Pakistan to Cross Investment Target, Minister Says: Bloomberg

By Camilla Hall

May 13 (Bloomberg) -- Pakistan will exceed its $10 billion target for overseas direct investment by September, the nation’s investment minister said.

“The majority of that is going to come from the Gulf,” Waqar Ahmed Khan said at a news conference in Dubai today, without giving details. “Investment is secure and the law of the land is sovereign.”

Pakistan needs overseas investment to bolster an economy predicted to grow at the slowest pace in eight years. Growth and investment have slumped as Pakistan contends with Taliban militants on its western border and strained relations with India in the east.

South Asia’s second-biggest economy will raise as much as $2 billion in investment from the United Arab Emirates in the housing sector, Khan said. Pakistan needs eight million “affordable homes,” he said.

Pakistan planned to raise $10 billion in overseas investment by December as companies from the Middle East build power plants and pour money into fuel exploration, Khan said in an interview in January.

Overseas direct investment in the nine months ended March 30 declined 8 percent to $3.04 billion, according to central bank data.

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