Bright Scope for more Foreign Investment in Pakistan Banking Sector
By Wahyu Muryadi 'Pakistan Times' Foreign Correspondent

HONG KONG: Prime Minister Shaukat Aziz has said that liberal and investment friendly polices of the government perused in the last seven years have put the country on the road to progress and prosperity and there are bright scope for more foreign investment in all the sectors including banking.

He was addressing dinner reception hosted in his honour by the Chairman Hong Kong Shanghai Banking Corporation (HSBC) here at its headquarter for Asia on Tuesday night before his departure for Pakistan.

The dinner reception was attended by members of the delegation including Federal Minister for Privatization Zahid Hamid, Minister of State for Information and Broadcasting Senator Tariq Azeem Khan, Advisor to the Prime Minister on Finance Dr. Salman Shah and senior officials of the HSBC.

The Prime Minister said there has been tremendous growth in the banking sector in Pakistan and now over fifty percent banking is being operated by foreign leading banks.

Appreciating the operation of HSBC in Pakistan, the Prime Minister said there should be more branches of this leading bank there to take full potential of the available opportunities in the banking sector.

He said Pakistan has allowed all the foreign banks to work freely without any restriction or condition, as their operation is no threat to the sovereignty and dignity of the country.

The Prime Minister said the main goal of the government is to provide incentives to the investors in all the sectors and the government has been doing it without any discrimination.

Referring to achievements in the economic sector, the Prime Minister said due to liberal, transparent and consistent economic policies, the growth rate in this sector remained 7 to 8 percent in the last couple of years and expressed the hope that it will be over seven percent during the current fiscal year.

The Prime Minister said foreign investment asbeen coming to Pakistan from all over the world. He especially mentioned the recent investment from China Mobile, the leading cellular company of China in the telecommunication sector. He said the foreign investment would be over six billion dollars by the end of the current fiscal year, which will be record in Pakistan's history.

He said the demand of mobiles in Pakistan has been increasing by 1.5 million subscribers per month and expressed the hope that Chinese investment would further improve the telecommunication sector.

Referring to close and strong ties of Pakistan with China, the Prime Minister said besides cooperation in many areas including the production of JF-17 thunder aircraft, Gwadar port and energy sector, China will establish its first industrial zone in Lahore, which will be first ever such zone by China out of six zones planned by China to set in different countries.

The Prime Minister said there is plenty of scope for more investment in tourism, hotel industry, housing, construction, infrastructure development, energy and agriculture sector.

He asked the foreign investors, particularly thebankers to come to Pakistan to personally witness the prospects of investment in different sectors.

Chairman HSBC Vincent Cheng speaking on the occasion said the HSBC will increase its operation in Pakistan and announced to open five to seven more branches this year.

He appreciated the economic development andachievements various sectors due to liberal, investment friendly and attractive economic polices by the present government.●