No barriers for 3G investment in Pakistan

ISLAMABAD, PAKISTAN: There are no barriers for investing in 3G technology in Pakistan as there are no restrictions on the repatriation of capital gains, dividends and profit, finance minister Abdul Hafeez Shaikh has said.

"This is the country where any person from anywhere in the world can come and start business with one per cent investment or 100 per cent and there is no restriction on the repatriation of capital gains, dividends and profit", Shaikh said while addressing an investors' conference.

The minister said that the process of auctioning 3G licenses would be transparent and all information would be shared with the investors, Associated Press of Pakistan reported.

He said the 3G technology would revolutionize the country's telecom sector and would create business and job opportunities along with facilitating consumers.

Prime minister Yousuf Raza Gilani had last November approved in principle the 3G policy for upgrading Pakistan's telecom sector.

Also read: Gilani approves Pakistans 3G policy

Pakistan is estimated to have over 90 million mobile phone users.

Pakistan Telecom Authority chairperson Muhammad Yasin said that the telecom industry has witnessed a sharp increase, with mobile internet users growing by 185 per cent and broadband subscribers by 100 per cent.

He said there would be no minimum and maximum requirements for foreign equity and foreign controlled companies would be allowed to borrow domestically.

Highlighting the achievements of the telecom sector, Yasin said its in 2011 were over $4 billion.

Over $12 billion was invested during the last six years, of which $7.1 billion was through the FDI route. Imports of telecom equipment had crossed $766 million.