Pakistan has attracted investment worth $5 billion in the Gulf Cooperation Council in 2009, Pakistan's Federal Minister for Investment Waqar Ahmad Khan said during his recent visit to Sharjah, accompanied by a trade delegation. “Our economy is moving on the right track as we are able to attract foreign investment, especially the GCC investments. We have improved the business infrastructure in our country and provided all the required facilities to investors. This coupled with a wealth of untapped investment opportunities can make Pakistan an ideal investment destination,” Khan said. He explained that Pakistan is also planning to further improve its legislative infrastructure, with a host of investment regulations in the works. The country has attracted already $5 billion in investment so far in 2009, and seeks to reach $10 billion by end of the year, with potential to exceed the targeted figures, he added. During his visit, he held a meeting with Sheikh Tariq Bin Faisal Al Qassimi, chairman of Emirates Investments Group (EIG). The two parties discussed available investment opportunities in Pakistan and the possibility of increasing UAE investments in Pakistan. Al Qassimi said that Pakistan was a good platform for EIG investments, particularly in the banking sector, due to the encouraging environment of investments and supportive laws. “EIG has a number of investments in Pakistan, through which we have added value to the Pakistani economy, while also providing good ROI for our shareholders - a mutually beneficial arrangement. One example of this is EIG's Emirates Global Islamic Bank, which has expanded from six to over 20 branches since it commenced operations in 2007, and now covers a number of different parts of Pakistan, where initially it had branches only in Karachi and Lahore.” Al Qassimi pointed that the current time is the best to search for new investments globally, saying, “This current crisis gives us the opportunity to search for new international investments. We believe that the global economy will not remain affected for very long, and that it will flourish once again. Once this happens, our recent investments will begin to bear fruit, and increase revenues.” “The East Asia region is a real competitor to other regions in terms of attracting foreign investments. The movement of GCC capital to Pakistan, despite the attractions available in other countries, is evidence of the successful strategic economic planning adopted by the Pakistani government,” Khan further said. He added: “New data - both governmental and non-governmental - about the performance of Pakistan's economy indicates clearly the huge investment opportunities that are available in the country. The noticeable inflow of Gulf capital to Pakistan supports this fact. This foreign investment has contributed significantly to high figures of economic growth, which is projected to be even more impressive over the next two years.” __
