RAWALPINDI, Sept 23: Minister for Privatization and Investment Dr Abdul Hafeez Sheikh on Thursday said foreign investment increased from Rs2 million to Rs9.5 million in the last two years.

He was speaking at the inauguration of a branch of Pakistan Industrial Credit and Investment Corporation (PICIC) here on Thursday. The minister said the government was looking for suitable collaborators from the private sector to run projects in social sectors like health and education. He hoped that the social sector would show improvement.

The Privatization Commission, he said, had been doing its best to show transparency in its affairs. Previously, the commission had a focus on some specific sectors but now it was expanding its activities. The minister praised PICIC and said its profit had increased by 150 per cent exceeding Rs1 billion.

This is the reason why the policies of PICIC are being replicated by other sectors, he said. PICIC's managing director Mohammad Ali Khoja said the corporation had embarked upon a five-year business diversification plan, 'PICIC Vision 2005' to meet challenges of the changing national and global business scenario. The targets were achieved by December 2003, he said.

He said the vision aimed at achieving diversification of business in related financial fields to make PICIC a 'True Financial Supermarket'. Mr Khoja underlined the need for revamping the old industrial units and establishing new ones to increase GDP.

PICIC's deputy chairman Mohammad Bashir Jan Mohammad, in his speech, stressed on reviving sick units and expediting privatization process. The government, he said, was unable to manage many of the public services institutions like hospitals/schools.

These can be improved with the financial contribution from well-to-do people who, he said, were willing to contribute but were reluctant due to the existing red-tape and unfair practices in these social institutions.