ISLAMABAD, Oct 4: President Gen Pervez Musharraf said on Wednesday Pakistan would offer additional incentives to foreign investors as Islamabad was committed to facilitating them in all the major sectors of the economy.He said there existed "excellent opportunities" for foreign investment because of an adequate policy framework already well placed in Pakistan.
Talking to Telenor Mobile Company President and CEO Jon Fredik Baksaas, Gen Musharraf said that the government would further like to greatly facilitate foreign investment including in the telecom sector.
Telecommunication and Information Technology Minister Owais Ahmad Khan Leghari, who was also present in the meeting, told Dawn that the president was informed by Telenor chief that his company would make $500 million new investment in the country during 2006.
"It has already invested over $1 billion in Pakistan," Leghari said. The president was also informed that the telecom sector was likely to attract $3-4 billion investment in next three years.
He said Mr Baksaas was of the view that Pakistan was offering sustained telecom policy which was attracting sizable foreign investment.
"We were considering investment in Iran and some other countries of the region but we did not find some clear and defined investment policies there. Nevertheless we found Pakistan a better place for investment and that is why we came here," the Telenor CEO was quoted as having said by the minister for communication and information technology.
Mr Leghari said that the president told his guest that he had a firm resolve to ensure all possible foreign investment for which the government would continue to offer more and more facilities.
The president also appreciated the role of the Board of Investment (BoI) and said that it was trying to remove various hurdles being faced by the investors.
Gen Musharraf appreciated Telenor’s new investment plans and said Pakistan has become a booming market for telecom industry and there was a great scope for investment in this field.Mr Baksaas lauded what he termed "far reaching economic reforms" introduced by the Pakistani government which had not only helped stabilise the economy but also served as tremendous incentive to attract valuable foreign investment.
He said there was an "excellent investment-friendly environment" in Pakistan and thanked the government for facilitating his group.
Minister of State for Privatisation and Investment Omar Ahmad Ghumman and representatives of Telenor and senior government officials were also present on the occasion.