Government diversifying industrial base to attract investment: Prime Minister

Government is keenly pursuing a comprehensive policy to diversify the industrial base for opening up new sectors to domestic and foreign investment, said Prime Minister Shaukat Aziz. He was addressing the inaugural ceremony of ICI Pakistan's Soda Ash expansion project at Khewra, which is expected to produce 50,000 tonnes of soda ash annually.
"Pakistan offers congenial atmosphere for domestic and foreign investors who can get 100 percent equity on their investment. Tariff reductions have further promoted investment by reducing the cost of doing business and enhancing production in all sectors," he added.
Attributing economic growth to long-term policymaking, the PM said, "Growth in economy has been in the range of 7 to 8 percent in the last couple of years mainly due to the economic reforms. Furthermore, the government has ensured continuity in policies to gain the confidence of investors, both local and foreign."
Commenting on the investment scenario, the PM said, "Sharp upsurge in FDI has been witnessed lately due to successful structural reforms, high growth and economic stability. This fiscal year, we expect more than $5 billion foreign direct investment." Prime Minister Shaukat Aziz also emphasised on the need to improve quality of Pakistani products to compete with the fast growing global economies.
Speaking at the occasion, Chief Executive ICI Plc UK , Dr John D.J. McAdam appreciated the economic revival and assured ICI's continued commitment towards investing in Pakistan's economy. "ICI believes Pakistan is a manufacturing hub for the region, and we will continue to work towards the development of import substitution industries to cater to local and regional demand. Our Soda Ash unit alone is planned to expand its capacity to 350,000 tonnes by 2009," he added.
Chief Executive, ICI Pakistan, Waqar A. Malik highlighted the company's compliance to world-class quality standards with the relentless commitment to safety, security, health, environment and business excellence. "ICI Pakistan is one of the best performers among ICI's global operations with a turnover exceeding Rs 50 billion in the outgoing year, equating to 1percent of Pakistan's GDP. The company has invested over Rs 40 billion in Pakistan since 1980 and contributed Rs 25 billion to the government exchequer in the last five years alone."
Also present at the occasion was Governor Punjab, Lieutenant General Khalid Maqbool (Retd), Chief Minister Punjab, Chaudhry Pervaiz Elahi, Federal Minister for Industries and Production, Jehangir Khan Tareen, federal Minister for Privatisation & Investment, Zahid Hamid, Advisor to PM on Finance, Dr Salman Shah and other senior government officials.-PR