Finance Minister Ishaq Dar on Friday invited American entrepreneurs to make use of lucrative investment opportunities existing in a host of areas in Pakistan as he held out Islamabad’s commitment to good governance and transparency as part of efforts to facilitate business and economic activity in the country. Speaking to members of the US-Pakistan Business Council, Senator Dar particularly underlined the vast investment potential the county offers in the fields of energy, gas and oil exploration.
“Transparency, merit, due process, good governance are going to be hallmarks of the government,” he stated.
Dar also pledged security for foreign investors in Pakistan.
“We are implementing reforms and policies --- we mean business, and Pakistan will be a good host,” he told the gathering of prominent business leaders
The new government, he said, is focused on addressing three inter-related problems including energy, economy and extremism.
On steps towards meeting Pakistan’s exponential energy requirements, the minister spoke of the Dasu and Diamber Bhasha dams and added completion of these projects would help ensure smooth flow of energy.
In the immediate context, he said, the government has paid off the circular debt of around Rs. 500 billion to spur supply of power.
He said the investors could avail a lot of opportunities in the energy sector as Pakistan has proven reserves of coal and gas and a number of hydro power projects are under way as well.
He apprised the business and corporate leaders of the reforms and measures the government has taken to check inflation, curb fiscal deficit, attract foreign investment, bolster revenues, step up tax collection, and said as a result of the new government’s steps, the international business and financial institutions’ confidence in the country’s economic development potential has increased tremendously.
The minister, who is heading a Pakistani delegation to annual IMF-World Bank meetings, is accompanied by Finance Secretary Dr. Waqar Masood Khan, Governor State Bank Yaseen Anwar and Secretary Economic Affairs Division and Ms. Nargis Sethi.
Earlier, Esperanza Jelalian, Executive Director of the Council, welcomed the Minister.
In her opening remarks, Carolyn L Brehm, Vice President of the US Pakistan Business Council, spoke of the great economic potential of Pakistan and its advantageous geographic location.
“Our members see value in Pakistan’s geographical proximity --- it has a talented workforce,” she said, noting that a number of companies are running profitable businesses in the country.
“We are delighted that President Barack Obama will welcome Prime Minister Nawaz Sharif at the White House later this month,” she said, expressing hope that both governments would be able to finalize an agreement on bilateral investment treaty.
She welcomed the fact that the new Pakistani government’s has dramatically increased its outreach to businesses.
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