ISTANBUL: Prime Minister Nawaz Sharif on Wednesday invited Turkish businessmen and entrepreneurs to tap and explore vast investment opportunities that existed in Pakistan, particularly in the areas of energy, housing, construction and infrastructure, textile, agro industry and the oil and gas.

“Pakistan lies at the crossroads of South, Central and West Asia. Being a market of more than 180 million people, our human resource capital, comprising a youthful, educated and skilled work-force, is second to none in the world,” he said while addressing the Pakistan-Turkey Trade and Investment Forum here.

The prime minister said, “Pakistan is also endowed with rich and untapped natural resources. Our coal reserves in Sindh are one of the largest in the world, all these advantages coupled with a friendly investment policy offers ideal opportunities for investment in Pakistan," he said.

He said the present government's primary purpose was to create a conducive environment for trade and investment. “We have a liberal investment policy, which includes 100 per cent equity ownership, full repatriation of capital, tax breaks, customs duty concessions on import of plant and machinery and raw materials.”

The prime minister said special economic zones had been established with efficient infrastructure and one window facility and more such zones were in the offing.

He said Turkey and Pakistan enjoyed deep-rooted relations.

The centuries old love and affection that existed between the peoples of Pakistan and Turkey, was unmatched, he said.

Prime Minister Sharif recalled that this year had been a watershed for democracy in Pakistan, as for the first time, a peaceful transition from one elected government to another had taken place.

He said, “Pakistan has had its share of challenges. However, the situation is looking up. I have no doubt that our today is better than yesterday and tomorrow would be even brighter. The agenda before my government is therefore broad and urgent, focusing on the welfare of the people of Pakistan.”

Prime Minister Sharif said, “Our vision is a new Pakistan - a Pakistan which is at peace within and peace outside, especially with its neighbours; a Pakistan which is business friendly; a Pakistan where foreign investors would feel safe and secure; a Pakistan which is modern, progressive and forward looking.”

He said the present government's foremost priorities included good and accountable governance; creation of a peaceful and secure environment; economic revival; energy security; poverty alleviation and creation of new jobs.

“The aim of my government is to increase GDP gradually to 7 per cent, enhance foreign exchange reserves to over US $ 20 billion, reduce public debt by 57 per cent of the GDP and to increase investment to GDP ratio to rise to 20 per cent”, he added.

The prime minister drew the attention of Turkish entrepreneurs to the recent ratings released by the Standard & Poor and Moody, in which they have reposed confidence in Pakistan's economy, by rating Pakistan from a negative of 34 to a positive of 2.

He said since socio-economic development was the priority of his government, the energy sector topped this socio-economic agenda. “We have formulated an energy policy with the consensus of the provincial governments.”

The prime minister also said the present government was also taking steps to diversify the energy sector, including increase in power generation, use of technology in power distribution, controlling line losses and energy conservation.