ISLAMABAD, Dec 16: Chairman Board of Investment (BoI), Waseem Haqqie said on Monday, with the investment climate improved in Pakistan, the country was expecting $1 billion foreign investment during 2002-2003.

He was addressing the Conference on Business Opportunities in Pakistan concluded in Singapore, says a fax message received here.

The conference, second within six weeks, was organized by Pakistan High Commission, in collaboration with the International Trade Institute of Singapore (ITIS) and Singapore Confederation of Industries (SCI).

It was attended by around 300 representatives of different multinational companies, trading houses and exporters in Singapore.

Pakistan High Commissioner, Abdul Moiz Bokhari, Dr Ashfaque Hassan Khan, Economic Adviser to the Government of Pakistan also addressed the conference.

The chairman BoI said the main thrust of Pakistan’s investment policy was to restore the confidence of investors regarding the profitability of the business, security of their capital, and the necessary infrastructure to facilitate the establishment as well as operation of business in the country.

Since the country has adopted export-led strategy of economic growth, emphasis is on production of consumer products and their supply to the domestic and foreign markets, he said.

Waseem Haqqie, on this occasion, also announced the appointment of Steven Ong, a leading businessman, as Pakistan’s Honorary Investment Counsellor for Singapore. Mr. Ong gratefully accepted the honour and hoped to work for the promotion of trade and investment between the two countries.

Heads/senior representatives of various foreign enterprises operating in Pakistan, who spoke in the conference included Chairman, Commerce Net Singapore, Chief Executive Maxco Ltd. Karachi, CEO, Olivine Magneties Ltd Singapore, Vice President, Halliburton Singapore, Managing Partner, PricewaterhouseCoopers and Country Representative, ABN Amro.

The High Commissioner in his opening remarks stated that trade relations between Singapore and Pakistan were steadily improving over the years.

He said that Pakistan today was the country of optimum promise in South Asia and invited the business community in Singapore to explore the immense business potential that existed not far from their shores.

Dr Ashfaque said that following the significant improvement in economic fundamentals, consistency and transparency of policies, Pakistan was expecting higher inflow of foreign investment in the coming years.—APP