International fund managers likely to visit Pakistan

The executives of some international fund managers are likely to visit Pakistan shortly to explore the possibility of taking part in the upcoming transactions of privatisation projects in the country.
This was stated by Federal Minister for Privatisation and Investment Dr Abdul Hafeez Shaikh in an interview with PPI on Saturday in Karachi.
Hafeez, along with Minister for Petroleum and Natural Resources Nouraiz Shakoor in a meeting with executives of international fund managers, on the sidelines of Pakistan''s Business and Investment Conference on April 26 in Hong Kong briefed them on investment and privatisation programme in Pakistan.
They also highlighted political stability and continuity of reforms in Pakistan.
He said the attitude of executives of international fund managers was "positive". He said he told them that a number of leading multinationals were operating in Pakistan and also bidding in privatisation projects.
The executives included Stuart Winchester of Allianz Dresdner Asset Management Hong Kong Ltd, which manages over 50 billion dollars in global stocks; Steve Watson of Capital Research and Management Company the biggest Asian investor of over 300 billion dollars in global stocks; Linda Csellak of Credit Agricole Asset Management Hong Kong Ltd, top five Asian investors of over 75 billion dollars in emerging markets stocks; Angus Maepherson MD, Head of Asian Capital Markets and Financing Merrill Lynch; Marta Obando, VP Global Equity Markets Merrill Lynch; and Ashraf N Irshaduddin President and CEO KASB Bank.
Hafeez said that Business and Investment Conference in Hong Kong highlighted Pakistan''s liberal investment regime and would help flow of international capital into the country.
The minister, who accompanied Prime Minister Zafarullah Khan Jamali on his visit to Hong Kong and Boao in China, Peoples Democratic Republic of Laos, Cambodia and Thailand from April 21 to 30, said that focus of the Hong Kong conference were the Chinese and Hong Kong-based businessmen to make investment in Pakistan.
He said it was also an interaction of Pakistani businessmen with their Chinese counterparts. Some businessmen from South Korea, Singapore and Malaysia also participated in the moot.
The sectors for investment in Pakistan included telecom, oil, gas, food processing, electronics, construction material, textiles, infrastructure, banking and commercial services, IT and media.
Dr Hafeez said that the conference was held in Hong Kong as it has offices of international companies and regional headquarters of many international firms.
He said that success of reforms in various sectors in Pakistan was highlighted. Foreign direct investment (FDI) in the country increased to 800 million dollars in fiscal 2003-04 from 500 million dollars in 2002-03, a rise of over 60 percent, he noted.
The government hopes FDI will surpass the target set for current fiscal year.
He spoke of recent privatisation of Habib Bank, telecom and cellular phone licences in Pakistan and said that momentum they have generated has to be built upon.
"It is a major breakthrough in terms of private sector financing Pakistan''s economic development", he observed.
He said that the government would hold another business and investment conference in London on May 12 and one specially on investment opportunities in Balochistan province on May 8 in Quetta.