MoI assures business tycoons’ $ 10 bln foreign investment

Posted on May 25, 2009

LAHORE – Senator Waqar Ahmed Khan, Federal Minister for Investment has said that would manage to bring in $ 10 billion foreign investment by December this year.

Saturday Addressing the business tycoons at LCCI here, Waqar Ahmed said the Senate and the National Assembly would soon formulate laws to provide legal cover to investment policies so that change of governments could not abolish or obstruct them.

Talking about energy crises, he said that several power projects are under way and 4500 more electricity will be online by December 2009 or January 2010, which would definitely mitigate load-shedding.
Waqar Ahmed said that efforts were afoot to import Liquified Natural Gas as Pakistan needed seven million tonnes of the LNG, which is 15 percent more efficient than other fuels. The LNG would enable the gas-operated power plants to enhance their generation up to 1300MW as well as reduce the POL import bill up to 20 percent, he maintained.
Qatar government has agreed to give LNG, provided that Pakistan government enter into a long-term agreement, he said, adding that after completion of all formalities with Qatar, the LNG would reach Pakistan within three months.

Regarding food shortage, the minister said the government was focusing on corporate farming under which state lands would be provided on lease to foreign and local investors, who would also be given tax exemption on import of equipment, hybrid seeds and machinery in this regard. However, the government has bound these investors to share 50 percent of the production with local farmers. While, farm to market roads are being constructed for safe and smooth supply of the agri production. He hoped that these joint ventures would help overcome the food crises within next four years.

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