‘Kuwaiti investors can gain from opportunities in Pakistan’

ISLAMABAD: Minister of State and Chairman Board of Investment (BoI) Naeem Y Zamindar has invited Kuwaiti investors to take advantage of the lucrative investment opportunities in Pakistan, according to a statement issued on Tuesday.

Addressing the members of the Kuwaiti business community, he said the BOI would offer all kinds of facilitations asthe government was committed to make Pakistan a business friendly country. “Foreign investment in Pakistan is protected by rigorous laws and foreign direct investment regulations allow full repatriation of capital and profits,” he added.

A high level delegation led by the BoI chairman, and comprising senior government officials, head of provincial Board of Investment and leading Pakistani businessmen is visiting Kuwait on the directives of the prime minster.

Pakistan’s location on the cusp of important economic regions, young population and skilled labour force supported by very rapidly growing technology infrastructure made the country an attractive destination for investment not only for the domestic market, but also as a production and export hub for the rest of the world, Zamindar said.

The minister of state said that with improved security and a sustained economic turnaround, Pakistan was open for business. “Kuwait with its historical business and economic linkages and the high regard that it enjoyed in Pakistan was best placed to avail of the emerging potential and opportunities,” he added.

Informing the delegation about the number of mobile holders, he said that mobile owners had increased by 100 times between 2003 and 2008, while the number of bank account holders was expected to increase eight times to 80 percent of the eligible population in three years.

Kuwaiti companies would find Pakistan a hospitable investment destination through facilitation and incentive measures, including one window operation and Special Economic Zones, he added.

“Pakistan is aiming for a nine percent economic growth rate by 2020,” he said, and also reiterated the Price Waterhouse Coopers projection that Pakistan will be joining G-20 by 2030.

BoI chairman said the event would be useful in both showcasing the investment opportunities of Pakistan and also getting feedback from Kuwaiti investors for their future investments and prospects in the country.

Presentations were also given by the Sindh Board of Investment Chairperson Naheed Memon, National Highway Authority General Manager Azeem Tahir, and Punjab Board of Investment and Trade Additional Director Rana Waqas. The private sector held business to business meetings during the conference.

Earlier, the BoI chairman also held meetings with Kuwait Investment Authority and Kuwait Fund for Arab Economic Development, National Industries Group, Saffat Energy, Noor Financial Investment Company, Al-Ghanim, and Pakistani professionals and entrepreneurs.