Pakistan is committed to providing an optimum investment climate for both local and foreign investors, and the government is in the process of implementing measures to ensure the protection of all investments - and investors - in the country, Waqar Ahmad Khan, Pakistan's Minister for Investment, said at an investment dinner he attended as part of his recent visit to the UAE. The dinner was attended by Sheikh Nawaf bin Jassim bin Jabor Al Thani, as well as a number of prominent businessmen from the UAE and Pakistan. Khan said the Pakistan Ministry of Investment was created in 2008 to further facilitate investment in Pakistan. The purpose of his visit to the UAE was to meet with potential investors and highlight the favorable business climate and opportunities, and also to gauge public and corporate sentiment regarding Pakistan. The trip included meetings in Sharjah, Dubai and Abu Dhabi with prominent UAE businessmen, as well as government officials. During his visit Khan focused on the theme of “Pakistan Rising”, emphasizing the incredible opportunities for investment and development in Pakistan, particularly in the areas of infrastructure, cooperative farming, low-income housing, energy, oil and gas, water, and telecommunication among others. “Despite the current global recession, business in Pakistan is not slowing down,” said Khan, “and there are many great investment opportunities in the country right now, with return on investment reaching as high as 30 percent in some cases, and investments paying for themselves within three years.” “Some people may be worried about investing in Pakistan, given the current climate, but the current government believes in the importance and value of transparency, partly achieved through access for investors to officials, and provincial and federal government representatives. There is also local interaction with government and stakeholders. Right now, there is an opportunity for everybody to benefit with these investments.” Khan added that Pakistan has ample untapped resources, a vision to move forward and foster international business relations, and people that are ready to facilitate and take part in business ventures. He also said that the government is committed to improving law and order and the security situation in Pakistan, and to protecting investors and businessmen. Among the measures being implemented to aid in this is the recruiting of around 100,000 police officers to set up anti-terrorism forces in each province to provide security and ensure the safety of citizens and visitors “Pakistan has also finalized plans to offer ownership of agricultural lands to investors for farming, and is targeting investors from the UAE and other Gulf countries to help with their own food resources. We are paying particular attention to the areas of cooperative farming and low-income housing, in order to ensure the well-being of the Pakistani people at all levels, particularly in this time of global economic downturn,” said Khan. He added that investors will be able to own and cultivate the land in Pakistan, and export 100 percent of the crop if they so choose, and that the great incentives are being introduced to encourage investment in agriculture. Sharjah-based Emirates Investments Group has already shown interest in investing in the real estate, housing and agriculture sectors in Pakistan. The Pakistan government is also holding talks with Etisalat to offer the UAE telecommunications company first option on a 50 percent stake in the Pakistan Telecommunication Corporation Limited (PTCL), for which Etisalat already owns 26 percent. The minister said pledges of close to half of Pakistan's targeted $10 billion in investment for 2009 had already been achieved globally, and he sees clear indication of interest in the UAE - and the region - in investing in Pakistan and its future. __
