ISLAMABAD: In the investment sector there has been major development, according to which Pakistan Sovereign Wealth Fund will be established by heavy investment in the financial sector.
In this regard, Alvarez Marsal Middle East Group will float financial investment in Pakistan and there will be huge investment in financial sector.
Former Governor of State Bank Dr Reza Baqir, along with the financial team called on Federal Minister for Board of Investment, Privatization and Communications Abdul Aleem Khan and held a detail briefing in which Dr Reza Baqir informed about the details of the establishment of Sovereign Wealth Fund.
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Aleem Khan said that the government is extending all possible support and facilities for investment while joint business projects are being starting with China, Russia, Central Asian states and other countries.
He added that the present government is taking long-lasting measures to improve the financial performance of Pakistan and stable the economy.
He indicated that in stock exchange another record has been achieved which is also proof of the improvement.
Aleem Khan further said that the establishment of the Wealth Fund will be another milestone and we will welcome all kinds of foreign investment. He said that good governance can be ensured only by improving financial discipline, and establishment of such funds will be an expression of global confidence in the current policies that the present government has introduced during the last six months.
In this meeting, Dr Raza Baqir informed in detail on various aspects of the Pak Sovereign Wealth Fund which will also move towards financial stability and improve the economic conditions of Pakistan.
Briefing the high-level meeting, Chief Investment Officer and Managing Director of Sovereign Wealth Fund Abdalla EI Ebiary and Senior Associate Amine Yaaqoubi said that the objective of this fund is to increase investment in the private sector while the GCC and Gulf countries are also participating in this Sovereign Fund.
Aleem Khan said that projects such as Coastal Highway, Beach Resorts and Green City can be started in Karachi for which the Board of Investment and the ministry of privatisation will provide full support to this institution.
In the meeting, the proposal of 75 per cent and 25 per cent partnership between the Alvarez Marsal Group and the government also came under discussion.
Participant threw light on the independent financial advisor and other aspects of this Pak Sovereign Wealth Fund.
Copyright Business Recorder, 2024