DUBAI: Pakistan is looking to double its trade in the near future and keeping this in mind is actively pursuing to participate in foreign trade fairs, said Federal Commerce Minister Makhdoom Amin Fahim during a press conference at the Pakistani Counsel General’s residence in Dubai on Monday.

Fahim is in Dubai to attend the Annual Investment Meeting 2012 which is scheduled to be held from May 1-3. The minister said that Pakistan and the United Arab Emirates (UAE) have very close ties and therefore special focus is on enhancing trade between the two nations.

Minister of State and Board of Investment Chairman Zubair Motiwala said the UAE has promised to bring in $36 billion worth of investment into Pakistan. He said that since Sindh is the most promising province for investments, projects will be offered there. He further said that the UAE has shown interest to invest in mega projects, particularly the energy sector.

He said the Pakistani delegation has brought along with it 20 completely ready projects that can be started off from tomorrow if the investors show interest. He said that these projects are in the livestock and dairy sector, fish farming, dates, chillies, fruits, halal products and cold chain sector. Motiwala further said the Sindh government was not only asking for investments but was looking to form partnerships with the investors. He said that Pakistan has been ranked number three for ease in doing business by the World Bank in its recent report.

Moreover, he said, Pakistan is offering unmatched investment incentives to foreigners. “We will give 20 percent return in dollar terms on investment, 30-year tax holiday, whereas all machinery imported for investment would be tax free. We have estimated that investors would begin to get a return on investments in 3-4 years’ time. These are incentives you will not get anywhere else in the world,” he said.

Chief Minister of Sindh, Qaim Ali Shah said that a delegation of 80 members had come to attend the event and pitch in investment opportunities. He gave special focus to Sindh and stressed that investment opportunities were high particularly in the energy and agriculture sectors.

Shah said that the energy crisis was severely hampering the growth of industries and hence, foreign investors should look to investing in the wind corridor and the Thar coal reserves. He further pointed out that opportunities were also available in developing infrastructure and building roads.

The Sindh chief minister also pointed out that the media should play a more active role in portraying the Pakistan media in a more positive light. “This will help us to bring in more investments and help boost the nation at a better pace,” he said.