features of the investment and privatisation policies and economic reforms introduced by the government Wasi Zafar said that three pillars of Pakistan’s economy - deregulation, liberalisation and privatisation — have yielded encouraging results.

He said that privatisation of public sectors entities had confined the government’s role to policy making, good governance and has fostered competition and increased efficiency and revenues.

Exciting investment opportunities in an investment friendly environment along with level playing field for both local and foreign investors, effective regulatory framework with liberal policies have made Pakistan an attractive destination for investment, he added.

He informed the visiting Tunisian minister that liberal investment policy included 100 per cent foreign equity in all economic sectors, with attractive incentives like remittances of capital, profits, royalty, technical and franchise fees without obtaining permission from the government. The foreign investment was fully protected under Foreign Private Investment (Promotion & Protection) Act 1976 and Protection of Economic Reforms Act 1992, he stated.

Giving details of the achievements Wasi Zafar said that Pakistan’s investment friendly policies had yielded record results as witnessed during the fiscal year 2006-07 by setting new record of foreign investment to $8.4 billion, which was 5.8 per cent of GDP.

Pakistan has comprehensive and broad-based privatisation program, which provides attractive opportunities and the PC Ordinance, 2000 has given statuary cover to the whole process, he added.

The minister further said that Pakistan had so far privatised 166 public sector units raising $7 billion since 1991 while 87 per cent of the privatisation was completed during the recent seven years realising around $6.1 billion through the completion of 61 transactions.

Federal secretary privatization and investment and secretary Board of Investment (BOI) also briefed the guest regarding the functioning of PC and BOI.

Tunisian envoy to Pakistan was also present on the occasion.—APP