REMARKS BY
AMBASSADOR JEHANGIR KARAMAT
ON
BUSINESS OPPOPRTUNITIES IN PAKISTAN
COUNCIL OF PAKISTAN-AMERICAN CHAMBERS OF COMMERCE BEVERLY HILTON, LOS ANGELES
(AT 1200 HOURS ON SATURDAY MARCH 12, 2005)

- It is a great pleasure for me to share with you my thoughts on the business opportunities in Pakistan.

- Your presence here is a manifestation of your interest in Pakistan and your desire to explore the opportunities offered by the economic turn around of the country.

- The economic reforms introduced by the present Government over the last five years coupled with consistency and continuity of policies as well as political stability has transformed Pakistan into a resurgent economy.

- The overall economic performance of Pakistan and the vastly improved regional, political and security environment has turned Pakistan into an attractive destination for foreign investment.

- The investors’ confidence in the Pakistani economy is evident from the robust performance of our stock markets. Karachi Stock Market has counted as one of the best performing stock exchanges of the world.

- Our foreign exchange reserves have improved tremendously. As a result of the macro-economic adjustments and the improved liquidity, the Government has been able to say good-bye to the poverty reduction and growth facility program of the IMF.

- We have launched sovereign bonds in the international financial markets in quick succession to further strengthen our liquidity and also register our credit worthiness as a borrower.

- Security situation in Pakistan has vastly improved during the past few years. There is a sharp decline in terrorist incidents. The Government’s policy of confronting the extremist forces rather than appeasing them has been a great success.

- The security environment around Pakistan has also improved to a great extent. The situation in Afghanistan after the successful completion of first ever Presidential elections is getting better and the country is put on the track of democracy and economic growth.

- Today our relations with India are better than they have been in decades. The ongoing composite dialogue between the two countries is a manifestation of our mutual desire for peace and security in the region.

- The investment policy in Pakistan is liberal and business friendly as it has been designed in consultation with businessmen, investors and representative firms as well as the multinational corporations.

- Our investment policy provides equal opportunities for both domestic and foreign investors and there is no restriction on the extent to which foreign equity can be held in any business venture.

- All economic sectors are open for foreign direct investment including telecommunications, automobiles, pharmaceuticals, mining, oil and gas exploration and marketing, electricity generation and transmission, banking and finance, infrastructure development, ports and shipping, aviation, manufacturing, housing and construction.

- The abolition of textile quota has offered enormous opportunities to the textile sector in Pakistan which is also the main stay of our economy, contributing over 60% towards our total exports. The textile sector in Pakistan is both horizontally and vertically integrated to make it one of the most competitive in the world along with China and India.

- Keeping in view the growing energy requirements to fuel the growing economy, the government has announced special concessions for investment in the energy sector including electricity generation and transmission and oil and gas exploration and marketing.

- The telecommunications sector in Pakistan is one of the fastest growing sectors in the world. As many as seven wireless telecommunications companies are operating very successfully in Pakistan.

- Our mining sector also has a very vast potential. The incentives to encourage investment in the mining sector include minimum custom duties on import of machinery and equipment, no provincial or local taxes and no sales tax on export of minerals.

- The supply and demand sector weighs heavily in favor of investment in the construction industry in Pakistan. A number of international companies have already invested in the housing and real estate in Pakistan.

- We fully share corporate world’s concerns about protection of intellectual property rights and the Government has taken a number of steps to ensure complete protection of intellectual property rights. The most important of these steps is the creation of Pakistan Intellectual Property Rights Organization (PIPRO).

- I would also like to share with you my views on the misperceptions about Pakistan. Unfortunately, many people associate Pakistan with radicalism, terrorism, drugs, political instability, cultural and social backwardness, rampant poverty and illiteracy. The truth on the contrary is that an overwhelming majority of Pakistanis comprise moderate Muslims, who seek to balance the demands of modernity with their rich spiritual and cultural heritage.

- Our immediate joining of the international coalition against terrorism was a result of our strong commitment to peace and security and our rejection of terrorism and terrorist ideologies.

- The potential that Pakistan has is far more promising than what it has already achieved. I invite you all to explore the excellent opportunities offered by Pakistan to foreign investors.

- Our businessmen are keen to interact with the international business community to develop mutually beneficial partnerships. We regard our partners in trade as our partners in development. I urge you to join us in our development efforts.

- I assure you of government’s full support to protect foreign investment and business interests in Pakistan.

- I thank you all for affording me this opportunity to share my thoughts with you.

Click here for images- Urdu times