Many joint ventures and business agreements are likely to be made by the private sector in the country with international investors invest in various sectors. For the first time, the private sector has come forwarded to hold an international conference on ‘investment and trade’ engaging almost 11 business forums in October 2011.
Despite security and energy issues in the country, many foreign investors are willing to invest in various sectors of the country. This was said by Chairman Board of Investment (BOl), Salim Mandviwalla while addressing a press conference here at BOI head office on Saturday. The event was attended by heads of various business forums including Pakistan Australia Business Forum, Pakistan Belgium Business Forum, Pakistan France Business Alliance, Pakistan Germany Business Forum, Pakistan Italy Business Forum, Pakistan Korea Business & Friendship Council, Pakistan Japan Business Forum, Pakistan Malaysia Friendship Association, Pakistan Russia Business Forum, Pakistan Sri Lanka Business Forum and Pak Swiss Business Council.
According to Mandviwalla this will be the first multilateral conference to be held in Karachi inviting investors and buyers of Pakistani goods. The event is spearheaded by Pakistan Japan Business Forum.
However the important event would be fully supported by BOI and Trade Development Authority of Pakistan (TDAP). The Secretary of TDAP Javed Anwar was also present to lend the authority’s support to the Business initiative while representatives of the advisor to the Chief Minister Sind Zubair Motiwala and the Director of Punjab Board of Investment and Trade were also present. The chairman BOI said that many joint ventures and investment agreements were likely to be made during the conference as the concerned Business Forums were actively evaluating the opportunities of investment in the country. He explained that the conference would be different as it was being arranged by the private sector and devolves around five focused working groups rather than lengthy speeches. The discussion would explore all dimensions and possibilities of investment in the field of engineering, infrastructure, agriculture & dairy, mines and minerals and pharmaceuticals. This would give potential foreign investors an opportunity to interact simultaneously with experienced Pakistani private sector and receive guidance from senior government officials who will be attending the conference. Mandviwalla also claimed that Yamaha has recently invested in the country while other companies were also expected to come to the country which could provide a conducive business environment for foreign investors. “Pakistan being the 5th largest populated country in the world with about 180 million people, 60 per cent of whom are under the age of 30, has large untapped natural resources with increasing needs of the growing population. There is thus on one hand a need and on the other lack of capital” he added. The Conference intends to bring both together and provide a platform for joint venture, technical know-how, diversification, relocation, public private partnership, etc. Addressing the press conference, Javed Anwar said that a high powered business group from Thailand has also shown their keen interest to invest in some selected sectors in the country. The Chairman, Pakistan Japan Business Forum said that Pakistan was not only a profitable destination for investors but a gateway to Central Asia and would provide an unmitigated opportunity to investors for benefiting from their investments. Ahsan Mukhtar Zubairi Chairman, Pakistan Korea Business and Friendship Council said that a Korean company has already purchased a facility to build his industry in Pakistan as the cheap labour and strategic location of Pakistan were the main driving forces that compelled the foreign company to start a business in Karachi, from where the Korean firm aims to capture market in Central Asia.