Larson appreciates economic improvement

US Under-secretary of State for Trade and Investment, Alan Larson said on Monday that with the economic reforms in place and macro-economic indicators showing positive trends and growth, Pakistan has a conducive environment for foreign investors.
"We see investment in Pakistan rising, with open investment policy for local and foreign investors and lot of opportunities." Larson told a group of newsmen here at the Board of Investment (BOI) after holding discussions with Pakistani officials.
Larson, heading a five-member US business delegation, discussed the possibilities of investment in the country with a team led by Minister for Privatisation and Investment, Dr Hafeez Shaikh.
To a question as to which areas they were focussing on for investment in Pakistan, the US Under-secretary said it were the businessmen who decide the area of investment, adding but there are lot of opportunities in various fields.
He was happy to note that investment was increasing in Pakistan, saying that the investment was key to realise higher economic growth and creation of job opportunities.
Minister for Privatisation and Investment, Dr Hafeez Shaikh told the newsmen that they have had productive discussion with the US delegation with the focus on greater US investment in Pakistan.
He said that the US Under-secretary of State was appreciative of the economic improvement in Pakistan, including those of the economic growth rate, increase in investment etc.
"We discussed a range of issues and from the US side there was a general satisfaction over the investment climate in Pakistan including the improved law and order situation," the Minister said in response to a question.
BOI chairman, Waseem Haqqie said that the US companies were specially interested in power, refinery and ship breaking sectors. He said that due to improved regional situation and the macro-economic stability in the country, the US companies were now considering Pakistan a safer place for investment.
Earlier, during the meeting the US delegation was given a detailed presentation on country's economic situation, investment potential, opportunities and the conducive investment policies of the government.
The delegation was told that over 6 percent growth rate, around 20 percent increase in Foreign Direct Investment (FDI), around 20 to 26 percent rate of return on investment, liberal and performing stock exchanges, low interest rates, higher foreign exchange reserves and economic reforms measures in place are the hallmark of Pakistan's economic performance, making the country attractive for investment.
The visiting delegation was told that Pakistan was open for foreign investment in all sectors, offering a broad-based investment policy with no restrictions on equity ownership, remittances etc. It was further apprised that 57 US companies were already operating in Pakistan in oil and gas, IT and telecom, agriculture and energy sectors.