Pak economy to turn around: Wajid
By Fawad Hashmey
LONDON, Feb 1 (APP): Pakistan’s High Commissioner to the United Kingdom, Wajid Shamsul Hasan is optimistic about a quick turnaround of Pakistan’s economy by the year’s end despite the global downward trend. The wide-ranging interview with the APP—among many other issues—covered Pakistan’s economy, post-Mumbai developments, advent of new administration in the United States, greater realisation of Pakistan’s overly constructive role in the war on terror and growing understanding of the core issue of Kashmir as a nuclear flash-point.
Intensive interaction with important British functionaries, leaders in trade and industry and enthusiastic entrepreneurs has reassured Mr Hasan of immense keenness in the United Kingdom to help his country develop both economically and to strengthen its democratic institutions.
Despite backlog of piled up economic problems inherited by the new democratic government and slow growth in the recent past Mr Hasan feels confident that Pakistan’s economy will grow more than 4 per cent by the end of 2009.
The High Commissioner referred to the launching of the Friends of Pakistan Club on the initiative of President Asif Ali Zardari and the United Kingdom to provide economic support and offset the huge expenditure being incurred on the war on terror and overcome economic difficulties intensified by the global financial crunch.
“We have been aggressively pursuing a policy of trade and investment diplomacy to pursue British business community to invest in Pakistan,” he said. He mentioned about the enthusiastic participation of British trade delegation at the Expo 2008 held in October last year in Karachi and termed the visit as ‘very fruitful in generating interest among the participants in food items, power generation, alternate power resources, textiles, sport goods and surgical instruments.
Responding to a question, the High Commissioner said the British businessmen have been assured about the protection of their investments and have been asked to invest ‘fearlessly’ in Pakistan.
“As a matter of fact, in our exchanges with them, they agreed that the ratio of profit offered by Pakistan and guarantees to their investment are very encouraging to attract investment and they are looking at various fields, carrying on negotiations with Pakistani entrepreneurs as well and Government to invest British money in different businesses in Pakistan.”
Mr Hasan disclosed later in March a delegation of Pakistan-Britain Trade Investment (PBTIF) led by its Chairman Sir Thomas Harris will be visiting Pakistan to explore possibilities of newer economic ventures, to consolidate and expand existing business.
Besides, PBTIF’s delegation’s visit to Pakistan, there is going to be equally important participation from Pakistan in the International Spring Fair being held in Birmingham from February 5. So far eight major Pakistani business houses/entrepreneurs have registered for the participation of their companies in the Spring Fair.
Since energy is a major problem faced by Pakistan, efforts have been intensified to attract more investment in the power generation sector. Besides tapping conventional energy generation sources Pakistan is seeking in a big way alternate energy sources.
A high-powered delegation from Pakistan including Sindh representatives will soon be in UK to probe alternate energy sources that would include solar, wind and energy from waste.
One of the major achievements of the present government has been successfully attracting British investment of US $ 2 billion in the petroleum sector’a project recently approved by the ECC.
“This huge investment shows that British business is confident about the early economic recovery of Pakistan and is not shy any more in investing in Pakistan”. Explaining Mr Hasan said that business goes where profit is most and where restriction are least in transferring profit outside Pakistan.
The present government, Mr.Hasan said, has been in power for little less than a year and it has waddled through with great determination and resilience the most difficult circumstances including the continuing international economic crunch and regional security situation.
“Despite our difficulties the amount of interest shown by British business and investors here is very encouraging. We hope to mobilise huge investments in Pakistan in the next six months to one year.”
He said the perception that the investors are shying away from Pakistan is no longer there and their confidence is coming back and the concessions provided by a business friendly Government to them are so enormously attractive that investors are willing to take certain amount of risk.
P
AI
