Pak­istan - a lu­cra­tive in­vest­ment des­ti­na­tion

Enterprise - - Contents -

A“The United Arab Emi­rates is a strong sup­porter of Pak­istan and has helped it in times of eco­nomic cri­sis and nat­u­ral dis­as­ters. Pak­istan is look­ing for­ward to strength­en­ing core re­la­tions with the UAE.”

- Makhdoom Amin Fahim, Min­is­ter of Com­merce

t the open­ing cer­e­mony of the An­nual In­vest­ment Meet­ing (AIM) 2012, Amin Fahim was one of the key speak­ers at the open­ing cer­e­mony for AIM 2012, which will con­tinue till May 03, at the Dubai In­ter­na­tional Ex­hi­bi­tion and Con­ven­tion Cen­tre. “pak­istan is look­ing for­ward to strength­en­ing core re­la­tions with the UAE,” he said, adding that trade re­la­tions would dou­ble in the near fu­ture.

The An­nual In­vest­ment Meet­ing se­ries was in­tro­duced by the late Pres­i­dent of the United Arab Emi­rates, Sheikh Zayed Bin Sul­tan Al Nahyan. The sec­ond meet­ing in the se­ries pro­vided an op­por­tu­nity to cre­ate a sus­tain­able plat­form aimed at fos­ter­ing co­op­er­a­tion be­tween de­vel­op­ing mar­kets and high growth regions and to build con­ducive syn­er­gies be­tween project pro­mot­ers and in­vestors.

The three-day was held in Dubai from May 1 to 3, 2012, on the theme of “Fi­nanc­ing Pos­si­bil­i­ties in Fron­tier and Emerg­ing Mar­kets”. The meet­ing brought to­gether 45 min­is­ters and deputy min­is­ters from emerg­ing mar­ket coun­tries and fron­tier mar­kets, along with project pro­mot­ers from 60 coun­tries, with the aim to in­crease bi­lat­eral trade and spur for­eign di­rect in­vest­ments.

Dur­ing the open­ing cer­e­mony, the UAE min­is­ter for for­eign trade, Sheikha Lubna bint Khalid bin Sul­tan Al Qasimi said that in terms of for­eign di­rect in­vest­ment, the UAE had at­tracted $60 bil­lion in the last five years, while its in­vest­ments to for­eign na­tions had ex­ceeded $327 bil­lion. She also said that ac­cord­ing to a United Na­tions Con­fer­ence on Trade and De­vel­op­ment (UNCTAD) re­port, UAE firms were among the most ac­tive for­eign in­vestors. She said that the UAE had high eco­nomic ex­pec­ta­tions that would be trans­lated into growth strate­gies soon.

Speak­ing on “The role of FDI in sus­tain­ing the global econ­omy”, Pak­istan Com­merce Min­is­ter Amin Fahim said that Pak­istan has very in­vestor-friendly poli­cies and “it in­vites all sorts of in­vest­ments with an open heart from all over the world.” He cited the im­prov­ing re­la­tions be­tween Pak­istan and In­dia and said his re­cent talks with his In­dian coun­ter­part had helped the two coun­tries re­alise the level of op­por­tu­ni­ties ex­ist­ing be­tween the two coun­tries.

“Apart from invit­ing FDI into our coun­try, we would also like to go to other na­tions and in­vest into their economies and to do this we are look­ing to dis­cuss FDI op­por­tu­ni­ties with them,” he said. Pak­istan has the largest and most vi­brant pav­il­ion at the AIM 2012 ex­hi­bi­tion along with over 20 other par­tic­i­pants rep­re­sent­ing 10 dif­fer­ent sec­tors.

For­eign Di­rect In­vest­ment or FDI is a driv­ing force in the glob­al­iza­tion process, which has be­come a key fac­tor in a mod­ern world econ­omy where the in­ter­na­tional in­vest­ment en­vi­ron­ment has grown to be eco­nom­i­cally, tech­ni­cally, po­lit­i­cally and legally in­ter­re­lated. This has brought about a num­ber of chal­lenges, such as main­tain­ing a bal­ance be­tween na­tional and in­ter­na­tional in­vest­ment poli­cies. There are cur­rently 5,900 in­ter­na­tional in­vest­ment-re­lated treaties in ex­is­tence.

Coun­tries around the world are pur­su­ing more in­vest­ments be­cause of their pos­i­tive role in de­vel­op­ment in terms of job cre­ation, tech­nol­ogy trans­fer and in­creased pro­duc­tion. The de­sired ben­e­fits of in­ter­na­tional in­vest­ments are not ob­tained au­to­mat­i­cally, though. They re­quire con­tin­u­ous hard work at all lev­els and the build­ing of pos­i­tive re­la­tion­ships be­tween in­vest­ments and the so­cioe­co­nomic state of the host coun­try. This re­quires a new form of in­vest­ment­de­vel­op­ment re­la­tion­ship and an in­ter­na­tional in­vest­ment sys­tem that can ef­fec­tively

pro­mote sus­tain­able de­vel­op­ment for all.

Sheikh Mak­toum bin Mo­hammed bin Rashid Al Mak­toum, Deputy Ruler of Dubai and Pres­i­dent of the Dubai In­ter­na­tional Fi­nan­cial Cen­tre (DIFC) and over 100 UAE dig­ni­taries, am­bas­sadors and CEOs were present at the in­au­gu­ral ses­sion.

On the side­lines, gov­ern­ment-to­gov­ern­ment (G2G) meet­ings were held with Zafer Caglayan, Turk­ish Min­is­ter of Econ­omy, dur­ing which Shah in­vited Turk­ish com­pa­nies to share their ex­per­tise in solid waste man­age­ment. Shah as­sured the Turk­ish min­is­ter that all steps will be taken to en­hance ex­ist­ing trade lev­els and sought co­op­er­a­tion in dif­fer­ent ar­eas. He also as­sured the Turk­ish min­is­ter that the gov­ern­ment of Sindh will fa­cil­i­tate Turk­ish in­vestors in Sindh and ad­dress their con­cerns.

A G2G meet­ing was also held with Sheikha Lubna Bint Khalid Al Qas­simi, UAE’s For­eign Min­is­ter of Trade. The Pak­istani min­is­ters stressed the need for a strate­gic thrust to UAE and Pak­istan’s eco­nomic re­la­tions. Fur­ther, Shah also held a de­tailed meet­ing with the Emi­rati AlMin­hal Group. The in­vestors showed keen in­ter­est in the Thar coal project and agreed to con­duct a fol­low-up meet­ing along with Chi­nese as­sis­tance.

FDI is im­por­tant for the UAE, as it firstly ben­e­fits from bridging the ge­o­graph­i­cal gap be­tween Africa and East Asia and se­condly be­cause it aims to pre­pare the coun­try for the time ‘af­ter the oil’. The UAE has the largest free port in the Mid­dle East. The Jebel Ali Free Port in Dubai has cre­ated over 30 free zones for var­i­ous in­dus­try seg­ments. These free zones are in par­tic­u­lar de­pen­dent on FDI.

Sheikha Lubna bint Khalid bin Sul­tan Al Qasimi, UAE Foriegn Min­is­ter of Trade, with Makhdoom Amin Fahim, Tariq Puri,

Syed Qaim Ali Shah and oth­ers.

Panel dur­ing pre­sen­ta­tion on Pak­istan.

Makhdoom Amin Fahim pre­sent­ing me­mento to Zafer Caglayan, Turk­ish Min­is­ter of Econ­omy.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.