ISLAMABAD, May 11: There exists a vast scope for American companies to participate in Pakistan’s privatization programme. This was stated by Privatization and Investment Minister Dr Abdul Hafeez Sheikh during a meeting with a high-level delegation of the Overseas Private Investment Corporation (OPIC) from the US headed by Ross Connelly, president and CEO, which called on him here on Wednesday.

“OPIC, being an ideal instrument, could structure some effective tool for US investors/companies to participate in various sectors under Pakistan’s privatization programme to further accelerate the pace of privatization activity,” the minister said.

Dr Hafeez elucidated the salient features of the privatization programme and informed the delegation that the privatization process for the strategic sale with transfer of management control of Pakistan Telecommunication Company Ltd, Pakistan State Oil, National Refinery Ltd and Pakistan Fertilizers Ltd was at an advanced stage, while in the power sector a distribution company, Faisalabad Electric Supply Company, was being processed.

He pointed out that the US companies were focused in a couple of sectors while there was a need to generate their interest in other areas like agro-based industry, food processing, mining, etc.

The minister informed the delegation that Pakistan had great potential in coal production and was the third country that had the largest coal reserves. “Our cement industry has almost switched over to coal-based production,” he added.

Ross Connelly, the leader of the delegation, said that OPIC had approved projects worth $500 million and was actively supporting the private sector to spot areas of interest in Pakistan.