Economically upbeat nation lays out business opportunities, from oil and gas to finance and IT
PAKISTANI Prime Minister Shaukat Aziz is visiting Hong Kong this week to promote Pakistan as an investor-friendly country. His visit comes on the heels of a positive news flow from Pakistan.
One part of the good news is the series of landmark agreements Pakistan last week reached with India, aimed at reducing the risk of an accidental nuclear war between the two countries. The agreements include the setting up of a telephone hotline to prevent accidental nuclear conflict.
Both nations have also agreed to notify each other before conducting any nuclear missile testing. This latest action towards peace will benefit Pakistan's efforts to attract foreign investment.
The other good news pertains to Pakistan's economy, which has been growing steadily year after year since 2001. The financial year 2004-05, which ended in June, was a bumper year for Pakistan. Its real gross domestic product grew by 8.4 per cent year on year, the highest in two decades and the fifth time in the country's history that it exceeded the 8 per cent growth mark. This makes Pakistan the second fastest growing economy after China.
The last financial year also saw several firsts. For the first time, Pakistan's per capita income exceeded US$700 and the country achieved its highest production of cotton and wheat, and its highest expansion of private sector credit, according to Pakistan's Ministry of Finance's economic survey for 2004-2005.