BOAO, April 24: Prime Minister Mir Zafarullah Khan Jamali said on Saturday Pakistan offered a secure and favourable environment to investors with generous fiscal and tax concessions available.

Speaking here at the Boao Annual Forum 2004, Prime Minister Jamali invited the investors to participate in country's development efforts. "We have created a propitious environment for promotion of growth and investment. I invite you all to participate in our development efforts," he said.

Outlining the economic gains the country has achieved during the last few years, he said: "Our national priority is domestic reforms, economic stability and modernization. Our aim is to build a strong, prosperous and democratic Pakistan, which stands fully integrated with the rest of the world," he added.

Pakistan, the prime minister said, had achieved macroeconomic stability. "The GDP growth rate is currently 5.5 per cent and is expected to range around 7 per cent in the next few years. Pakistan is attracting increasing foreign investment. Presence of more than 600 foreign companies, including well-known multinationals, testify to the credentials of Pakistan as a safe and profitable destination for investment."

He mentioned the incentives which make Pakistan an attractive destination for the foreign investment, and said the corporate profitability, on average, ranged from 16 to 60 per cent.

"Pakistan offers a secure and favourable environment to investors in the fields of information technology, agriculture, textiles, oil and gas, chemicals and financial business. Pakistan is also an excellent base for supplying a wide range of goods and services to the new markets of Central Asian Republics as well as Afghanistan," Mr Jamali said.

He further said service, infrastructure and agriculture sectors were also open for foreign investment, and in service and agriculture sectors 100 per cent foreign equity was allowed.

The prime minister said there was complete freedom of choice regarding location of activities and full repatriation of capital, profits and dividends. "Generous fiscal and tax concessions are also available."-APP