Hafeez Shaikh apprises foreign investors of Pakistan’s investment potential

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has urged foreign investors to invest in Pakistan, as the country’s location makes it the most lucrative destination in the region.

Chairing a meeting with a delegation of Australia’s Fortescue Metal Group Ltd, led by its chairman Andrew Forrest, the adviser said that Pakistan had one of the biggest coal and gold reserves in Thar, and that there were rich copper and gold resources available for exploration across the country.

According to a press statement issued by the finance ministry, the adviser further shared that the country had the best locations for solar power generation as up to 80,000MW of hydel electricity production potential was available in the country.

“With significant progress on the ease of doing business and the promulgation of laws for Special Economic Zones (SEZ), Pakistan now offers investment opportunities in energy, infrastructure, information & communication technology, textiles, apparel, surgical instruments, leather and footwear,” he maintained. “All these sectors offer favorable economic opportunities for investment and trade.” 

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The adviser offered the delegation all possible cooperation from the federal government as well as all the relevant provincial and local government organizations for their business expansion in Pakistan.

Speaking on the occasion, Fortescue Group Chairman Andrew Forrest thanked the adviser for providing an opportunity to discuss business prospects between Pakistan and the Australian company.

The chairman briefed the adviser that his company, founded in 2003, has discovered and developed major iron ore deposits and constructed the most significant mines in the world.

“We have grown to be one of the largest global iron producers and are focused on the vision of being the safest, lowest cost and most profitable mining company,” he informed.

He also stated that the company has a significant presence in the markets of China, Japan, South Korea, India, Ecuador, Colombia, Chile, Peru, Portugal and Kazakhstan. Currently, he added, the company is consistently shipping around 170 million tonnes of iron ore per annum. 

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