Innovative investment bank to invest $15 million in Pakistan: chief executive

Caretaker Prime Minister Mohammedmian Soomro has said that the banking industry, which has been transformed into a vibrant private sector enterprise as a result of market based reforms, is playing an important role in the economic growth of the country.
The Prime Minister was talking to Syed Mehboob Hussain, CEO of Innovative Investment Bank, who met him here on Wednesday. The Prime Minister said that Pakistan with its growing market, strong economy and emerging middle class offers opportunities for business and investment. He said that due to government policies of deregulation, privatisation and liberalisation, foreign banks are investing in Pakistan. Continuity and consistency in policies, coupled with an investment-friendly and hassle-free environment has made Pakistan a destination of choice for foreign investors, the Prime Minister said.
He said that Pakistan has opened up its economy to local and foreign investors to help speed up the economic activity. He added that private sector has improved the efficiency of the Public Sector and the government is encouraging public-private partnership.
The Prime Minister said that the country's economy has benefited a lot from the financial sector reforms and this has been observed and acknowledged by international and local financial institutions and investors.
The Prime Minister said there is great potential for investments in the areas of telecom, IT, real estate, hospitality, agribusiness, construction and manufacturing and the government is encouraging public-private partnerships in all these sectors.
Hussain while appreciating the investor-friendly policies introduced by the Government of Pakistan said these initiatives have increased the confidence of both local and foreign investors. He further said that the reforms agenda, the transparent policies and the consistency and continuity of policies had enabled investors to invest in Pakistan and benefit from the attractive opportunities in the country.
He apprised the Prime Minister that Innovative Investment Bank would initially invest $15 million which would increase further substantially in future. He further informed that Innovative Investment Bank is a UK based bank and has been operating for the last two decades. The main areas of services, he said, include financial services, wholesale distribution, retail activities, management and development of commercial as well as residential property.