Zahid Hamid Federal Minister for Privatisation & Investment expressed these views during a meeting with a visiting high level 4-member Iranian delegation led by Darvishzadeh, Chairman/MD Iran Foreign Investment Company, an official statement said.
The Minister assured Pakistan's full support to make the Investment Company an effective tool for the investors of both the countries.
It would generate economic activities for both by identifying new areas for investment and would benefit people of both the countries, he added.
Zahid Hamid said that Pakistan's investment friendly policies have yielded record results as witnessed during the past Fiscal Year 2006, which touched the record level of US $ 3.5 billion and this accelerating was also evident during the first half of the current fiscal year besetting new record of Foreign Direct Investment till December as close to US $ 3 billion going to increase further in coming half.
Pakistan has comprehensive and broad based Privatisation Program, which provided exciting and attractive opportunities and PC Ordinance 2000 has given statuary cover to the whole process, he added.
The Minister further informed the delegation that the country's economy was growing at the rate of 7 %, which expected to continue.
Pakistan has so far privatised 162 public sector units raising US $ 7 billion since 1991 while 87 % of the privatisation was completed during the recent 7 years realizing around US $ 6 billion.
The leader of the delegation Darvishzadeh, Chairman/ MD Iran Foreign Investment Company informed the Minister that to establish a Joint Venture Investment Company an agreement has already been inked and his present visit was focused to take concrete steps for the implementation phase.
The company would be established with an asset of US $ 25 million, which both the governments, would equally share, he informed.
"We intended to invest out of Iran in the power, petrochemical and other sectors and would identify new areas and sectors for investment," he said.
The delegation members lauded Pakistan's economic achievements and desired to benefit from its privatisation experience, the statement said.
The other members of the delegation included Seyed Mansoor Mir Abedeni, Deputy Chairman Iran Foreign Investment Company, Morteza Adel Gholamzadeh, Consultant Law and Mashaallah Shakeri, Ambassador of the Islamic Republic of Iran to Pakistan.
Secretary Board of Investment Tallat Miyyan and acting MD Pak-Iran Investment Company Istaqbal Mehdi were also present during the meeting.
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