Q: Was it a correct decision to split Ministry of Privatization and Investment into two separate entities?
A: Yes, as the present government is not like the previous one, therefore it’s our deep desire that progress and development gain momentum in Pakistan. This was therefore a good decision taken by the PPP government. The reason behind splitting one ministry into two was not to accommodate the MNAs or senators but to make the particular portfolio more responsible, prevent wastage of time and yield better results. We are committed to bringing investment in the country.
Q: How would you foresee investment in the country, especially FDI?
A: FDI in Pakistan is a major source through which we can rise. There are lots of avenues to be tapped like energy, agriculture, and most attractive for foreign investors is the oil and gas sector. We have all the resources available including manpower and natural resources but it is the need of the hour that people of Pakistan believe in their elected representatives and present government. Despite of all problems like law and order, power shortage, cost of production etc. Pakistan is still the most investment-friendly nation in South Asia. Business regulations for the safety of investors would be overhauled along liberal lines and we are trying our best to remove all barriers.
Foreign investors do not face any restriction on the inflow of capital. Besides we will provide them and their staff round the clock security through highly specialised, well-equipped and trained task force which will be established by the investment and interior ministries. The minister of state for interior will be the chairman of the force with the four provincial secretaries, representatives from the foreign, finance, interior, investment and information ministries and others its members.
A summary in this regard has already been sent to the prime minister for approval whereas land acquisition, documentation and one-window operation will be initiated by the investment ministry. To increase investment in all our sectors of economy it is mandatory to use media positively therefore we have decided to spend handsome amount on advertising Pakistan as an investment-friendly nation.
Q: The newly-established democratic setup in Pakistan has a lot of hurdles ahead of it. How will you be able to attract foreign investors in the country?
A: These hurdles had already been created by the previous setup and now we as well as the nation are suffering from them. Increasing fiscal deficit, low tax collection, increased spending and double digit inflation remain the biggest threats to the economy, while increase in global oil and food prices have added insult to injury. But we don't have to be hopeless; the government will take every step to strengthen the economy, especially enhance investment in the country.
Q: During the tenure of the previous government, no solid investment took place in Pakistan. What do you say about this particular fact?
A: We are not among those who bring investors to the country and after a certain period of time they leave along with their capital. We will bring investment to develop infrastructure of that area, spread education, health and employment facilities, increase per capita income as well as purchasing power and extend facilities to the common man. We are concerned about the reinvestment in the country, and to turn these dreams into reality, the ministry is working on a 10-year plan.
Q: What do you have to attract foreign as well as regional investment?
A: Actually, our focus is not tilted towards Europe and US alone, we are very keen to work with regional countries, but we have to look at the strength and quality of the investors. Chinese are showing great interest in different sectors like power generation, and oil and gas sector projects. China is an important country in the region and millions of dollars of investment is in the pipeline for Pakistan. In the form of privatization of different transactions, many investors are in close contact with the ministry and we are taking every possible measure to facilitate these potential investors. A delegation from Pakistan will visit Italy to invite them to invest in livestock sector and an international conference on investment will soon be held in Islamabad.
Q: Do you think that it is a dire need to invite all commercial attaches and ambassadors serving abroad to frame a single line strategy to increase FDI in the country?
A: You are right, it's really very important that we should start a progressive investment policy and rightly we are working on it. To invite commercial attaches and ambassadors in the country is a fabulous idea which will give us an opportunity to frame qualitatively firm approach towards fruitful investment in the country. We are going to get help of Pakistani businessmen in and outside the country, overseas Pakistanis, ambassadors and attaches abroad to market Pakistan as a most favourable country for foreign and local investment.
Q: Is there any upcoming investment in Pakistan?
A: Power generation, agriculture and livestock, oil exploration and manufacturing industry are the key areas of foreign investors. Lots of foreign investors are ready to invest in these areas especially in energy and oil and gas sectors. Pakistan is among the world’s largest producers and suppliers of fruits, and is ranked fifth in the Muslim world, 20th worldwide in farm output and world’s fifth largest milk producer. Means, there is immense potential for investment in agriculture and livestock sectors. The next two to three months are really important regarding FDI especially in energy and petroleum sectors, most of the areas like wind, solar, thermal, coal and hydel energy are the vital for investors.
Q: Investor facilitation is a vital issue. What is the ministry doing to overcome investors’ difficulties?
A: We are adressing all issues and concerns of the investors to facilitate them in the energy sector. Private Power Infrastructure Board (PPIB) has already established one-window operation, whereas to overcome other difficulties, we are going to establish one-window operation in the ministry which provides every possible help to national and foreign investors. Law and order situation in the country no doubt is disturbing the investment scenario but we will provide every possible safety to all. Minimum affordable prices of petroleum products clearly decrease the cost of production. Tax facilitation incentives are already there and the ministry is ready to provide every possible support to them in every aspect along with the track of economic zones policy.
Q: How will the ministry prevent investors from winding their businesses from Pakistan?
A: We are giving every sort of help to the investors and framing incentives based policy so that an investor feels free to avail all the information. Law and order situation really improved after the revival of democracy in the country. We will make close contacts with all investors and try to solve their problems they face. Today investors are interested to avail all the chances present in the land of opportunities.
Q: People at present think that the government has no vision and no solid policy like Musharraf's regime?
A: There is a lot of difference between Martial law and democracy. Musharaf's era was a regime of illegal occupation but now it's a people's government elected after the electoral process. We are the representatives of the country's common men and answerable to every Pakistani. We will decide each and every matter in the interest of the people of Pakistan, and an investment-friendly atmosphere gives our people employment and a chance to flourish.
Q: You are part of the PPP. Do you think that the party will overcome the financial and other problems?
A: I do not only think but also strongly believe that the PPP will overcome all existing financial and other crises. Over the years, we have struggled a lot. Quaid-i-Awam Zulfikar Ali Bhutto and Benazir Bhutto laid down their lives for the sacred cause of restoration of democracy in the country and against the regimes of Gen Ziaul Haq and Gen Pervez Musharraf. We under the leadership of the party’s co-chairman and President Asif Ali Zardari are united and we are moving forward for the development, progress and prosperity of our beloved country.
