Pakistan provides investors friendly climate both for local and foreign investors: PM

[Salman]

Pakistan provides investors friendly climate both for local and foreign investors: PM




KARACHI, Nov 30 (APP):Prime Minister Syed Yusuf Raza Gilani urged the local and international investors to take full advantage from the investor friendly policies present in the country and enhance investment in different fields.Addressing the inaugural session of UAE Expo 2011 started here at Expo Centre, Prime Minister Gilani said the businessmen are the backbone of the country’s economy and are contributing their share towards better and prosperous Pakistan.He said the government always took special measures to provide more incentives to business community so that they could play their due role in a better way.

The Prime Minister said Pakistan offers vast opportunities for foreign direct investments and joint ventures in infrastructure development; electricity generation, agricultural based industries, insurance and real estate.
He said Pakistan has a huge market of around 180 million people and resilient economic fundamentals despite heavy odds that the country faced during floods and war on terror. He said, “Pakistan has a unique geo-strategic location and it is a gateway to South & East Asia and the Middle East.”
He said, “Pakistan offers liberal trade and investment climate, and is blessed with talented and hard-working manpower, rich mineral resources and plentiful agriculture production.”
Prime Minister Gilani said, “Pakistan enjoys deep, and cordial relations with UAE in almost all fields.”
He said the last 40 years have seen the strengthening and diversification of these bilateral relations.
“Pakistan was the first country to accord recognition to UAE after it attained independence in 1971,” he added.
The Prime Minister said the present democratic government is committed to further consolidating the bilateral relations.
He said the presence of the business community, executives of the national and multi-national companies and the professionals in a such large number demonstrated their passion and commitment to further strengthen trade and people-to-people relations between Pakistan and the United Arab Emirates.
The Prime Minister said the event of UAE EXPO 2011, also marks the celebration of 40 years of brotherly and friendly relations between Pakistan and UAE, which are characterized by religious, cultural and fraternal bonds and close geographical proximity.
He said late Sheikh Zayed Bin Sultan Al Nahyan, Founder of modern UAE, laid the foundation of these exemplary relations.
Prime Minister Gilani said Sheikh Zayad was a great friend of Pakistan who stood by the people of Pakistan during the challenging times.
“The bilateral relations between our brotherly countries now enjoy the patronage of His Highness President Sheikh Khalifa Bin Zayed Al Nahyan,” he said.
The Prime Minister said the people of Pakistan greatly cherish the contributions and services of Sheikh Zayad bin Sultan Al-Nahyan and hold him in high esteem.
He said they could not forget generous humanitarian assistance they got from the government and the people of UAE at the time of earthquake and floods.
The Prime Minister said the project worth US $100 million aimed at the reconstruction of infrastructure damaged by the devastating floods and natural calamities in Khyber Pakhtunkhawa province, Bajaur and South Waziristan are the examples of close relations of Sheikh Khalifa bin Zayed al Nahyan President of UAE with Pakistan.
He said four major sectors such as education, public health, roads, bridges and supply of water treatment plants are the major focus of the projects being completed by UAE cooperation.
Appreciating the progress and prosperity of UAE, the Prime Minister said UAE has an open economy with a high per capita income and a sizeable annual trade surplus.
He said successful efforts at economic diversification have reduced the portion of GPD based on oil and gas output of 25% in UAE and since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from a marginalized region of small desert principalities to a modern state with a high standard of living.
He said UAE’s Free Trade Zones (FTZs) that offer 100% foreign ownership and zero taxes, are helping to attract foreign investors.
Gilani said after Hong Kong and Singapore, UAE is ranked as the third most important re-export centre in the world.
He said the re-export trade forms a substantial part of the entire trading sector in UAE and it is one of the biggest foreign investor in Pakistan after USA and UK in key sectors such as energy, telecommunications, real estate, aviation and banking.
The Prime Minister said UAE is the largest investor in Pakistan among the Gulf Cooperation Council and its public and private sectors made an investment of $3.74 billion from 2004 to 2010.
Gilani said about 1.4 million Pakistani expatriates live in UAE who contribute remittances to the tune of well over $ 1 billion every year.
He said Pakistan is also a supplier of quality food items to UAE. Numerous Pakistani businessmen are operating their units in the FTZs of UAE, he added.
The Prime Minister congratulated the UAE government for putting up this mega event in Pakistan for the first time and felicitated the Senior Federal Minister for Commerce and Board of Investment for supporting the event.
The function was also attended by Governor Sindh Dr Ishrat-ul-Ebad Khan, Sindh Chief Minister Syed Qaim Ali Shah, Minister for Foreign Trade, United Arab Emirates Sheikh Lubna Bint Khalid Al Qasimi, Senior Minister for Commerce Makhdoom Amin Faheem and a large number of local and foreign investors and businessmen.