The government is anticipating an investment of $6 billion by overseas Pakistanis, for which government provides a conducive atmosphere to attract more investment, said Minister for Labour, Manpower and Overseas Pakistanis Ghulam Sarwar Khan in a press briefing here on Friday.
A two days Overseas Pakistanis Investment Conference commencing from March 5 is the reflection of the government's initiative taken due to interest shown by overseas Pakistanis, he added.
The minister believed the conference would be a great success as they have received encouraging response from overseas Pakistani businessmen from 35 countries. About 454 overseas Pakistanis were registered for the conference, out of which 222 have confirmed their participation, who are likely to invest $6122 million, he added. He attributed an excess of $5 billion remittances expected this year from overseas Pakistanis.
Speaking on the incentives, the minister said, the government has kept a low figure of $2 million as minimum investment to encourage maximum overseas Pakistani investors. It has also invited local businessmen to set up joint ventures. Moreover, all stakeholders including, high government officials, industrialists, chambers of commerce and industries, and others who could facilitate the process are invited to attend the conference, he added.
Sarwar Khan said, the overseas Pakistanis are interested in 30 business areas, of which, main are: Power plants, construction, agro-farming, services, tourism light engineering, information and technology, pharmaceutical and export sectors.
The largest investment, he said, $500 million has been indicated in power sector, $496 million in construction, and $372 million in agro-farming. Whereas, a total of $906 million investment is conceived through services, tourism, light engineering, information and technology, pharmaceutical and export sectors, he added.
The largest number of confirmed participants is coming from USA, which is 64 followed by UK confirming 55 participants. The other important countries are from Middle East such as Saudi Arabia, UAE, Bahrain, Qatar, Oman etc. Investors from Italy and Canada are also participating in the conference.
He said, about 200 local businessmen have approached to participate in the forthcoming conference. One of the purposes of this conference is to provide opportunities to local businessmen for setting up their interaction with overseas Pakistanis.
He said that conference would provide an ideal opportunity to bring together all relevant stakeholders from federal and provincial governments, local business people and potential overseas investors for identifying areas of investment opportunities and forming trade and joint ventures partnerships.
Answering a question of providing incentives and a conducive environment, he said government has initiated a 'one window' operation for the convenience of investors and also assured for providing all kind of facilities like electricity, gas, roads etc.
To another question of security risks and law and order situation, he said, would be given special attention to build the confidence of the investors. However, he said, these are Pakistanis having deep roots in our society and are well aware of its culture. It would not be difficult for them to cope with the situation, but the government would do its best to encourage them and remove all their fears.
He quoted Bestway Group as a very good example of overseas Pakistani's investment, whose business in Pakistan has flourished enormously. Now they are going to install another cement plant that would be fourth to their credit in Pakistan. Such success stories would help investors a lot, he added.
Talking to Business Recorder, the minister said, there is no restriction of manpower export to Libya and we would be having agreements with them also. There is scope of teachers and paramedical staff in Libya, but the people are not keen to go to Libya, as the salary package is not very attractive as compared to Middle East, he added.
However, Libya discourages Pakistani labour on the ground as they misuse their entry as transit for European countries, he added. Federal Secretary Ministry of Labour, Manpower and Overseas Pakistanis Malik Asif Hayat and Managing Director OPF Mushtaq Ahmad were also present in the press conference.
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