Italy requested to give $10 billion credit line to Italian investors

[LahoreEstate]

KARACHI: Pakistan has requested Italy to give $10 billion credit line to its investors intending to invest in Pakistan.

The request was placed with the Italian Prime Minister, Silvio Berlusconi during the recent visit of President Asif Ali Zardari to Italy, Chairman Board of Investment (BoI) Salim Mandiwala told at a press briefing here on Saturday.

Mandiwala said that the work on availability of credit line to Italian investors would be completed in next six months as both sides are working on it. “Italian Investment Minister is visiting Pakistan with the delegation of country’s investors in near future to explore the investment opportunities in the country,” he said. BoI chief said that president’s visit of Italy was also important in the sense that Italy presently holds the presidency of G-8 club of developed nations and is also one of the donors in the Friends of Democratic Pakistan (FoDP) forum.

It was encouraging to see, Mandiwala noted, that Italian investor are keen to invest in Pakistan as the interactions held with them were very encouraging as far as the investment was concerned.

He said that Italian government supported Pakistan on war against terrorism and also assured to back country for the access to European Union by removing the unjust tariffs.

Regarding his visit to Korea, BoI Chairman said that it was a positive interaction with the representatives of investment boards of the region at the “Knowledge Forum” in Korea. Besides, meetings were held with the government officials and representatives of various Korean companies like Daewoo, Hyundai, KAPCO, Lotte, Sambo etc, who showed their keen interest to invest in Pakistan. When asked about the menace of terrorism that is scaring away even the local investors then how can foreigners would come in, BoI chief acknowledged that terrorism is blocking the investment in Pakistan and it was realised during the talks with the Italian and Korean investors.

He cited the example of foreign investment in Pakistan by pointing to the PTA plant of ICI that was bought by a Korean company and is also planning its expansion. “Investor is only concerned with its returns and if he sees gains even in Congo, he will even go there,” Saleem Mandiwala remarked when repeatedly asked about the prospects of investment in the wake of worsening security situation in the country.

He said that BoI will hold an international investment conference in Islamabad from October 26-29 in which delegations from forty countries of the world will participate.

He also termed the reservations of certain quarters on corporate farming “baseless” and said that local farmer would be part of corporate farming. staff report

http://www.dailytimes.com.pk/default.asp...2009_pg5_4