FDI likely to reach $ 3.5b mark in 2006-07: PM

ISLAMABAD: Prime Minister Shaukat Aziz has said that the wide-ranging structural reform introduced during the last seven years coupled with macroeconomic stability, rapid, strong and sustained economic procedures has transformed Pakistan into one of the ideal locations for foreign investment.

"By the end of the current fiscal year, Foreign Direct Investment is expected to reach $3.5 billion," he observed this while talking to Mr Gregory Huinckley, President Mentor Graphics a US based multinational working I the are of Electronic Design, Automation (EDA) who called on him at the Prime minister House Sunday.

The prime minister said Pakistan is investing in human resource development to prepare a massive pool of human capital in various disciplines of Science and Technology to build a knowledge based economy in the country.

He said government’s policy of deregulating the Telecom Sector has resulted in inflow of substantial investment. The availability of a world class infrastructure, cheap labour, availability of highly qualified professionals, the level playing field provided to the investors and simplification of procedures by the government has attracted substantial investments in the Telecom Sector.

The prime minister said government is improving the communication system and building enough redundancy by providing a number of alternate international linkages for the internet traffic. It will set up software Technology Parks in Islamabad, Lahore, Karachi to facilitate the software companies, the prime minister added.

Mr Gregory Huinckley presented a cheque of $ 50 thousand to the prime minister for Earthquake Relief Fund.

He said Mentor graphics provides software tools for design simulation and testing of the Large Scale Integrated Circuits. He said his company contributes in development of local manpower and has employed over 100 persons with a significant strength of high end design engineers.

Mr Gregory Huinckely appreciated the quality of infrastructure and investment friendly policies of Pakistan. He said Pakistan is rich in human capital and he was impressed by the talented professionals working in his company.

President Mentor Graphics said his company was satisfied with the out put of his company in Pakistan and is planning to expand their business in Pakistan.

The meeting was also attended by Federal Minister for IT Awais Ahmad Khan Leghari and senior officials