News
Wednesday, April 20, 2011
Finance minister sees new investments in energy sector
* Says Pakistan wants to expand trade with its international partners
WASHINGTON: Federal Minister for Finance, Dr Abdul Hafeez Sheikh, sounded confident on Tuesday about new foreign investments flowing into Pakistan’s energy sector as he wrapped up four days of meetings with the leaders of international financial institutions, his counterparts and the US officials.
“I think our message about vast business opportunities in Pakistan, the government’s liberal investment regime and policy to facilitate the private sector has been received well,” he told a press conference.
“There will be some new developments, particularly, in the oil and gas and energy sectors,” he prophesied.
Sheikh was asked as to what target Islamabad had set for the inflow of foreign investment.
He did not elaborate on his investment outlook but sources indicated that the US might announce investment in the energy sector in the near future.
The finance minister denied a statement attributed to him by the media that parliament was hindering progress on economic reforms.
“First of all, I never said anything to that effect. Secondly, parliament is sovereign, it has the right to take decisions and nobody can challenge its decisions,” he asserted.
“Let me clarify once again I never uttered anything like that. It has been our effort that all decisions are taken with the approval of parliament - and we take along all political parties in the coalition and respect their points of view - this is a political process by which national decisions are made,” he informed newsmen.
Sheikh said he apprised the IMF, World Bank and US officials about the measures and reforms like broadening the tax base, bringing additional sectors into tax net, revenue generation and controlling expenditure that the government is pursuing to achieve macro-economic stability.
“Pakistan wants to expand trade with its international partners as it desires to be self-sufficient,” he said. app
Courtesy www.dailytimes.com.pk