ISLAMABAD, July 6: Minister for Privatization and Investment, Dr Hafeez Shaikh said on Tuesday, all sectors were open for foreign and domestic investors with attractive incentives.

"There is no restriction on equity limit or repatriation of the money in any sector as the private sector is the engine of economic growth," Hafeez stated during a meeting with Ms Lisa Chiles, Mission Director, United States Agency for International Development (USAID) who called on him here.

Dr Hafeez said that to coop with demanding global market challenges, there was a need to upgrade domestic industries to compete in the global markets through better strategy for achieving the target of higher growth.

Pakistan-US Business and Trade relations were growing gradually, which would provide an opportunity to the business groups of both the countries to exchange their experiences in the related fields, he hoped.

The Minister stated that the government's economic policy and the reforms process were focused to give efficient and quality services to the consumers and to benefit the people through the transfer of technologies by encouraging the private investors.

He also appreciated the efforts of USAID being undertaken to encourage various industrial sectors to develop growth strategies. Earlier, Ms. Lisa Chiles, Mission Director for USAID, Pakistan briefed the Minister regarding USAID and SMEDA's joint initiative launched in the agri business, fisheries, light engineering (Electric Fans), leather, gems and jewelry, surgical equipment, sporting goods, IT and Marble and Granite in the mining sectors.

Sectoral working groups have begun developing strategies to improve value-added production and increased profitability firms, which was being noticed with positive response, she added.

USAID Mission head, who was accompanied by Peter Duffy, Economic Growth Adviser, remained with the Minister for some time and discussed other matters relating to the economic development and the progress of the private sector. -APP