ISLAMABAD, Sept 7: The United States sees significant investment opportunities in Pakistan, especially in power generation, ports, airports and other infrastructure projects, says Robert Adam Mosbacher, chief executive officer of the US Overseas Private Investment Corporation (OPIC).
"We want to be part of Pakistan's very impressive story by strengthening additional capacity, supporting small and medium sized businesses and by promoting access to credit," he further stated.
A source said Mr Mosbacher called on Prime Minister Shaukat Aziz here on Thursday. The OPIC CEO said the United States had decided to provide funding to the American investors through Citigroup which was operating throughout the country.
"The government has been assured that OPIC would also provide necessary guarantees to the US investors about the protection of their investment in Pakistan," he said. Without the involvement of OPIC, the source said, the US investors were reluctant to invest in the country.
Mr Mosbacher said the US strongly supported increase in investment in Pakistan in view of the "extraordinary economic progress made by Pakistan in the last few years".
The prime minister on the occasion said last year Pakistan attracted an investment of $3.8 billion, including FDI, which was the highest in country's history. Pakistan offered lucrative investment opportunities, especially in power generation, IT, telecom, agriculture business, tourism and construction, the premier added.
"We want OPIC to have a bigger footprint in Pakistan. Our energy needs are growing by 10 per cent and one cannot go wrong by investing in power generation," he said.
Giving an overview of the economy, the prime minister said Pakistan was virtually bankrupt seven years ago and the economy was rebuilt by focusing on the macro side by containing deficit, debt and managing other economic indicators.
Simultaneously, a massive structural programme was initiated which has transformed the country's economic scene. “Deregulation, liberalisation and privatisation are the guiding principles of our economic philosophy,” he said.
Mr Aziz said the economy, which had been growing six-eight per cent consecutively in the last three years, was projected to grow at seven per cent during the current financial year.
Per capita income, he said, had reached $850, which was the highest in the region. “Due to vibrancy in the economy and reforms, tax collection is increasing by 20-25 per cent per year and, we are now in the phase of second generation reforms.”
The Fiscal Responsibility Law, he said, introduced by the government, had limited the borrowing powers of the government, which could not go beyond a fixed percentage of the GD.
Privatisation Minister Zahid Hamid and other senior officials also attended the meeting.
