The Board of Investment (BOI) has recommended incentive package to make next year fiscal budget 'investment growth oriented and investors friendly', which will help in attracting more foreign investment in oil and gas, power and telecommunication sectors.
Chairman Board of Investment (BoI), Waseem Haqqie said this while talking to Business Recorder here on Friday.
The budget, which is to be announced next month, will remain focussed on granting compatible incentives to the foreign investors as the country may touch $1 billion investment figure by the end of year, said Haqqie.
Investment climate has 'really' improved. The investment opportunities are galore in Pakistan, said the BoI chairman, who remained tight-lipped to elaborate the BoI's recommended incentives.
He said during last nine months, $632 million came to Pakistan as foreign direct investment (FDI) against $658 million in the corresponding period last year. "We are hopeful that the country may touch $1 billion by the end of the year," Haqqie said.
The major sectors contributing towards investment are oil and gas, telecommunications, financial and power, he said adding that oil and gas sector has been at the center-stage in attracting foreign investment.
Since the energy sector is vital for the prospective foreign investors, the province of Balochistan having abundant untapped oil and gas reserves will be the focal point for investors and the clear picture of the real situation and government's facilities being provided there is essential for attracting the investors, the BoI chief said.
In reply to a question, Haqqie said BoI was hopeful to touch the $1 billion figure in foreign investment. There are 33 expression of interests (EoIs) in the power sector for 6000 MW electricity generation. Out of these EoIs, six letters of intent have already been issued for approximately 700 MW electricity, he added.
Large-scale manufacturing grew up by 14.7 percent in the last three quarters of 2003-04. Private sector financing is at Rs 238 billion in the nine month of this fiscal versus Rs 85 billion for the same period of last year, said the BoI chairman.
Haqqie said BoI was actively on the move forward to inform the domestic and foreign investors about the 'actually improved' investment climate.
Remaining on the issue, he said the investment conference in Hong Kong early this week, presided over by the Prime Minister Mir Zafarullah Khan Jamali, was attended by 160 foreign and 40 Pakistani businessmen.
BoI, Haqqie said, is organising a conference titled "International Conference on Investment Opportunities in Balochistan" in Quetta on 8th May 2004, which will be presided over by the Prime Minister. Investors from China, Iran, Singapore, Saudi Arabia, Turkey, Afghanistan and Secretary General Islamic Chambers of Commerce and Industry have confirmed their participation.
Waseem Haqqie said BoI in collaboration with Pakistan-Britain Trade and Investment Forum, Pakistan Britain Advisory Group and Pakistan High Commission in the UK, is also organising another conference in London on May 12, 2004.
Comments
Comments are closed.