The government has set a target to attract $1 billion foreign investment in the country during the current year.
Federal Minister for Investment and Privatisation Dr Abdul Hafeez Shaikh stated this while talking to the participants of a 3-day International Trade and Industrial Fair (ITIF) being organised by the Ministry of Investment and Privatisation in collaboration with E-commerce Singapore at Expo Centre on Monday.
He pointed out that $800 million foreign investment had been made in the country last year and the government is determined to enhance it up to $1 billion mark in the current year.
In this connection, he said, besides provision of proper infrastructure facilities and streamlining of rules and regulations, the law and order/security condition of the country had also improved a lot.
It was for this reason that both the local and foreign investors are considering the country as "highly prospective and conducive place for investment", showing practical interest.
The Minister also referred to the recent boom on stock market, increased foreign exchange reserves and progress of many other sectors as the main indicators of economic development in the country, promising an excellent opportunity for the investors.
Dr Hafeez described textile and agriculture sectors as the backbone of the economy of the country and mentioned that the government is extending maximum possible incentives and facilities to them for their further growth and development.
He went around various stalls and talked to the participants of the fair and inquired about their products and marketability in the international and local markets.
The Minister termed Karachi as economic hub of the country and appreciated the organisers for holding such a mega-event in the city, which, he opined, would help to a great deal to restore the confidence of the foreign investors in the country.
Talking to media men, he said that with the development and progress of IT, oil and gas, livestock and fisheries, small and medium enterprises, etc, more employment opportunities could be generated which would help reduce poverty in the country.