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Orascom to increase investment in Pakistan

ISLAMABAD: Naguib Sawiris, Chairman ORASCOM on Monday said that encouraged by enabling investment climate in Pakistan and its experience of doing business here ORASCOM would increase investment in the country.

Naguib Sawiris, said this in a meeting with Senator elect Shaukat Aziz, Prime Minister’s Adviser on Finance.

Recalling his pleasant and profitable business adventure in Pakistan, he said that his investment in Mobilink cellular phone networking in Pakistan was encouraging. So far the Mobilink has over one million subscribers and could double the figure if even more encouraging environment was provided to this industry. He also showed his willingness to invest in fertilizer and cement plants.

Shaukat Aziz, adviser to the prime minister’s on finance informed the guests that the government would encourage foreign investment and would make the environment even more conducive for investors. He said that lower interest rates have considerably reduced upfront cost of investment in Pakistan and have encouraged consumer credit growth.

Similarly, he said that the government was encouraging housing as an industry to attract investment in the sector. He said cost of doing business in Pakistan was competitive as compared to the countries of the region.

Meanwhile, Naguib Sawiris, ORASCOM Telecom Chairman in a meeting with senator elect Dr Abdul Hafeez Shaikh, the advisor to the prime minister on privatisation and investment reaffirmed their interest in the telecommunication sector and privatisation of PTCL.

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