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Govt evolving ten-year investment policy: Waqar Ahmed

Govt evolving ten-year investment policy: Waqar Ahmed LAHORE: Federal Minister for Investment, Waqar Ahmed Khan Saturday said that government is evolving a ten-year investment policy and all stakeholder will be consulted in this regard.

Addressing the members of Managing Committee of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) here, he said Pakistan is a suitable place for investment and that is the reason that China, European countries especially countries of eastern Europe, Gulf states are making investment here.

He said that recession has affected all countries but its impacts on Pakistan's economy are not severe.

He said that the government has fixed a target of investment of 10 billion dollar in Pakistan to be achieved by the end of current fiscal year. The investment would be made in energy, oil and gas, water and agriculture sectors, he added.

To a question, the minister said that security is a temporary issue and the government is taking measures to provide conducive atmosphere for investment in the country.

The minister said the government is forming a committee for load management of electricity and natural gas which will comprise leading businessmen and industrialists of the trade body and its recommendation regarding load management will be honoured. The committee will come into existence by next week, he added.

Regarding electricity generation, he said that government will be able to add 2,500 megawatt electricity in national grid by December 2009 and 15,000 megawatt by 2020.

Responding to a question, the minister said that grant released by World Bank for Benazir's Income Support Programme (BISP) would not be spent on power sector but its utilization would be ensured as per WB's direction.

To another question, he said that mark-up rate of banks will not be raised.

Vice President, FPCCI, Azhar Saeed Butt and other leading businessmen were also present on the occasion.

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