ID :
9331
Wed, 06/04/2008 - 11:49
Auther :
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http://m.oananews.org//node/9331
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Essar Keen to Invest in Pakistan
Islamabad, June 4 (PTI) - India's diversified business conglomerate Essar Tuesday expressed its keenness to invest in Pakistan's economy, especially in the energy, steel andshipping sectors.
The offer was made to Essar Group chairman Sashi Ruia during a meeting here with Pakistan Prime Minister Yousuf Raza Gilani, who said his country "is open to business and foreigndirect investment (FDI)".
Gilani said almost all sectors of Pakistan's economy allow FDI, which is fully protected under the country's laws, and "there is no discrimination between foreign and local investment as no government sanction is required in eithercase".
Ruia, who led an Essar delegation which included vice chairman Ravi Ruia, told Gilani that his group has made investments across the world and "would be keen to invest in energy, steel and shipping sectors," said a statement issuedby the Prime Minister's office.
Pakistan People's Party co-chairman Asif Ali Zardari, whose party heads the ruling coalition, has been pushing for greater business ties with India to drive economic growth within his own country. He recently offered to set up economic zones along the border with India and to source gas and fuelsupplies for India from "friendly Muslim nations".
During his discussions with the Essar delegation, Gilani said that "since Pakistan is deficient in electricity, it would welcome investment in power generation, especially indeveloping the Thar coal reserves".
Zardari, during a recent interview with PTI, had suggested that India and Pakistan could collaborate to exploit the Thar coal reserves in Sindh province for generating powerthat could be supplied to both countries.
Gilani said he would soon announce his government's power policy that would contain incentives to attract foreign investment. Other attractive areas of investment, he said, include telecom, steel, real estate construction andelectronics.
Pakistan is also surplus in cement and would like toexport it to its neighbouring countries, he said.
Gilani told the Ruias that Pakistan "offers a liberal and attractive package of incentives as 100 per cent foreign equity is allowed and there are no restriction on remittances of royalty, technical and franchise fee, capital, profits anddividends".
Foreign Minister Shah Mahmood Qureshi and Tariq Saeed and Iftikhar Ali Malik, president and vice president respectively of the SAARC Chambers of Commerce and Industry, also attendedthe meeting.
The Essar Group is one of India's largest corporatehouses with an enterprise value of 15 billion dollars. - end.
The offer was made to Essar Group chairman Sashi Ruia during a meeting here with Pakistan Prime Minister Yousuf Raza Gilani, who said his country "is open to business and foreigndirect investment (FDI)".
Gilani said almost all sectors of Pakistan's economy allow FDI, which is fully protected under the country's laws, and "there is no discrimination between foreign and local investment as no government sanction is required in eithercase".
Ruia, who led an Essar delegation which included vice chairman Ravi Ruia, told Gilani that his group has made investments across the world and "would be keen to invest in energy, steel and shipping sectors," said a statement issuedby the Prime Minister's office.
Pakistan People's Party co-chairman Asif Ali Zardari, whose party heads the ruling coalition, has been pushing for greater business ties with India to drive economic growth within his own country. He recently offered to set up economic zones along the border with India and to source gas and fuelsupplies for India from "friendly Muslim nations".
During his discussions with the Essar delegation, Gilani said that "since Pakistan is deficient in electricity, it would welcome investment in power generation, especially indeveloping the Thar coal reserves".
Zardari, during a recent interview with PTI, had suggested that India and Pakistan could collaborate to exploit the Thar coal reserves in Sindh province for generating powerthat could be supplied to both countries.
Gilani said he would soon announce his government's power policy that would contain incentives to attract foreign investment. Other attractive areas of investment, he said, include telecom, steel, real estate construction andelectronics.
Pakistan is also surplus in cement and would like toexport it to its neighbouring countries, he said.
Gilani told the Ruias that Pakistan "offers a liberal and attractive package of incentives as 100 per cent foreign equity is allowed and there are no restriction on remittances of royalty, technical and franchise fee, capital, profits anddividends".
Foreign Minister Shah Mahmood Qureshi and Tariq Saeed and Iftikhar Ali Malik, president and vice president respectively of the SAARC Chambers of Commerce and Industry, also attendedthe meeting.
The Essar Group is one of India's largest corporatehouses with an enterprise value of 15 billion dollars. - end.
