Government would divest shares of Oil and Gas Development Company Limited (OGDCL) to launch Islamic bonds next month, while the country’s first export import bank would become operational before next fiscal budget.
Finance Minister Senator Ishaq Dar on Tuesday at international investment conference categorically said no obstacles would be tolerated in the way of investment in the country as the economy has again been put on track after setbacks caused by the sit-ins. He said the government would meet its medium and long-term development plans and put the country on the path of sustainable and inclusive growth. Nobody will be allowed to play negatively with the economy, Dar asserted.Assuring full protection to the foreign investment he said all the foreign investors would be provided level playing field and extended concessions on equal basis.
He claimed Pakistan would emerge as the 18th largest economy well before 2025. There is great scope of investment in power, oil and gas, telecom and textile sectors in the country, he said. Highlighting the initiatives taken by the government in the last and current fiscal year, Dar said economy was performing well and inflation remained at 7.5 percent in the first quarter of this fiscal year. Similarly, revenue, foreign exchange reserves and remittances have witnessed an upward trend in the first quarter. Expressing optimism over the future of the economy, he said the government was pursuing a long-term development plan.
Under this plan, Gross Domestic Products (GDP) growth would gradually be raised to 7 percent and inflation level would be contained at single digit. Besides investment to GDP ratio would be raised to 20 percent from the current 12 percent and tax to GDP ratio to 14 percent.
Minister of State for Information Technology and Telecommunication Anusha Rehman said the government was offering special incentives for production of mobiles in the country. We are already engaged with the China Mobile for production of local mobiles through public private partnership, Anusha said. She said land has also been acquired for establishment of technology parks in Islamabad, Lahore and Karachi. She said these parks would provide opportunities to the investors. –DailyTimes