Pak: Saudi Arabia, Korea and Italy keen to invest in energy sector

Karachi: Investors from Saudi Arabia, Korea and Italy are keen to invest in several sectors in Pakistan, especially in power and oil and gas. In an exclusive interview with Business Recorder on Friday, Arif Elahi, Director General, Board of Investment (BoI), said that the board had received enormous investment queries from these countries.

They are interested to induct huge investments in power generation and oil and gas sectors in Pakistan, he said, and added that they were of the view that these sectors have potential to generate sufficient profits for them. He said that some 20 percent growth has been witnessed in foreign direct investment (FDI) as around $2.3 billion has been received during six months of current fiscal year.

He dispelled the perception regarding flight of capital, saying that some investors extracted their investment from Pakistan and had invested in other countries, especially Dubai, but they had earned huge losses because of insecure and unfriendly policies.

He said that Pakistan was the safest country for foreign investors, and termed it as haven for them where the ratio of return of income (RoI) is over 60 percent, which is extremely high as compared to any other countries. To facilitate foreign entrepreneurs during travelling and staying in Pakistan, business visa policies have considerably been relaxed, he said. He said that businesspersons are granted visa for 66 countries on their arrival to Pakistan.

Arif said that BoI, Karachi has decided to process all work visa applications of foreign workers related to companies of Sindh province aimed at facilitating them at maximum. The process, comprising new work visa, extension of work visas, conversions of business visa into work visa and provisional extension of work visas, would now be entertained by BoI, Karachi.

The decision was made by BoI chairman Saleem H Mandviwala after receiving request from chambers and other concerned authorities to initiate fast track facilitation service to pamper foreign investors and workers. He said that BoI, Karachi is also about to commence 'BoI VIP card service' for domestic investors, and added that VIP cards would be issued to those local businessmen who would invest some $10 million in the country.

Moreover, he said, cardholders would enjoy VIP protocol at airports at the time of arrival and departure. Later, Kittiphong Sansomboon, General Manager, Thai Airways told Business Recorder in BoI DG office that Thai Airways has considerably expanded its business in Pakistan because of business-friendly atmosphere.

He criticised foreign media for negative reporting, saying that terrorism has become menace for almost every country and they are facing hardships to maintain law and order situation. But international media is exaggerating the things happening in Pakistan, causing to tarnish country's image across the global.