ISLAMABAD: Federal Finance Minister Dr. Abdul Hafeez Shaikh said on Tuesday that there were no barriers and discrimination for investment in 3-G technology in the country.
"This is the country where any person from anywhere in the world can come and start business with one percent investment or 100 per cent and there is no restriction on the repatriation of capital gains, dividends and profit", the Minister said while addressing investors conference on "Auction of Mobile Cellular Licenses (3-G/4-G)". The conference was also attended by international investors.
He said that the process of auctioning 3-G licences would be professional and transparent and all information would be shared with the investors.
He said the 3-G technology would bring a revolution in the telecom sector of the country which would create business and job opportunities along with facilitating the consumers by providing entertainment.
Speaking on the occasion, Chairman of Pakistan Telecom Authority (PTA) Dr. Muhammad Yasin said that the telecom industry has witnessed a sharp growth in Pakistan during last few years. There was growth of 185 per cent in mobile internet and hundred percent per anum increase in broadband subscribers during last two years, he added.
He said there would be no minimum and maximum requirements for foreign equity and foreign controlled companies would be allowed domestic borrowing.
Highlighting the achievements of telecom sector in the country, the Chairman PTA said that the telecom revenues during the year 2011 remained over US $4 billion and telecom investment during last six years was over US$12 billion.
He said Foreign Direct Investment in the sector during last six years remained US$ 7.1 billion and import of telecom equipment crossed $766 million.
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