Prime Minister Shaukat Aziz on Friday said in order to consolidate the banking sector, the government was encouraging mergers and acquisitions so that a few but stronger banks provide a full range of services. He was talking to Madam Ho Ching, Executive Director and CEO, Tamasek Holdings, Singapore, who called on him here.
The Prime Minister said the banking industry, which has gained strength as a result of financial sector reforms, is attracting unprecedented high foreign investments and significant expansion is taking place in the financial sector.
He emphasised that banking industry, which has been transformed from a state owned sector to a vibrant private sector industry needs to come up with new products and services to serve the less privileged sections of society.
He welcomed the investments by Tamasek in Pakistan and said this reflected the growing confidence of international community in the success of economic and structural reforms implemented by the government during the last seven years. He said Pakistan of today and tomorrow was entirely different from the Pakistan of yesterday.
Today, it is recognised as a leading emerging nation of the world, rapidly transforming into a major market economy with large products, services and labour market and a world class manufacturing and servicing sector of the region, he added.
The Prime Minister said: "Our strategy for improving investment climate in the country is multi-pronged, marked by financial sector and taxation reforms, dismantling of archaic procedures, better enforcement of civil contracts and documentation of property rights, infrastructure development and above all ensuring consistency and continuity of government policies, which is yielding positive results".
He appreciated the growing economic ties between Pakistan and Singapore. The Prime Minister said the recently signed agreement between Gwadar Port Authority and Port of Singapore Authority would give a tremendous boost to the financial and industrial activities in and around Gwader. Madam Ho Ching said Tamasek Holdings had over $106 billion assets and it was owned by the Ministry of Finance of Singapore.
She said currently Tamasek Holdings holds investment in financial institutions spanning several markets in Asia. She said the success of a broad based reform agenda of the Pakistan government had created tremendous potential in the financial sector of the government and Tamasek Holdings is keen to expand its operations in Pakistan.
The meeting was attended among others by Minister for Privatisation Zahid Hamid, Adviser to the Prime Minister on Finance Dr Salman Shah, Governor State Bank Dr Shamshad Akhtar, Senior Managing Director and Co-chief Investment Officer, Tamasek Holdings, Executive Director and CEO Fullerton Financial Holdings, Francis Rozario, High Commissioner of Pakistan in Singapore Sajjad Ashraf and senior officials.
Later, the Prime Minister hosted a dinner in honour of Madam Ho Ching and during his speech welcoming the guest said, Pakistan was encouraged by the confidence posed by Tamasek Holdings in the economic policies of Pakistan. He said Pakistan was trying to leverage its opportunities to attract foreign investment.
The Prime Minister said that economic relations play a major role in developing links in today's world. Madam Ho Ching said that environment in Pakistan was quite conducive for foreign investors and provides attractive opportunities in host of areas.
Tamasek Holdings has decided to invest in Pakistan on long-term basis and contribute in its growth and development endeavours, she added. She said, "We want to see Pakistan moving forward among the developing countries". She thanked the Prime Minister for giving warm welcome and hospitality and said that the Pakistani people had great potential to move forward.
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