A Kuwaiti-Saudi Group Midroc Tussonia (Pvt) Limited has initiated to invest $1.5 billion to $2.5 billion in power, oil & gas and real estate sectors over a period of next five to seven years.
Sheikh Humoud Al-Sabah President of the group informed during a meeting with Zahid Hamid, Federal Minister for Privatisation & Investment while heading a delegation here on Wednesday.
Zahid Hamid assured the delegation full assistance in the completion of their projects, which were at an advanced stage. He said that the improved macro economic indicators have created investors-friendly atmosphere and made Pakistan a safe haven for investors from around the globe. Pakistan and Kuwait enjoyed very close, historic and brotherly relations, which were being further strengthened and cemented through trade and investment activities between both the countries, he stated.
The minister informed the delegation that Pakistan accorded equal treatment and level playing field to both local and foreign investors. He further stated that liberal investment policy included 100 percent foreign equity in all economic sectors, with attractive incentives like remittances of capital, profits, royalty, technical and franchise fees without obtaining permission from the government. The foreign investment was fully protected and has statutory cover under Foreign Private Investment (Promotion & Protection) Act 1976 and Protection of Economic Reforms Act 1992, he stated.
He said that total foreign investment for the first nine months of the current financial year 2006-2007 ie from 1st July 2006 to 31st March 2007 was $5.56 billion, 67.5 percent more than the amount ($3.32 billion) during the corresponding period last year.
FDI of $3.86 billion was 72 percent higher than the amount ($2.24 billion) in the same period last year. Net portfolio investment of $1.70 billion including QGDC GDR receipts of $738 million was 58 percent higher than the amount ($1.08 billion) last year.-PR