Pak expects $10-bn investment in various sectors

Islamabad: Minister for Investment, Senator Waqar Ali Khan said that the government is expecting $10 billion investment in different sectors for which all the ministries have been asked to prioritise their areas for investment.

Addressing a press conference at his residence, he conceded that security of investors was an issue but the government was managing it and investors themselves were aware of it.

For this purpose, Investment Division has proposed a task force to be headed by the Minister of State for Interior Affairs and Secretaries of Foreign Affairs and Investment Ministry to resolve security issues of investors.

He was of the view that the investors should know that an entity was there to resolve their security-related issues. 'I am sure that the new multinational companies will have their security teams but we must also have a team which should help them out on security related issues,' Waqar added.

He said, Investment Counsellors deputed in foreign countries have also been asked to send recommendations to the Investment Division as to how the government could interact with the multinational companies in their respective countries.

Senator Waqar further said that Investment Division has held a meeting with the local investment companies like Pak-China, Pak-Kuwait, Pak-Libya, Saudi-Pak and Pak Brunei and asked them to function according to their mandate.

These companies have been told that their mandate was to promote investment and not invest in stock exchange, he continued. 'We have asked these companies to create an investment fund and bring $2 billion investment from their respective countries so that liquidity crisis can be managed,' Waqar continued.

According to him all the companies would inform the government about their priority areas for investment. He was also of the view that Bilateral Investment Treaty (BIT) with the US will be signed within a couple of weeks and for this purpose a summary would be submitted to cabinet after vetting by the ministry of law.

'It is our utmost effort that BIT with the US could be signed as early as possible,' he stated. Senator Waqar further said that a delegation of German investors was visiting Pakistan, which has already conveyed interest in investing in energy sector projects.

He said, President's visit to United Arab Emirates (UAE) was highly successful as he held meetings with 50 investors of different sectors. 'We are expecting investment of billion of dollars from UAE investors especially from UAE investment fund,' he further added.

Replying to a question, he said that the government was also making efforts to strike a deal for gas import with Qatar in addition to Pak-Iran gas pipeline. He revealed that Al-Tuwairqi Group has shown interest in import of LNG gas for which a terminal would be established in Karachi.

Answering another question, he said that Ministry of Investment has been created just to give one window facility to the investors as in the past they were not treated properly. In reply to another question, he said that the government would take a policy decision to bring back flown capital very soon. This issue had also been discussed by the federal cabinet in its previous meeting.

He said that the government was also expecting $4-5 billion investment in different sectors from China which has already promised $500 million. He further said that an investment conference was also being arranged in Dubai to attract investment.