Pakistan & Saudi Investment Ministers meet in Tashkent to discuss investment strategy

BusinessPakistan & Saudi Investment Ministers meet in Tashkent to discuss investment strategy

TASHKENT, Uzbekistan: The Minister of State and Chairman Board of Investment (BOI) Pakistan Muhammad Azfar Ahsan had a detailed meeting with Saudi Arabia’s Minister for Investment Khalid Al-Falih in Tashkent.

The CEO of National Companies Promotion Program (NCPP) Badr Al Badr, the Chairman ACWA Power Mohammad Abunayyan and the Saudi Ambassador in Uzbekistan were also a part of the meeting.

During the meeting, an insightful discussion about devising a long-term strategy between the Kingdom of Saudi Arabia (KSA) and Pakistan was held in order to create an atmosphere of investment facilitation in both Countries.

Both sides highlighted deep-rooted bilateral ties and cordial relationship between the two Countries.

They underscored the need for increased collaboration and investment in various sectors including agriculture, food processing, mining, renewable energy, refinery, petrochemicals, Information Technology, etc. and vowed to strengthen business and economic ties.

The Saudi Investment Minister expressed the need for greater mutual investments in different fields and proposed to create a joint team between BOI and National Companies Promotion Program (NCPP) to finalize investment projects in Pakistan.

The Chairman BOI briefed the Saudi investor in detail about the investment regime of Pakistan. He shared that Pakistan is taking measures to increase both savings and investment to augment the employment generating ability of the economy as well as to raise resource availability for investment.

Khalid Al-Falih was also apprised on report issued by Overseas Investors Chamber of Commerce & Industry (OICCI) which illustrates that a vast majority of investors in Pakistan are optimistic about the growth potential of Pakistan and ranks Pakistan better than 6 out of 10 regional Countries in terms of investment opportunities and growth.

Azfar Ahsan sensitized the Saudi Minister about measures taken by BOI to reduce compliance burden in the SME Sector and briefed about the Pakistan Regulatory Modernization Initiative (PRMI).

He Chairman BOI also mentioned the special incentives offered to investors in Special Economic Zones (SEZs) with an overall objective to accomplish economic and industrial development goals.

The Saudi Investment Minister was highly appreciative of the initiatives introduced by government of Pakistan to facilitate investment in the Country.

The minister invited the BOI team to visit Saudi Arabia along with relevant stake-holders to market investment projects from public and private sector and shared that he will soon visit Pakistan to provide an impetus to bilateral economic cooperation between the two Countries.

It was agreed that shovel ready projects including expansion project of Pakistan Refinery will be evaluated by Saudi Government. Saudi Aramco Refinery in Pakistan is also in the preferred projects from KSA.

Must read

Recent News

Pakistan rejects the Indian attempt to deny responsibility for global disinformation campaign against Pakistan

Pakistan’s Foreign Office responds to the statement of the Chinese Ambassador on security concerns

0
Islamabad, Pakistan: Spokesperson of the Foreign Office of Pakistan Mumtaz Zahra Baloch expressed “surprise” over the concerns shown by the Chinese Ambassador over the...

Security Situation in Pakistan: Has the 26th Constitutional Amendment proved to be transgender?

0
Islamabad, Pakistan: The statement of Chinese Ambassador to Pakistan Jiang Zaidong regarding deadly terror attacks on Chinese citizens should be considered as an eye...
BRICS will not suddenly change the global order

BRICS will not suddenly change the global order

0
Monitoring Desk: “Any multinational alliance that does not have the patronage of the North Atlantic Treaty Organization or Five-Eyes is considered an ‘adversary’ by...

Award Winning Documentary “Hum Saya” Screened in Lahore

0
Lahore, Pakistan: The Centre for Social Justice (CSJ), in collaboration with Cosmopolitan Club Lahore, hosted a screening of the award-winning documentary film ‘Hum Saya—Neighbor',...

China at 75’ International Conference: Dar calls CPEC “China’s magnificent gift”

0
Islamabad, Pakistan: Pakistan-China Institute, chaired by Senator Mushahid Hussain Sayed, hosted an international conference "China at 75: A Journey of Progress, Transformation and Global...
Advertisement