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Speech!by!H.E.!Dr.!Anwar!UL!Haq!Ahady!Minister"of"Commerce"and"Industries"

Islamic"Republic"of"Afghanistan""

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The!Afghan9American!Chamber!of!Commerce!!8th!Annual!U.S!–!Afghanistan!Business!Matchmaking!Conference!!

December!2012!Washington!DC.,!USA!

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!Your"Excellencies,"distinguished"guests,"investors,"fellow"Afghans,"ladies"

and" gentlemen," good" morning." I" would" like" to" begin" by" thanking" the" AfghanD"

American"Chamber"of"Commerce"for"inviting"me"to"address"this"annual"meeting."

This" is" my" second" appearance" in" your" gatherings." Your" organization" is" very"

important"for"me"because"in"addition"to"being"investors,"you"are"one"of"our"very"

important"links"to"the"international"business"community.""""

Probably"some"of"you"recall"that"a"few"years"ago"I"argued"in"front"of"you"

that" Afghanistan’s" business" legal/regulatory" environment" is" quite" liberal," a" trait"

which" investors"should" find"attractive." I" still"believe" that"based"on"our"businessD

friendly" legal/regulatory"environment,"we"can"compete"with"other" countries" for"

attracting" investors."Today," I"will" reiterate"some"of"my"arguments" regarding" the"

merits" of" our" legal/regulatory" business" environment" that" you"might" be" familiar"

with."Furthermore," I"will" talk"about"specific"sectors"which"we"believe"offer"great"

investment"opportunities.""Here"I"would"like"to"be"a"bit"elaborate."So,"please"bear"

with"me."I"would"also"address"the"issue"of"post"D2014"expected"increase"insecurity"

and"uncertainty"which"usually"make"investors,"hesitate"to"commit.""

Ladies" and" gentlemen:" I" am" sure" that" you"would" agree" with"me" that"

investors" find" a" combination" of" a" liberal" legal/regulatory" regime," adequate"

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development"of" infrastructure,"and"the"availability"of"both"skilled"as"well"as" low"

cost"unskilled" labour"force"quite"attractive"for"doing"business." I"think" in"the"past"

10"years,"President"Karzai’s"government"has"established"a"very"business" friendly"

legal/regulatory" framework;" has," at" the" very" least," built" the" minimum" level" of"

infrastructure" required" for" modern" businesses," and" our" vocational" training"

institutions"have"graduated"a" large"number"of"skilled"workers;" I" should"also"add"

that" there" are" also"millions" of" less" skilled" Afghans"who" are" looking" for"work" at"

much"lower"wages."

Let"me"elaborate"on"our"liberal"legal/regulatory"business"regime."As"you"

know,"our"constitution"includes"provisions"on"the"sanctity"of"private"property"and"

establishes" a" market" economy" as" our" economic" system." Our" Central" Bank" Law"

establishes" the" independence" of" the" Central" Bank" and" the" autonomy" of" our"

monetary"policy."Our"Banking"Law"regulates"the"operations"of"a"privately"owned"

banking"system"in"accordance"with"the"principles"of"a"market"economy."We"have"

adopted" a" very" liberal" investorDfriendly" foreign" exchange" system" which" allows"

people"to"legally"bring"money"to"the"country"and"easily"take"it"out"again."We"have"

allowed"banks"to"open"foreign"exchange"accounts."We"have"adopted"a"Financial"

Management" Law" that" emphasizes" fiscal" discipline" and" management" of" public"

finances"in"line"with"best"international"practice."Our"Income"Tax"Law"emphasizes"

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simplicity"and"our" tax" rates"are" the" lowest" in" the" region." Similarly,"we"have" the"

lowest"custom"tariffs"in"the"region"and"our"tariff"categories"are"simple"and"few"in"

number." Our" Investment" Law" is" very" investor" friendly." We" allow" 100%" foreign"

ownership" of" enterprises," easy" repatriation" of" profits," treat" foreign" investors"

identically"to"domestic"ones,"and"we"allow"accelerated"depreciation"as"well"as"taxD

holidays."

In" the"past" year" the"Ministry"of"Commerce"and" Industry"has" reviewed"

and"updated"the"legal"framework"for"business"in"Afghanistan."Amendments"have"

been"proposed"to"the"Law"on"Corporations"and"Limited"Liability"Companies," the"

Law"on"Arbitration"and"the"Private"Investment"Law"with"the"intention"to"make"all"

of" them" even" more" business" friendly." Final" drafts" of" a" Bankruptcy" Law," a"

Competition"Law"and"a"Consumer"Protection"Law"and"regulations"for"a"range"of"

sectors"have"been"sent"to"the"Ministry"of"Justice"for"processing.""

Similarly," the" newly" revised"Mining" Law" of" 2010"makes" it" significantly"

easier"to" invest" in"extractive" industries." It"streamlines"bidding"processes"and"has"

reduced"royalties.""

In" short," we" are" well" on" the" way" to" creating" a" modern," world" class,"

business"friendly"legal"framework."However,"there"is"some"concern"that"in"spite"of"

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a" business" friendly" legal" framework," the" business" climate" in" Afghanistan" is"

compromised"by"administrative"obstacles."Although"Afghanistan"ranks"quite"well"

with"respect"to"some"of"the"World"Bank’s"Doing"Business"Indicators"it"is"not"doing"

well"with"regard"to"others."

The"government" intends"to" improve" its"DBI"ranking."At"the"Ministry"of"

Commerce" and" Industry," we" are" focusing" this" year" on" improving" our" rank"with"

regards" to" the" trading" across" borders" indictor," the" closing" a" business" indicator,"

and"the"protecting"investors"indicator."Next"year," in"addition"to"these"indicators,"

we"will"focus"on"registering"property"and"dealing"with"construction"permits."Our"

intention" is" to" improve" our" ranking" to" the" point"where"we" sit" above" the" global"

average"by"the"end"of"2014."Perhaps"more"significantly"we"intend"to"address"the"

concerns"of"the"investors"across"all"areas"even"in"those"which"are"not"measured"

by"the"DBI"indicator."

Investors" also" desire" fiscal" and" monetary" stability." Currently" we" are"

operating" under" our" third" IMF" program." Throughout" the" past" decade" we" have"

exercised" great" fiscal" discipline" D" we" have" never" had" a" budget" deficit." We"

successfully" negotiated" a" 100%" write" off" of" our" old" loans," totaling" $11" billion,"

under"the"Paris"Club"agreement."We"are"now"one"of"the"least"indebted"states"in"

the"world."We"have"also"pursued"a"tight"monetary"policy"which"has"ensured"that"

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inflation" is" low" and" the" exchange" rate" for" our" national" currency," the" Afghani,"

stable."

For" many" years" Afghanistan" did" not" have" an" official" industrial" policy."

Many" Afghan" industrialists" complained" that" the" government’s" laissezDfaire!

approach" to" industrialization" has" made" it" very" difficult" for" infant" industries" to"

succeed" in" Afghanistan." In" response," almost" one" year" ago," the" Ministry" of"

Commerce" and" Industries" prepared" an" industrial" policy"which"was" approved" by"

the"cabinet"two"months"ago."Consequently,"the"government"will"establish"a"fund"

to"help"SME’s"acquire"credit"at"affordable"rate;"the"government,"within"the"WTO"

guidelines," will" use" custom" tariffs" for" a" limited" period" to" help" infant" industries"

compete"with" foreign"producers;" the"government"will" provide" industrial" land" to"

our" industrialists;" and" government"will" give" investors" the" choice" of" 7" years" taxD

holiday"or"accelerated"depreciation." Thus,"we"have"made" significant"progress" in"

establishing" a" businessDfriendly" legal/regulatory" environment" and" we" have"

provided"the"necessary"policy"clarifications."""

Of" course" it" is" not" enough" to" create" a" benign" legal" and" regulatory"

environment;" action" is" also" required" to" address" weaknesses" in" other" areas." In"

particular" there" is" a" need" to" ensure" that" infrastructure" is" adequate" and" that"

necessary"skills"and"services"are"readily"available.""

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Since"2002"we"have"built"the"basic"infrastructure"necessary"to"support"a"

modern"economy."The"ring"road"around"Afghanistan"has"been"open"for"a"number"

of" years" now" and" is" almost" completely" paved." Critical" highways" connecting"

Afghanistan" to" Iran," Turkmenistan," Uzbekistan," Tajikistan" and" Pakistan" are"

completely" asphalted." Thousands" of" kilometers" of" new" highways" are" under"

construction" such" as" the" NorthDSouth" corridor," the" KabulDJalalabad" alternate"

highway," the"West" EastDHighway" and" the" SarobiDJabalDSoraj" byDpass." In" the" last"

decade,"the"supply"of"power"has"increased"by"800%."Transmission"lines"have"been"

built"throughout"the"country"which"have"enabled"us"to"import"electricity"from"our"

neighbours." A" national" power" grid" is" being" developed" which" will" connect" the"

entire" country." New" power" generation" capacity" will" be" opening" next" year" in" a"

number"of"areas."In"the"longer"term,"we"are"planning"to"build"a"number"of"major"

hydroDpower" dams." These" plans" were" endorsed" at" the" RECCA" 5" conference" in"

Tajikistan"and"the"Tokyo"conference."And"in"the"short"to"medium"term"we"intend"

to" further" increase"our" imports"of"power" from"neighbouring"countries." In" short,"

therefore," I" can" assure" you" that" in"most" parts" of" the" country" you"will" find" that"

power"supply"for"both"consumers"and"industry"is"more"than"adequate."

Similarly," the" first" segment" of" the" new" railway" connecting" us" to"

Uzbekistan" was" completed" last" year" and" is" currently" operational." Afghanistan"

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intends" to" extend" this" railway" to" connect" Mazar" Sharif" to" Heart," Iran" and"

eventually" Europe." Similarly,"we"would" like" to" build" another" railway" to" connect"

Shir" Khan" Bander" to" Kabul," Jalalabad" and" Pakistan." These" projects" have"moved"

beyond" the" design" phase" with" funding" for" the" MazarDHerat" line" having" been"

secured"from"the"ADB,"and"China"committing"itself"to"build"the"Shir"Khan"BanderD

KabulDJalalabad" line." Building" these" railways" is" a" critical" part" of" Afghanistan’s"

strategy" to" become" the" land" bridge" between" Central" and" South" Asia" and" the"

Middle" East." These" railways" will" also" benefit" the" development" of" our" mineral"

resources"which"will"have"great"developmental"impact"on"our"economy."""

We"have" also"worked"hard" to" improve"other" aspects" of" our" transport"

system."We" have" a" new" international" airport" in" Kabul" which" is" now" served" by"

more" than" 10" international" airlines." Work" on" upgrading" the" airports" in" Mazar"

Sharif," Khandahar" and" Herat" is" complete" and" they" are" already" receiving"

international"flights."

We"are"intensifying"our"efforts"at"building"industrial"parks."Six"are"now"

operational" in"Kabul,"Khandahar,"Herat,"Helmand,"Bagrami"and"MazarDiDSharif."A"

further" seven" will" open" in" Jalalabad," Khandahar," Herat," Helmand," Parwan" and"

MazarDiDSharif"in"the"next"two"years."

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The"market"for"professionals"has"also"changed."Until"a"few"years"ago"we"

suffered"from"acute"shortages"of"qualified"workers"in"key"professions."While"this"

problem" has" not" gone" away" completely," many" expatriate" professionals" have"

returned"home" in"recent"years"and"they"have"been" joined"by"a" large"number"of"

Afghans" who" have" completed" their" studies" abroad," particularly" in" India."

Furthermore,"there"has"been"a"dramatic"increase"in"Afghanistan"in"enrollments"in"

vocational"education"and"in"our"universities.""

In"short,"I"believe"that"in"the"past"ten"years"we"have"created"a"businessD

friendly" legal/regulatory" regime;" we" have" trained" skilled" professionals" and"

dramatically" increased" our" vocational" training" services;" we" have" built" the"

infrastructure" that" a" modern" economy" requires;" we" have" kept" our" wages""

competitive"and"our" labour"practices" flexible;"and"we"have" increased"our"access"

to"regional"markets"for"exports.""

Ladies"and"gentlemen;"as"I"am"sure"you"are"aware,"the"establishment"of"

a" businessDfriendly" environment" does" not" in" itself" guarantee" investment." There"

also"have"to"be"profitable"projects"to"invest"in."

In" a" more" mature" market" economy," the" identification" of" investment"

opportunities" can" safely" be" left" to" the" private" sector." However," in" an" emerging"

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economy"like"Afghanistan,"there"is"a"need"for"the"public"sector"to"go"further"and"

help"potential"investors"identify"investment"opportunities"and"work"with"them"to"

ensure"that"this"potential"is"realized.""

It"is"in"this"context"that"I"asked"our"experts"in"the"Ministry"of"Commerce"

to" study" our" economy" to" identify" areas" where" we" thought" Afghanistan" would"

either" be" able" to" export" competitively" or" where" it" had" the" capacity" to" replace"

imports." Our" study" concluded" that" Afghanistan" can" compete" in" at" least" seven"

export" oriented" and" ten" import" substitution" industries." The" export" oriented"

sectors" include:" cashmere," marble" slabs" and" tiles," handDmade" carpets," agriD

business" (particularly" adding" value" to" fresh" fruit)," gemstones" and" jewelry,"

medicinal"plants"and"leather"goods."The"eleven"sectors"where"we"believe"we"can"

substitute" for" imported" goods" are" mostly" in" the" area" of" refined" petroleum"

products," " cement," rebar" steel" and"other" rolled"products," eggs" and" live"poultry,"

edible"oil," sugar," dairy"products,"plastic"piping," fruit" juice"and"a"number"of" light"

manufacturing"sectors.""

Let"me"elaborate:"our"experts"tell"us"that"the"best"Afghan"marbles"are"

comparable"to"the"finest" Italian"ones"and"we"have"managed"to"displace"them"in"

regional"markets"where"we"have"become"the"preferred"supplier" for"highDquality"

white"marble."Our"experts"believe"that"Afghanistan"can"reasonably"expect"to"be"

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exporting" $700D800"million"worth" of"marble" annually" in" the" foreseeable" future."

There"are"some"great"investment"opportunities"in"this"area"and"with"a"number"of"

foreign" companies"poised" to"enter" the"market"and" transport" links" continuing" to"

improve,"I"would"suggest"that"the"time"to"act"is"now."

The"weaving"of"carpets"is"Afghanistan’s"oldest"industry."Afghan"carpets"

are" world" renown" for" their" quality" and" are" produced" at" a" competitive" price."

However," this" industry" is" for" the"most" part" stuck" at" the" lower" end"of" the" value"

chain."Much"of" the"value"add" is"done"outside"of" the" country"where"cutting"and"

washing"of"the"carpets"usually"takes"place."There"are"opportunities"to"repatriate"

this" activity;" introduce" nonDtraditional" designs" and" improve" the" marketing" and"

export" of" these" handDmade" carpets." " I" know" of" some" modern" Afghan"

entrepreneurs" who" have" done" quite" well" in" modernizing" the" Afghan" carpet"

industry."

Afghanistan" is" one" of" three" countries" in" the" world" that" produces"

cashmere" wool." We" used" to" export" these" in" their" rawest" form" for" processing"

abroad." Recently," we" established" a" PPP" in" Herat" with" a" Belgian" and" a" British"

company" to" process" our" cashmere" here" and" we" have" been" approached" by" a"

number"of"international"companies"looking"to"set"up"factories"to"spin"yarn,"weave"

cashmere"fabric"and"even"make"cashmere"garments"here."

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Afghanistan’s"climate"is"excellent"for"fruits"and"fresh"and"dry"fruits"have"

been" our" largest" export" item" for" years," currently" around" $250"million." There" is"

significant" room" for" adding" value" to" our" fruit" through" further" processing,"

improved"packaging"and"branding," and"ample" room" to" increase"export" volumes"

by" increasing"storage,"developing"new"markets,"and"ensuring"the"certification"of"

product" to" international" standards." It" is" my" view" that" substantial" value" can" be"

realized" in" this" area" with" relatively" minor" investment" through" commercializing"

and"modernizing"the"production,"packaging,"storage"and"export"processes"of"fruit."

There"are"also"opportunities"in"further"processing"in"areas"like"the"production"of"

juice,"caning"fruit"and"the"harvesting"and"export"of"medicinal"plants.""

In" addition" to" exportDoriented" in" industries," a" number" of" importD

substitution"industries"offer"great"investment"opportunities."""Lately,"the"Ministry"

of"Mines" has" been" reporting" good" news" regarding" the" hydrocarbon" deposits" in"

Afghanistan."The"Ministry"believes"that"there"are"huge"deposits"of"natural"gas"on"

the" Afghan" side" of" the" AfghanDTurkmen" border." A" concession" for" extraction" of"

petroleum"has" been" given" to" a" Chinese" company" on" the"AmuDDarya" petroleum"

deposits." And" the" bidding" process" for" similar" concession" on" the" AfghanDTajik"

hydrocarbon" deposit" is" progressing"well." Given" Afghanistan’s" over" three"million"

tons" demand" per" annum" for" refined" petroleum" products," building" refining"

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capacity" also" seems" very" attractive." Dear" investors;" these" businesses" are" quite"

lucrative."You"should"really"consider"investing"in"these"projects."

""""

Similarly,"despite"having"the"raw"materials"that"are"required"for"cement"

production"in"abundance,"Afghanistan"imports"almost"a"billion"dollars"of"cement"

each"year."Given"the"huge"demand"for"cement"here,"the"high"cost"of"transporting"

it" from" neighbouring" countries" and" the" presence" of" the" necessary" mineral"

precursors," our" experts" believe" that" investment" in" the" establishment" of" large"

scale"efficient"modern"cement"plant"will"be"profitable."In"passing,"it"is"also"worth"

noting" that" our" experts" believe" that" the" current" building" boom"will" not" end" in"

2014;"rather,"it"will"continue"for"some"time;"and"a"market"this"size"is"already"large"

enough"to"accommodate"a"number"of"large"modern"efficient"cement"plants.""

Similarly," the" market" for" rebar" and" related" rolled" products" is" around"

$600D800"million" per" annum." Given" the" ready" availability" of" scrap" iron" and" the"

high"cost"of"transport"from"neighbouring"countries,"our"experts"suggest"that"the"

production" of" rebar" and" other" rolled" products" can" be" undertaken" profitably" in"

Afghanistan."

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The" companies" that" won" the" tender" to" develop" the" Hajigak" iron" ore"

deposit"will"be"building"a"steel"mill"as"part"of"their"development"of"this"mine,"the"

output" of" which" will" further" improve" the" competitiveness" of" any" rolling" mills"

established"here.""

Further" opportunities" for" import" substitution" exist" in" the" egg" and"

poultry" sector" and" the" sugar," dairy" and" edible" oil" sectors." These" are" all" areas"

where" Afghanistan" previously" was" largely" selfDsufficient." Twenty" years" of" war"

destroyed" the" infrastructure" supporting" these" industries" and" while" they" have"

restarted," they" often" lack" the" technology," expertise" and" scale" to" be" truly"

competitive." It" is" our" belief" that" an" investor" willing" to" introduce"more"modern"

production" in" these"areas"will" find" that" he"or" she"makes"an"excellent" return"on"

their"investment.""

Similarly,"a"burgeoning" light"manufacturing"sector"has"emerged." In" it"a"

number"of" ingenious" local"entrepreneurs"have" restarted"production"of"goods"as"

diverse"as"fans,"washing"machines,"turbines"and"plastic"piping."All"of"these"sectors"

have" ample" room" to" grow" and" all" would" benefit" from" an" injection" of" outside"

expertise,"technology"and"marketing"and"export"savy.""

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For"the"development"of"each"of"these"seventeen"sectors"the"Ministry"of"

Commerce"and"Industry"has"prepared"a"strategy"and"an"action"plan."We"are"ready"

to"advise"national"as"well"as"foreign"investors"regarding"the"development"of"these"

industries" and" how" best" to" profit" from" them." "We" will" continue" our" efforts" to"

identify" additional" industries"where"Afghanistan" can" compete"with"others."With"

the" help" of" donors"we"would" like" to" strengthen" the" capacity" of" the"Ministry" of"

Commerce" and" Industry" to" guide" investors" to" more" profitable" projects" and"

provide"them"with"more"detail"on"the"financial"returns"they"can"expect."

However,"some"investors"are"reluctant"to"take"a"chance"on"Afghanistan"

because"of"the"impending"withdrawal"of"international"forces"from"there"and"the"

expected"uncertainty" that"will" follow" the"withdrawal" of" forces." The" relationship"

between" security" and" growth" is" well" known." A" minimum" level" of" security" is"

precondition"for"growth."To"paraphrase"Thomas"Hobbes,!in"a"state"of"nature,"i.e."

insecurity,"there"is"no"economic"development.""

Ladies"and"gentlemen,"let"me"assure"you"that"our"security"forces"will"be"

able" to" protect" the" state" and" provide" security" for" the" people." The" conflict"may"

continue"for"a"while,"but"I"cannot"believe"that"armed"opponents"of"the"regime"will"

prevail.""I"believe"that"in"the"most"parts"of"Afghanistan"the"level"of"security"is"well"

above"that"which"is"needed"for"economic"development"to"occur;"that"is"why"there"

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is" so" much" interest" in" mining" concessions" in" Afghanistan." The" flip" side" of" the"""

exaggerated" perceptions" of" the" security" risk" involved" in" doing" business" in"

Afghanistan" is" that" there" are" a" wide" range" of" highly" profitable" investment"

opportunities"that"have"yet"to"be"taken"up."And"I"believe"that"even"when"we"take"

into"account"the"high"level"of"risk,"the"return"on"investment"there"is"greater"than"

in" most" other" parts" of" the" world." With" the" assurance" of" continued" donors’"

support" that"was" expressed" at" both" Chicago" and" Tokyo" conferences," combined"

with"the"strength"of"our"security"forces,"I"believe"that"our"economy"will"continue"

to"grow,"and"we"will"be"able"to"manage"our"security.""

Ladies"and"gentlemen" let"me" recap."Presidents"Karzai’s" administration"

has" established" a" very" businessDfriendly" legal" and" regulatory" regime" in"

Afghanistan." In" this" regard"we" can" compete"not"only"within" the" region"but"also"

beyond." " We" are" now" focusing" on" removing" administrative" obstacles" to" doing"

business" and"we"are"determined" to" significantly" improve"our" rank" in" the"World"

Bank’s" Doing" Business" Indicators" during" the" next" three" years."We" have" already"

built" the"minimum"necessary" infrastructure"and"we" intend"to" invest"a" large"sum"

on" further" improvements" of" our" infrastructure." Indeed" construction" of" railways"

and"new"highways,"power"generation,"transmission"and"distribution"constitute"a"

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major" part" of" our" request" for" development" assistant" that" were" endorsed" by"

donors"in"Tokyo"and"Tajikistan."

Our"major"cities"such"as"Kabul,"Heart"and"MazarDeDSharif"already"enjoy"

adequate" power;" Jalalabad" and" Kandahar" will" soon" benefit" from" restoration" of"

power"generation" facilities"at"Naghlu"and"Kajaki," respectively."The"government’s"

focus"on"vocational" training" is" supported"by"donors"and"we"are"graduating"over"

thirty" thousand" skilled" laborers" annually" from"our" vocational" training" institutes."

We" have" identified" a" large" number" of" exportDoriented" as" well" as" importD

substitution" profitable" industries." The" Ministry" of" Commerce" and" Industry" has"

begun" to" develop" the" capacity" to" advise" potential" investors" in" these" as"well" as"

other"industries."

In"many" sectors," Afghanistan" is" a" virgin"market." As" a" result," there" are"

numerous" opportunities" for" investment"with" high" returns." And" of" course" as"we"

make"progress"on"building"our"infrastructure,"and"connecting"it"to"the"rest"of"the"

world,"and"as" the"SME"sectors"expand"and" large"scale"mining"and"hydroDcarbon"

extraction" projects" come" on" stream" the" prospects" for" investment" will" become"

brighter"still."

18"

"

Despite"some"security"risks,"I"am"very"firmly"of"the"view"that"even"when"

you"take"into"account"the"high"level"of"risk,"the"return"on"investing"in"Afghanistan"

is" much" greater" there" than" in" most" other" parts" of" the" world." Thus" ladies" and"

gentlemen," I" invite"you"to"come"to"Afghanistan"and"invest"there,"produce"goods"

that" you" can" sell" there"and"aboard," employ"Afghans,"make"a"healthy"profit" and"

help" our" country" grow." " Your" investment" will" not" only" benefit" you" and" your"

employees," but" will" also" help" create" conditions" that" will" promote" peace" and"

stability"in"the"region."This"is"a"great"case"where"selfDinterest"coincides"with"public"

interest." I" hope" that" you"will" not"miss" this" opportunity," and" decide" to" invest" in"

Afghanistan""

Thank"you."