ISLAMABAD - Founder of Pak-Turk Business Council Turgat Bayan Monday said that Turkey has planned to invest $1 billion during next three years in the communication, textile and automotive sectors in Pakistan. He said this while talking to chairman BoI M Zubair and apprised about the forthcoming investments from Turkey. Turgat Bayan stated that currently the FDI of Turkey in Pakistan is $370m and Turkey plans to invest $1 billion during the next three years in the communication, textile and automotive sectors.
He recounted about the Metro Bus service of Turkey which is state of the art infrastructure example in Pakistan and better than the same service in Turkey due to its 9km elevated portion which is not even constructed in Ankara.
Turkey has also applied for the licence of Turkish TV channel, Samanyolu in Pakistan, that will broadcast Urdu and Turkish content simultaneously, he informed.
Furthermore, in the education sector, Turkey and Pakistan are exchanging students for higher education and 23 Pak-Turk schools are already working in Pakistan to promote Turkish language and culture in order to build cultural and economic linkages between the two brethren Muslim countries.
Talking to the media, Chairman BoI said that Turkey is also interested in the hydropower and alternate energy projects in Pakistan and wants to support the government to overcome the energy crisis.
He further told about a meeting with Overseas Private Investment Corporation (OPIC) on Tuesday. OPIC has a $1 billion credit line set aside for energy projects in Pakistan. And BoI will present Mahl Hydropower Project, 80 MW Neckeherdim - Paur Hydropower Project and 58 MW Turtonas - Uzghor Hydropower Project to the OPIC for investment.
Earlier, chairing a meeting of BoI officers, Mohammad Zubair briefed them about the new Govt.’s initiatives to resolve the problem of energy, promote investment in the country and improve law and order situation. He emphasised the officers to work as team and also give great motivation to the officers for providing speedy facilitation to foreign / local investors and promote FDI, to achieve the objective of economic development of Pakistan.
As presently the country desperately needs to attract financial inflows to build up the dwindling foreign exchange reserves. Besides other arrangement for foreign investment; one of the critical tasks ahead for new chairman is to resume dialogue with US Administration on Bilateral Investment Treaty and to achieve FDI target of $5.5 billion per annum assuming an average annual GDP growth of 5 percent. The FDI stock would account for 20pc of GDP, which is close to the current global average. He is quite optimistic to achieve the FDI inflows of $2 billion in the first year and rest in the subsequent years of five year Investment Policy 2013.
The Government has appointed Mohammad Zubair as Chairman of Board of Investment from private sector and formal notification in this regard has been issued by the Board of Investment on 12-07-2013. - http://www.nation.com.pk
Last modified onSaturday, 06 May 2017 10:07