Pakistan remained focused and committed to implement CPEC: BoI


ISLAMABAD, Dec 15 (APP): Pakistan remained focused and committed to implement China Pakistan Economic Corridor (CPEC) which is a mega project of US$46 billion, and would provide major support for development of infrastructure in coming years.
This was stated by Shah Jahan Shah, Additional Secretary, Board of
Investment (BoI) while briefing a 37 Junior Foreign Diplomats (Foreign Service Academy) from different countries of the world who visited Board of Investment, here Thursday.
The Additional Secretary BoI welcomed the guests, who have travelled
long way to take part in diplomatic training programme in Pakistan.
Shah Jahan Shah said that the need to develop a deep mutual
understanding was must in today’s fast changing world.
He highlighted that the country’s economic outlook has altogether
changed in the last few years.
As a result of bold economic reforms/decisions, he said achieved significant improvements in all major economic indicators, as well as a stable economy and improved security, law and order situation in Pakistan.
“Today Pakistan offers enormous opportunities for profitable investment and trade”, he remarked.
Highlighting the improved areas of country’s economy, he said that Inflation is now well below 3% the lowest in 47 years,Pakistan’s economy was back on an upward growth trajectory and FY 2015 16, saw growth of 4.71%, the highest in a decade.
The Additional Secretary BoI added that the government has also successfully auctioned 3G and 4G spectrum licenses, opening vistas of communication and data transfer in the country.
During FY 2016, he said net foreign direct investment was US$ 1.9 billion with growth of 106 percent.
“The major inflow of FDI is from China, US, Hong Kong, UK, Switzerland, Italy, Norway and UAE. Oil & Gas exploration, financial business, power, communications, and Chemicals remained major sectors for foreign investors”, he remarked.
He said that Pakistan remained focused and committed to implement CPEC which is a mega project of US$46 billion, it would provide major support for development of infrastructure in coming years.
The successful completion of the IMF programme,he said the second time in our history, was a strong indicator of the health of Pakistan’s economy and the authenticity of reforms undertaken.
The AD further said that in improved security environment in Pakistan has already generated enhanced investor interest and enthusiasm.
Pakistan announced a three year road map to improve its global ranking on doing business earlier this year, he remarked.
Consistent with that, the country completed three reforms in the past year in Registering Property, Getting Credit and Trading across Borders. The highest number in a single year over the past decade.
Pakistan, he said was blessed with huge energy resources (over 60,000MW of hydelpotential, 340,000MW potential for wind energy and potential of 2,324 million MW for solar thermal & photovoltaic systems).
In addition, he said 105 trillion cubic feet of shale gas reserves and 9 billion barrels of shale oil reserves are yet to be tapped. Furthermore, the country is fortunate to have 185
billion tonnes of coal reserves which can be used for power generation as well as diesel production.
On this occasion a detailed presentation was given on investment policy of Pakistan followed by questions and answers by the participants.
Mr. Shah assured them continuous cooperation of BOI and its officials for any support and facilitation to investors from their respective countries and wished them a success in this training course.