Govt to promote investment in housing, energy: PM

[Naveed Yaseen]

KARACHI: Prime Minister Syed Yousuf Raza Gilani has said housing, agribusiness and energy are some of the areas in which the government is keen to promote domestic and foreign investment to generate and expedite economic activity in the country. The Prime Minister said this while talking to a delegation of bankers who called on him at the State Guest House here on Wednesday.

Chief Minister Sindh Syed Qaim Ali Shah, Special Assistant to the PM on Economic Affairs Hina Rabbani Khar, Special Assistant to the PM on Social Sector Shahnaz Wazir Ali and Fauzia Wahab MNA also attended the meeting.

The Prime Minister said that foreign investment invariably follows domestic investment and the best way to promote it, is through establishing joint ventures between Pakistani and foreign investors. Joint ventures promote foreign investors’ confidence in the country and that’s why the government is encouraging them, he added.

He said that his government is considering various proposals to promote direct foreign investment in the country. He further said that the government will provide a level-playing field to local and foreign investors by allowing foreign investors to hold 100 per cent equity without restriction on the movement of capital.

Talking about the priorities of his government, the Prime Minister said the government is committed to providing housing to all segments of the population and has already announced the construction of one million houses. He welcomed suggestions from the private sector to help the government achieve this objective.

The Prime Minister said that his government is keen to promote agribusiness in the country, especially dairy development, as 75 per cent of the population is connected to agriculture for its livelihood.

He said the government is taking several measures to modernise and promote agriculture which is the mainstay of the economy. The delegation gave several proposals for promoting FDI in Pakistan and for the strategic realignment and reprioritisation of resources to achieve this objective.

The Prime Minister said he has established Economic Advisory Council in which the private sector is fully represented. He said he would direct the Council to consider various proposals given by the bankers and associates with various professional groups, to benefit from their advice and experience. The bankers’ delegation comprised Khalid Amin, Chief Executive, New Project Dubai-9 Group, Zaigham Rizvi, Consultant to World Bank for Housing, Athar Naseem Sheikh, Senior Partner, and many others.

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