I congratulate the Mutual Funds Association of Pakistan (MUFAP) for its second award ceremony in honour of best performing mutual funds of the Pakistan namely income Fund, Pakistan Stock Market Fund, Safeway Mutual Fund, PICIC Growth Fund and National Investment (unit) Trust. I am encouraged by the concerted efforts being made from the platform of MUFAP for the growth and development of mutual funds industry in Pakistan. I also take this opportunity to compliment Mr. Zaigham Mehmood Rizvi, the chairman, and the management of MUFAP for establishing MUFAP as a professional proactive and efficient body, which is now getting its recognition at the forum of International investment Funds Association (IIFA).
The importance of mutual funds industry for the overall improvement in the national economy cannot be under estimated, particularly its contribution towards generation of investment and employment opportunities in developing countries like Pakistan. We want to tap the huge potential of this industry for the expansion and economic growth of Pakistan. The growth of capital market is dependent on the availability of a mature and well-developed mutual fund industry.
In our country where the saving rates and number of investors in equity market are low even as compared to other countries in the region, the development of mutual fund industry Holds the key to unleashing the saving and inherent potential of mutual funds to provide necessary professional skills to help small investors gain maximum benefits for their hard earned savings. The key to take off for the mutual funds industry is winning the confidence of the small investors, which is where the critical role of MUFAP comes in.
The mutual fund industry is doing very well under the present economic conditions. The performance of this industry during past last couple of years has helped in not only restoring the small investors in equity investments but it has also helped in attracting more and more investments towards other products of the industry.
I hope that mutual funds industry will prosper and develop further in order to contribute more towards development of national economy in the country. I also take the opportunity to congratulate the management of the award winning funds and hope that they will accelerate their outstanding performance in future as well for the stabilisation and growth of stock markets in the country.
Pakistan's economy indicators are getting stronger and are providing ample opportunities to both local and foreign investors, and I hope MUFAP will ensure more local and foreign participation in country's capital market.
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