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Pakistan is highly attractive destination for investment: Nawaz Sharif

18 May, 2017

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HONG KONG: Prime Minister Nawaz Sharif on Wednesday said that Pakistan strongly favours synergizing energies in the region to support China-Pakistan Economic Corridor (CPEC) project and emphasized for not indulging in negative publicity for the betterment of common man.

“Pakistan is a highly attractive destination for investment that no global player can afford to miss,” he said while speaking at One Belt, One Road Pakistan Investment Forum organised by the China Innovative Finance Group Limited and Consulate General of Pakistan in Hong Kong.

The prime minister said Pakistan’s investment policy was focused on reducing the cost of doing business. He urged prospective investors to benefit from economic revival of Pakistan and enjoy the first mover’s advantage, saying, “Pakistan is ready to do business with the world.”

Nawaz said his vision was to empower people through economic development. “CPEC is a core component of One Belt, One Road initiative of Chinese President Xi Jinping designed for regional integration for peace and development,” he said, adding CPEC was a key regional initiative for connectivity and shared prosperity of nations and the project had the potential of bringing improvement in the lives of people in addition to its projects related to energy, road and rail infrastructure, industrial parks and economic zones.

“Nine Special Economic Zones are being established along CPEC route where foreign companies can invest in factories, warehouses, logistic centres and much more for consumption in Pakistani market as well as export,” the prime minister said, and added the corridor would connect the port of Gwadar to Kashghar and would also link the resource-rich Central Asia, oil-rich Gulf States and Europe. “It stands at the cross-roads of an economic revolution which would produce win-win outcome for all.”

“The government has devised a comprehensive plan to create an investment-friendly environment. We have liberalized investment policies to welcome foreign direct investment (FDI), offered incentives to attract new capital inflows including tax exemptions, tariff reductions and investment facilitation services,” he said, and added, “Pakistan was emerging as a rising and secure country on the track of sustainable growth due to its liberal investment policies.”

Shedding light on war on terror, he said, “It is true that no other country has suffered from terrorism more than Pakistan but today, I present to you a rising, confident and secure Pakistan – a country full of vigour to make its mark in the world.”

He invited businessmen of Hong Kong to invest in Pakistan and take advantage of its strategic location, rich human and material resources, political stability and attractive investment policy.

“Despite numerous challenges, Pakistan is becoming an emerging economy and a destination that no global player could afford to miss. Pakistan with its sixth largest population in the world, 80 million middle class and attractive investment environment was a destination for investors.”

He said, “There was no minimum requirement for the amount of foreign equity and the investors could repatriate 100 percent profits and dividends. The consumer market in Pakistan is growing at a very fast pace and the consumer demand for automobiles, housing and electronics was thriving and providing considerable returns to the corporate sector.”

“The services industries particularly telecommunication, hospitality and online-retail are fast growing into attractive areas for investment. From a 3 percent Gross Domestic Product (GDP) growth before 2013, the country was projected to achieve 5.5 percent GDP growth this year, and 7 percent in two years,” he said, and added, “Pakistan’s Vision 2025 served as a comprehensive strategy for achieving sustainable growth and mapped the country to join the top 25 economies in the world leading to upper middle income country status by 2025.”

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