Pakistan potential destination for foreign investment, Hafeez informs investors

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh Monday urged foreign investors to invest in Pakistan, which has unique location that makes it the best potential destination for foreign investment.

Chairing a meeting here with the delegation of FORTESCUE Metal Group Ltd Australia led by Mr. Andrew Forrest, Chairman of the Group, the adviser said that Pakistan had one of the biggest coal reserves located in Thar and there are rich copper and gold resources available in the country.

According to press statement issued by the Finance Minister, the Adviser shared that the country has the best locations for solar power generation and up to 80,000 MWs of hydel electricity production potential is available in the country.

With the country’s significant progression on the Ease of Doing Business Index and the promulgation of Law of Special Economic Zones (SEZ), Pakistan offers investment opportunities in energy, infrastructure, information & communication technology, textiles, apparel, surgical instruments, leather and footwear.

All these sectors offer favorable economic opportunities to the world for investment and trade, he added.

The Adviser offered all possible cooperation from the Federal Government as well as all the relevant provincial and local government organizations to help them start and expand their business in Pakistan and add to the development and prosperity of the country.

Meanwhile, Chairman of the Group, Andrew Forrest thanked the Adviser for providing an opportunity to discuss business prospects between Pakistan and the Australian based Company.

The Chairman briefed the Adviser that his Company, FORTESCUE, founded in 2003, has discovered and developed major iron ore deposits and constructed the most significant mines in the world.

They have grown to be one of the largest global iron producers and are focused on the vision of being the safest, lowest cost and most profitable mining company.

He also shared that the Company has significant presence in the markets of China, Japan, South Korea, India, Ecuador, Colombia, Chile, Peru, Portugal and Kazakhstan.

Currently the company is consistently shipping around 170 million tons of iron ore per annum; he further added that FORTESCUE is seeking to expand globally through identification, evaluation, development and delivery of energy projects including large hydropower facilities and green industry.