Islamabad: High Commissioner of Pakistan to Singapore, Syed Hasan Javed, in a briefing to the Singapore-Indian Chamber of Commerce and Industry on 29 December 2011, stated that the future of economic growth lies in Emerging Markets.
He said that Pakistan is fast emerging as the next frontier for multinational companies from the Asia-Pacific region. Pakistan’s overall trade with the Asian states, has already exceeded those with other regions of the world. Pakistan is now a part of the “Flying Geese” economies of Asia, says a press release received here today from Singapore.
Pakistan is the treasure trouve of Asia’s un-utilized natural resources worth trillions of dollars including third largest coal reserves of 182 billion tons, copper reserves of 5-6 billion tons, 400 million tons Iron, 54 TCF Gas and recoverable gold reserves of 2500 tons.
Other significant natural resources include petroleum, rock salt, marble, limestone, granite, gemstones, chromite and rare earth such as lithium, etc. With a vibrant agriculture and biological diversity having eight climate zones, 14th vegetation zones and a dozen topographical landscapes with temperature ranging between -50c to +50c, Pakistan is born with natural advantages..
Mr. Javed added that Pakistan’s location as a gateway to half of world’s population in its neighbourhood and close-proximity to energy rich region with abundant hydropower, wind and solar energy resources of its own, make it an ideal destination for energy companies.
Pakistan’s potential demographic dividend with a young population under 25 age, comprising 69% make it among the most promising market and economic power house of the world. Pakistan’s cheap English knowing labour force, the 4th largest in the world, is efficient, hardworking and quick at technology assimilation and skill learning.
Pakistan is the melting pot of civilizations and cultures which are promising for tourism promotion. Pakistan’s demographic advantages, natural resource endowments and location advantages, social capital and its special relations with global economic power houses such as the People’s Republic of China and the Gulf region provide it with unbeatable advantages, for emerging as a great economic power.
Multinational companies looking for profit sustainability are more and more looking at Pakistan, as their future destination. Pakistan is critical to Asia’s rise, being hub of connectivity between the interlocking region of South Asia, Central Asia, West Asia and North Asia. Already, 700 multinational companies are profitably engaged in Pakistan, while others queue up to enter the market. Pakistan allows 100% equity, profit and dividend repatriation.
It is in the interest of Singaporean multinational companies, to diversify their portfolio, in view of the fast emerging extraordinary global financial situation. The most promising sectors for investment in Pakistan include Energy, Mining, Agro food, Tourism, Financial sector, Mass transit, Logistics and Knowledge industry. The Singaporean companies hence, would be investing in their future, by investing in Pakistan.
Pakistan is equidistant between Singapore and London, and offer enormous possibilities for ASEAN firms and those from the Asia-Pacific region to relocate their businesses. The High Commissioner said that Pakistan has demonstrated extraordinary resilience and achieved an average of 5 to 6% growth rate for the past six decades, which make the country well-prepared to emerge as among the Next 11 Group of biggest Economies identified by the leading world rating agency “Goldman Sachs”.
Pakistan and ASEAN are two pillars of prosperity and stability of Asia. Mr. Javed observed and assured the investors his government’s commitment to provide all facilities to encourage foreign investment.
For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326