PM says Pakistan favors synergizing energy in region to support CPEC - FINANCIAL-24
- Not indulging in negative publicity for betterment of people;
- Investment policy is focused on reducing the cost of business
- 9 special EZs are being established along CPEC route; Meets
- Hong Kong CE to chat bilateral relations, future cooperation
HONG KONG: Prime Minister Nawaz Sharif on Wednesday said that Pakistan strongly favours synergizing energies in the region to support China Pakistan Economic Corridor (CPEC) project and emphasized for not indulging in negative publicity for the betterment of common man.
"Pakistan is a highly attractive destination for investment that no global player can afford to miss," he said while speaking at 'One Belt-One Road Pakistan Investment Forum' organized by China Innovative Finance Group Limited and Consulate General of Pakistan in Hong Kong.
The Prime Minister said, "Pakistan's investment policy is focused on reducing the cost of doing business." He urged prospective investors to benefit from economic revival of Pakistan and enjoy the first mover's advantage saying that, "Pakistan is ready to do business with the world."
Nawaz Sharif said his vision was to empower the people through economic development adding that, "CPEC is a core component of One Belt, One Road (OBOR) initiative of Chinese President Xi Jinping designed for regional integration for peace and development."
He said, "CPEC is a key regional initiative for connectivity and shared prosperity of nations. The project has the potential of bringing improvement in the lives of people, in addition to its projects related to energy, road and rail infrastructure, industrial parks and economic zones."
He said, "Nine Special Economic Zones are being established along CPEC route where foreign companies can invest in factories, warehouses, logistic centres and much more for consumption in Pakistani market and export."
He said, "The Corridor would connect the port of Gwadar to Kashghar and would also link the resource-rich Central Asia, oil-rich Gulf States and Europe. It stands at the cross-roads of an economic revolution which would produce win-win outcome for all."
He said, "The Government has devised a comprehensive plan to create an investment friendly environment. We have liberalized investment policies to welcome Foreign Direct Investment (FDI), offered incentives to attract new capital inflows including tax exemptions, tariff reductions and investment facilitation services."
The Prime Minister said, "Pakistan was emerging as a rising and secure country, on the track of sustainable growth due to its liberal investment policies."
Shedding light on war on terror, he said, "It is true that no other country has suffered from terrorism more than Pakistan but today, I present to you a rising, confident and secure Pakistan - a country full of vigour to make its mark in the world." He invited businessmen of Hong Kong to invest in Pakistan and take advantage of its strategic location, rich human and material resources, political stability and attractive investment policy.
He said, "Despite numerous challenges, Pakistan is becoming an emerging economy and a destination that no global player could afford to miss. Pakistan with its sixth largest population in the world, 80 million middle class and attractive investment environment was a destination for investors."
He said, "There was no minimum requirement for the amount of foreign equity and the investors could repatriate 100 percent profits and dividends. The consumer market in Pakistan is growing at a very fast pace, adding the consumer demand for automobiles, housing and electronics was thriving and providing considerable returns to the corporate sector."
He mentioned that, "The services industries particularly telecommunication, hospitality and online-retail are fast growing into attractive areas for investment. From a 3 percent Gross Domestic Product (GDP) growth before 2013, the country was projected to achieve 5.5 percent GDP growth this year, and 7 percent in two years."
He said, "Pakistan's Vision 2025 served as a comprehensive strategy for achieving sustainable growth and mapped the country to join the top 25 economies in the world leading to Upper Middle Income country status by 2025."
The Prime Minister said, "When the government took over in 2013 it faced severe challenges including energy shortages, inflationary pressures, exchange rate volatility and a precarious security environment. However, with efficient planning, the government managed to stabilize the economy despite unfavourable global economic conditions."
He said, "The government introduced good governance and financial discipline, entrepreneurship reforms, provided level-playing fields and widened social safety net, which resulted in reinforcement of foreign exchange reserves."
He said, "The Karachi Stock Exchange (KSE) index tripled in less than four years and mentioned that international monetary institutions were improving ranking of Pakistan. The government realized that focusing on growth was not enough and sustainable development was necessary, for which pro-poor steps in social security domain had been taken."
The Prime Minister said, "Hong Kong was among the major drivers of world economy and contributed for development of China, for which it could always be proud of." In a detailed presentation, Chairman Board of Investment (BOI) Miftah Ismali gave to the select gathering of businessmen and investors an overview of Pakistan's economy with exports grown to worth $22 billion, imports of $40 billion and remittances worth $21 billion.
He said, "The Foreign Exchange Reserves had touched $23 billion mark and stock exchanges surged to 53,000 points and GDP grown to 4.7 percent."
Ismail said, "Pakistan had a potential of 60,000 megwatts of hydel power, 340,000 MW of wind power, 184 million barrels of crude oil reserves, 26 trillion cubic feet of natural gas reserves, untapped reserves of 9 billion barrel of shale oil, 105 trillion cubic feet of shale gas and coal reserves of 175 billion tons."
He apprised the audience that, "Pakistan stood second in the world with above 100 million tons of salt reserves, third in copper with 1,352 million tons reserves, fifth in coal with 175,000 million tons reserves, and had fifth largest reserves of gold. Besides, Pakistan was fourth largest producer of cotton, 8th in wheat, 11th in rice, 5th in milk, and 9th in meat production."
He said, "Net foreign direct investment had increased to US$1.901 billion during 2016 registering 30 percent growth since 2013. Major inflows of foreign direct investment come from China, US, UAE, Hong Kong, UK and Italy and target for current year was $3.67 billion."
Highlighting the reforms made by the government to facilitate the investors, the Chairman said, "All sectors were open for investment allowing 100 percent repatriation of investment, profits and dividends. Special visa facilitation had been ensured for Chinese investors, strong legal protection, and BIT, FTA and double taxation agreements with China had been signed."
In his welcome address, Chairman Hong Kong Development Council Vincent HS Lo said, "Pakistan made a good initiative by launching road and infrastructure projects under CPEC."
He said, "Hong Kong had already been partnering with several companies in Pakistan in multiple projects of energy and roads."
A documentary highlighting the attractive features of Pakistan vis-a-vis trade and investment and socio-economic development was also played.
Earlier, the Prime Minister held a meeting with Chief Executive of Hong Kong, Leung Chun-Ying. He was accompanied by Minister for Commerce Engineer Khurram Dastgir Khan, Ambassador of Pakistan to China Masood Khalid, Chairman Board of Investment Miftah Ismail and others. The Chief Executive was accompanied by Finance Secretary Hong Kong Paul Chan Mo Po, Commissioner for Belt and Road Yvonne Choi Ying Pik and Secretary Treasury.
On his arrival at the Government House, the prime minister was received by the chief executive. Both the leaders warmly shook hands and the prime minister also penned his comments in the guests' book.
During the meeting, the two leaders discussed the matters of mutual interest and bilateral relations between Pakistan and Hong Kong.
Speaking on the occasion, Prime Minister Nawaz Sharif said, "Pakistan's liberal trade policy provides immense opportunities to the investors. Pakistan and Hong Kong have strong trade relations that need to be further enhanced, as there are immense opportunities in this regard."
He said, "Pakistan and Hong Kong have brotherly relations and both sides are cooperating in different fields." He said, "Several companies of Hong Kong had their permanent offices in Pakistan which testified their trust in the country."
He said, "CPEC would enable traders to transport their goods to the world through Gwadar Port. Pakistan's liberal trade policies provided ample opportunities to the investors of Hong Kong."
Leung said, "Pakistan and Hong Kong have deep rooted relations and both sides need to promote economic cooperation."
He congratulated the Prime Minister for a very impressive speech at the Belt and Road Forum in China and expressed satisfaction that Pakistan's support to the initiative was meant for peace, development and prosperity.
He said, "Pakistani community was one of the largest ethnic community in Hong Kong and was contributing to strengthening the business and trade linkages."
He said, "President Xi, in his speech had said that OBOR was about peace and innovation spanning over three continents" and added that it was a multifaceted initiative to promote, culture and people- to people contact.
He said, "Hong Kong's low taxation regime and a free judiciary was an attractive place for investment and emphasized that Pakistani businessmen to take the benefit." He said, "The Hong Kong Region with a total population of 66 million offered much to look forward from Pakistanis and mentioned signing of an agreement on avoidance of double taxation between the two governments."
The Prime Minister Muhammad also met Chairman ZTE Corporation Yin Yimin. During the meeting, the PM said, "Pakistan has turned into a vibrant economy. He said that the development of Hong Kong is exemplary."
The Prime Minister said, "Pakistan is an investment friendly country and investors from Hong Kong must exploit the immense opportunities available in Pakistan." He apprised the Chairman ZTE on his productive visit to Beijing. He said, "OBOR is a great initiative of the Chinese leadership."
Meanwhile, the Prime Minister met Chairman Shandong High-Speed Group Sun Liang and Chairman Beijing Enterprises Holdings Limited Wang Dong. The meetings focused on developing business linkages in the public-private sector of Pakistan and Hong Kong.-NNI
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