Prime Minister Shaukat Aziz on Monday said the investment regime of the government coupled with incentives and the level playing field provided to investors have reduced the cost of doing business in Pakistan.
The openness of government policies and transparency in transactions is attracting higher investments and Pakistan is geared to become a regional hub for trade and manufacturing, he added.
He was talking to Canadian Pakistan Business Council (CPBC) President Anwar Merchant, who called on him here at the Prime Minister's House. The prime minister said that macro-economic stability, continuity and consistency of policies have restored the confidence of investors, and helped the business to flourish. These polices have made Pakistan an investment-friendly place and the record ($3.8 billion) foreign direct investment (FDI) in the last financial year is reflective of the success of government's policies, he added.
Shaukat Aziz identified construction, agri business, infrastructure, energy, mining and IT and telecom as areas with vast opportunities for the investors. Giving an overview of the economic recovery achieved by the country, the prime minister said the broad-based and multifaceted reform agenda undertaken by the government has changed the entire economic landscape of the country.
He said the size of the economy has almost doubled during the last seven years, and Pakistan's economy has grown at an average rate of almost 7 percent per annum during the last four years, and over 7.5 percent in the last three years, thus positioning itself as the second fastest growing economy of the Asian region.
The prime minister said Pakistan was able to achieve 6.6 percent growth during the last financial year despite the losses caused by earthquake and surging oil prices at the international market.
"Pakistan's economy has proved itself remarkably resilient in the face of shocks of extra-ordinary proportions", he added. Shaukat Aziz said the per capita income, which is considered one of the main indicators of development, grew by an average rate of 13.9 percent per annum during the last four years rising from $562 in 2003 to $647 in 2006, adding that 12.6 million people were brought out of poverty net during 2002-05.
He said the economic philosophy of the government is based on the broad principles of privatisation, deregulation and liberalisation and transparency is the hallmark of the government's transactions. Anwar Merchant, the head of the delegation, appreciated the Pakistan government for streamlining the investment policies and procedures.
He said Pakistan is a great place for investment as it offers tremendous opportunities and a conducive environment for the private sector. Anwar Merchant said Canadian companies are keen to invest in Pakistan particularly in infrastructure and power sector. Among others, Privatisation and Investment Minister Zahid Hamid, Minister of State for Privatisation and Investment Umar Ahmad Ghumman, Canadian High Commissioner David Collins, and senior officials attended the meeting.