Prime Minister Shaukat Aziz told representatives of Arab Business Council that Pakistan is a rising nation, on the move and the successful implementation of an ambitious, all encompassing reform agenda have brought improvements in the political, economic, diplomatic and social sectors. Muhammad Al Shaya, Chief Executive Officer, Al-Shaya Group, Kuwait, led the delegation, according to an official statement. The Prime Minister said Pakistan today is among the fastest growing economies of Asia. He said this year the country is expected to surpass its growth targets because of extraordinary performance of the agricultural sector, and high growth in services sector, manufacturing and other areas of the economy. Aziz said that owing to favourable policy interventions and opportunities for business, the rate of investment in the economy has reached an unprecedented high of 20% of GDP. He said that the foreign investment last year reached its highest level ever of $3.5 billion in our history and the foreign investment flows during the current year are even greater than last year. In the first half of the current year, Pakistan has received foreign investment of over $ 3 billion and will surpass $ 5 billion mark by the end of the year, the Prime Minister said. He said that Pakistan has adopted a multi-pronged strategy to enhance the country's investment scenario. The government reformed the financial sector and taxation process, removed the antiquated procedures, improved the enforcement of civil contracts and documentation of property rights, developed the infrastructure and ensured consistency and continuity of public policies, he added. The Prime Minister said that in 2004 Pakistan successfully returned to the international capital markets for the first time in more than five years and issued $500 million 5 year Eurobonds due in 2009. He said this transaction attracted strong demand from high quality and diversified international investors. Aziz said that encouraged by this response, Pakistan floated Islamic Sukuk bonds worth $600 million in January 2005 followed by another ten year Eurobonds of $500 million and 30 year $300 million bonds in March 2006. The success of these offerings shows the confidence of the international markets in our economy, he added. He said Pakistan s poverty reduction strategy has brought down the number of people below the poverty line from 34.5% in 2001 to 23.9% in 2005 which means that 13 million people have been lifted out of poverty in just four years. The Prime Minister said that the increased demand of consumer items in rural areas is a manifestation of declining poverty there. The delegation said Pakistan offers tremendous investment opportunities and business environmental has entirely transformed during the last four years. As a result of the economic stability achieved by Pakistan the world has started looking toward Pakistan for their investments to benefit from investment friendly policies. The members of the delegation said the personal interest taken by the President and the Prime Minister had been instrumental in attracting global investments. They said the success story of Pakistan remains under publicised and the participation in international forums by Pakistan's business community will help establish the true image and potential of Pakistan.
