UK to invest in power, oil, gas, other sectors in Pakistan

ISLAMABAD: Chairman Board of Investment (BOI), Dr. Miftah Ismail has said that Pakistan is an investment friendly country offering 100% foreign ownership and full repatriation of profits, capital gains and dividends for the investors.

He stated this while addressing the UK investors at an Investment Conference in UK last evening in London last night.

According to a message received here from London Friday said that Board of Investment (BOI) has organized a successful investment conference in UK to present Pakistan as the most lucrative investment destination in the world.

In his presentation to the UK investors, Chairman Board of Investment, Dr. Miftah Ismail said that there are over 100 UK based multinational companies successfully operating in Pakistan with an FDI of US $ 2.7 Billion over the last decade.

The highest amount of FDI inflow from UK reached US $ 860.1 Million in year 2006-2007.

He further said that under the leadership of Prime Minister of Pakistan, “we are expected to achieve annual economic growth of over 7% within the next few years”.

He informed the audience that Pakistan is the 15th largest population of internet users in the world with exports of software of over USD 2 billion and growing rapidly.

Board of Investment also arranged Prime Minister’s meeting with GlaxoSmithKline (GSK).

The GSK group assured a substantial investment in Pakistan.

Prime Minister also met the Oracle Coalfields PLC, a UK based coal developing company with its primary coal projects in Pakistan.

The company’s primary interest of investment is Thar Coalfield Block VI license.

Currently, Oracle is advancing its US $ 1.5 billion integrated thermal coal and power plant project in Pakistan at Block VI. Recently, Oracle has successfully secured funding from large Chinese state-owned groups to develop the open pit coal mine and a 600 MW coal-fired power plant at site.

Chris Gibson-smith, Chairman, London Stock Exchange Group, also met the Prime Minister.

In a meeting with Shell Pakistan Limited (SPL), Finance Minister, Ishaq Dar said that the firm is interested to take part in LNG’s bidding process and plans to look into offshore exploration and production sector in future. He also met with the fund managers.