ISLAMABAD, March 16: US business mission leader on Wednesday said Pakistan’s solid economic prospects and friendly policies had given confidence to the investors. Mr Amet Bozer, also the Chairman of US-Pakistan Business Council (USPBC), was meeting Minister for Privatization and Investment Dr Abdul Hafeez Shaikh. According to a handout, the mission leader, who is also President Eurasia and Middle East Division Coca Cola, said that the bold decisions of President General Pervez Musharraf has started yielding results and now the reality was far better than the perception. USPBC was committed to increasing investment in Pakistan, as the country’s economy was moving in the right direction, he added.

Dr Shaikh said that the government was trying to accelerate the pace of privatization for improvement in efficiencies, revenue generation and to provide job opportunities through the private sector.

The slogan “Privatization for the people’ was the hallmark of the privatization programme. It has set a dramatic and historic record of sharing prosperity through public participation by public offerings of OGDCL, SSGC, PPL and Kapco shares. It benefitted 716,000 common men through appreciation in the shares value to Rs75 billion on their investment of Rs25 billion during a short span of time, he said.

Elucidating the salient features of improvement in the infrastructure, the minister said that the country’s gas production has been doubled during the last three years. He said roads network has been improved, problems in telecom tackled efficiently, which has made this sector a dynamic market for the investors, the cement sector switched to coal fuel as Pakistan has the world‘s sixth largest coal reserves mines in Tharparker estimated at 200 billion tons.

The strategic sale of two major banks United Bank Limited (UBL) and Habib Bank Limited (HBL) and Karachi Electric Supply Corporation (KESC) has been completed while UBL for the first time after the first of its privatization has given 22.5pc dividend on 49pc shares retained by the government, he said.

Dr. Hafeez Shaikh further stated that the strategic sale of Pakistan Telecommunication Limited (PTCL), Pakistan State Oil (PSO) and National Refinery Limited (NRL) has attracted quality players from all over the world on a massive scale.

Earlier, Mr.Wasim Haqqie Chairman Board of Investment (BoI) informed the delegation regarding the investment climate and opportunities in Pakistan and said that employment opportunities could be generated through SMEs. There existed vast scope for foreign investors in the power, telecom, it, agriculture, textile and leather industry of Pakistan, he said.

The other members of the delegation including top ranking CEOs of multinationals and other American companies termed the progress made by Pakistan in the economy as remarkable and hoped that the potential of FDI and taking advantage of market condition for IPO strategy would further improve the economic scenario.

Later in the matchmaking session chaired by minister for State for Privatization and Investment Mr Umer Ghumman, 15 prominent Pakistani businessmen held discussion with the delegates.

APP adds: The US business delegation also called on Prime Minister Shaukat Aziz and praised the successful economic reforms of the government to vitalize Pakistan’s economy.

Headed by US Ambassador in Pakistan, Ryan C. Crocker the American businessmen’s delegation informed the Prime Minister that due to the successful economic reforms undertaken in the past few years their businesses have witnessed growth and substantial expansion.

The Prime Minister urged American businessmen that their greatest contribution would be to use their good offices and convey to other businessmen about the present conducive economic climate in Pakistan.

The Prime Minister said that government believes that the private sector can help develop infrastructure. The government’s approach is to encourage private-public partnership, he added.