ISLAMABAD, March 28: Prime Minister’s Adviser on Investment and Privatization Dr Hafeez Sheikh said on Friday the government was making all out efforts to promote and encourage foreign investment through vital changes in the country’s conventional investment policy.

He underlined rationalization in tax rates and immediate availability of facilities like electricity, gas, phone, etc., for investors as some measures towards this end so that the investors get appropriate return of their investment, besides creation of job opportunities in the country.

“At present around 600 foreign companies are operating in the country and we are making every effort to attract more investors,” Dr Hafeez said in an interview. He said the Board of Investment (BoI) was being revamped and further empowered to create an investor-friendly environment and remove bottlenecks in the way of foreign investment.

Dr Hafeez said the country was ready and making efforts to benefit from the fast global economic development, particularly from the development of China.

The adviser said during Pakistani delegation’s visit to China the two sides had very successful talks for the expansion of Pakistan Steel, 300 megawatt Chashma Power Project-II and a glass factory, besides discussions on the ongoing projects like Gawadar Port, Saindak and Thar Caol.

Dr Hafeez said the current annual trade volume with China had reached up to $1.5 billion and Pakistan wanted to increase this with particular focus on the private sector involvement.

In this respect, he said, “we are establishing a new industrial zone for Chinese investors,” adding a Chinese investors conference will also be held very soon to let them know about the investment opportunities in Pakistan.

The adviser was of the view that Iraq war would not leave a major negative impact on “our economy as our sea and air routes are open for trade. However, if the war prolongs, it will have a negative impact on our economy.”

He said all necessary steps had been taken for the investment conference scheduled to be held here on April 19-20. The first meeting of the reconstituted Privatization Commission Board will be held on April 4 to consider the privatization strategy of the PSO, the PTCL, the Habib Bank and other state-owned enterprises.

The adviser said the government had already realized Rs0.78 billion from the privatization of the ICP Mutual Fund, whereas Rs2.9 billion had been realized through stock exchange, which was very encouraging in the present circumstances.—APP