Kuwaiti group plans to invest in POL, housing: Musharraf addresses businessmen

A major Kuwaiti group on Sunday informed President General Pervez Musharraf of its plan to invest $l.5 billion in the fields of petroleum, housing and alternative energy resources.
Sheikh Salam Daoud Al-Salman Al-Sabah, chairman, International Investment Group of Kuwait, told APP after a meeting with the President that it sees Pakistan as a 'stable, promising and favourable place' for investment.
"We plan to build an oil refinery, low-cost housing and a wind power project in the next few years as we see growth prospects in Pakistan very bright in the wake of President Musharraf's economic reforms and achievements", he said.
Sheikh Salam also said the Group in tandem with other business concerns would like to sponsor construction of educational and health infrastructures in the quake zone, adding: "We will take part in Pakistan's development."
Earlier, speaking to leading businessmen and entrepreneurs of the oil-rich Gulf country, Musharraf urged Kuwaiti entrepreneurs to benefit from Pakistan's investor-friendly environment with the country enjoying political stability, improved law and order, and offering bright prospects for business on the back of an expanding economy.
The President said Pakistan has overcome the effects of terrorism that hit the region for a long time.
He said the country was enjoying more political stability than in the past and all the three tiers of governance - the national, provincial and local - were enjoying harmony.
Musharraf noted with satisfaction the strides Pakistan's economy has made in the recent years, and said each and every element of economic assessment is positive.
The country's foreign exchange reserves have increased tremendously, exports are on the rise and its international ratings have notched up many places, he added.
The President said that as a result of increase in per capita income Pakistan's low-income group has entered into a middle-class group.
Referring to the growing confidence of the international business community in Pakistan and its economic strength, the President said the world capital market responded tremendously to the Euro and Islamic bonds, floated last year.
Highlighting Pakistan's success in its fight against terrorism, he said the country has overcome the negative impacts of the menace that hit the region for a long time. Musharraf said it was not affecting Pakistan's business relations with the world and many foreign companies were operating in the country and earning high profits.
Even the country's internal situation in the past did not impact the working and profitability of these foreign companies, he added. In this context, the President added that travel advisories vis-à-vis Pakistan were absolutely misplaced. President Musharraf identified textile products, bedwear, surgical and sports goods, food and vegetables which Kuwait could import from Pakistan.
Pakistan's textile goods export to the world was around 4 billion dollars while Kuwait's textile goods import from the country was merely 10 million dollars that could be increased, he added.
The President underlined Pakistan's business-friendly environment that offered lucrative and unparalleled incentives and a level-playing field to both local and foreign investors. The economic regime was working in a transparent manner with strong regulatory authorities; almost all sectors of economy were open to investment; investors could have 100 percent equity; there was no bar on remitting dividends; and the cost of doing business was low, he said. He said liquidity in banks was also helping investors to raise required resources for their projects. The President asked Kuwaiti businessmen to benefit from these incentives and particularly identified energy and power sectors where they could also work in joint ventures with their Pakistani counterparts.
Pakistan was focusing on energy and power projects to meet growing requirement of its economy in both industrial and agriculture sectors, he added.
He also asked Kuwaiti entrepreneurs to set up oil refineries in Pakistan that was strategically located at the crossroads of South Asia, Central Asia and the Gulf region. The President identified telecom as another potential sector for investment and told the business leaders about the growing teledensity in the country. He said the number of mobile-phone users has increased from 600,000 a few years ago to nearly 18 million.
Pakistan's agro-based industry, food and vegetable and fisheries sectors also offer attractive and profitable business to the foreign entrepreneurs, he added.
Musharraf assured the businessmen all support, saying he would personally meet the leading investors to address any bureaucratic hurdles in way of investment.