The Hindu : National : 'Time not ripe for Indian investments in Pakistan'

Online edition of India's National Newspaper
Thursday, Nov 25, 2004

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National

'Time not ripe for Indian investments in Pakistan'

By Our Special Correspondent

NEW DELHI, NOV. 24. The Pakistan Prime Minister, Shaukat Aziz, today told Indian industrialists that the time was not ripe for Indian investments in his country.

To a query at a dinner meeting with industrialists on what view the Pakistan Government would take if Indian companies were to bid for some of the units being privatised there, Mr. Aziz said: ``Personally, I would say it is not time for Indian investment to come to Pakistan. It is a bit premature for Indian companies to bid for and try to buy what we are trying to privatise.'' Mr. Aziz said development of bilateral economic relationship would be a long haul process and not a 100-metre dash.

`Resolve Kashmir issue'

In his prepared address earlier, Mr. Aziz said investments and joint ventures could take-off in a big way if India and Pakistan were able to create an enabling political environment of peace, stability, trust and confidence. ``Resolution of the Jammu and Kashmir dispute would create the requisite political framework conducive to closer economic cooperation.''

Mr. Aziz also emphasised that Pakistan was of the view that regional cooperation was a necessary ingredient in maximising dividends in an increasingly inter-dependent world. Stating that Pakistan would host the Ministerial meeting of the Asia Cooperation Dialogue (ACD) in Islamabad next April, he said Pakistan and India could together contribute to the success of the ACD enterprise. A major theme at the Islamabad ACD would be `Economic Cooperation In Asia.'

The Prime Minister said at the bilateral level, a lot could be done and to begin with, the gas pipeline project could be a huge economic confidence-building measure between the two countries. ``We envisage this stand-alone project of great significance for India, Pakistan and all gas suppliers,'' he said sticking to the Pakistani position that the pipeline project should be considered as a stand-alone project.

Mr. Aziz also offered India an energy corridor since Pakistan was situated in South Asia, Central Asia and the Gulf region simultaneously.

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