KARACHI, Jan 12: Over 600 multinational companies are operating in Pakistan and their returns on investment are as high as 60 per cent. This was stated by the federal minister for privatization and investment , Dr Abdul Hafeez Shaikh, on Monday at the media launch of Kodak's celebrations of its 75 years in the region.

He said that foreign companies operating in Pakistan and Pakistanis working abroad should join ranks to tell the world that Pakistan is a good place for foreign investment. "They should try to improve Pakistan's image abroad. They should tell the world that last year Pakistan's exports totalled $12 billion, its foreign exchange reserves are $12 billion and last year foreign investment to the tune of $800 million came to the country."

The federal minister for privatization and investment said that international atmosphere was also improving. "Some 18 months back, there was war in Afghanistan. Now the war-torn country is being reconstructed. A year ago there was tension along Pakistan's eastern border. Now peace talks are being held."

Speaking to newsmen later, he said the privatization of the Habib Bank was extremely transparent. He said that Pakistan had obtained excellent revenues from the sell-off of the Habib Bank.

Earlier, the general manager of Kodak Limited Pakistan, Syed Awais Ahmed, said: "We are proud to be associated with Pakistan from day one of its life. Today as a multinational investor, serving the nation for 75 years, the company has set a remarkable example for other foreign investors that Pakistan is indeed a good investment proposition."

He added that Kodak had captured historic moments of Pakistan from early independence to the recently concluded 12th Saarc summit. Talking about consumer and professional imaging, Mohammad Arif Hussain, country business manager of Kodak, said Kodak spent millions of dollars on research and development programmes to produce world-class products.

He explained that the company had created small and medium enterprises in small cities by providing 150 micro labs to studios on 'earn and pay' basis.

Jawed Jafri, country manager for health and entertainment imaging of Kodak, said Kodak was playing a decisive role in Pakistan's health sector. He said the company was not only part of renowned old hospitals as Mayo, Ganga Ram and Ghulab Devi but also modern hospitals such as the Aga Khan University Hospital and the Shaukat Khanum Memorial Cancer Hospital.