Saudi investors attend business event at PM House

Saudi investors attend business event at PM House
Saudi investors attend business event at PM House

ISLAMABAD: A high-level delegation of Saudi business investors led by Fahd bin Mohammed Al-Bash, chairman of the Saudi-Pakistan Business Council and Nawaf Bin Saeed Maliki, Ambassador of Royal Embassy of Saudi Arabia to Pakistan has attended a business conference held at the PM office.

The federal minister and chairman Board of Investment (BOI) Chaudhary Salik Hussain along with the secretary BOI has thanked this esteemed high-level VVIP business delegation for visiting Pakistan.

The minister said that this business meet-up, and following meetings in Lahore, Sialkot, Faisalabad and Karachi, will provide a dynamic platform for furthering Pak-Saudi Business-to-Business and Government-to-Business linkages besides offering us the opportunity to interact and explore new vistas of mutual cooperation including trade and investment opportunities.

The minister highlighted that the Saudi-Pakistan Business Council is playing a crucial and constructive role in providing a conducive platform to promote business-to-business (B2B) interactions between the Pakistani and Saudi business communities. This visit will surely pave the way to form formidable economic alliances and facilitate Pakistan-Saudi business growth.

The minister and the secretary BOI acknowledged that Crown Prince Mohammad bin Salman projected his Vision-2030 aimed at the diversification of Saudi economy away from the traditional oil-based approach.

In this context, Pakistan is keen to join hands with the Kingdom and reduce its excessive reliance on imported oil plan for a sustainable economic future.

Also, the minister reiterated that in the Pak-Saudi Joint Statement issued during the prime minister of Pakistan’s visit to Saudi Arabia in April 2022, the two sides agreed to deepen investment cooperation, stimulate partnerships, enable investment integration activities between the private sector of the two countries, and work jointly to solve the challenges faced by the investors through holding meetings of the Saudi Pakistan Business Council.

The visit of this high-level business delegation is the first step in this direction.

Addressing the occasion, the minister said that there are ample opportunities for Saudi investors in multiples sectors of Pakistan’s economy, especial tourism, coal and gas exploration, agriculture, food processing, mining, renewable energy, refinery, petrochemicals and information technology sectors, to invest with 100 per cent equity or through joint ventures in various fields.

Repatriation of investment and profit are allowed with legal protection provisioned under the Acts of Parliament to protect foreign investment.

The minister has said that the Government of Pakistan has placed a strong emphasis on bold economic and regulatory reforms to achieve significant improvement in all sectors of our economy.

The country’s economy has made significant progress, reflecting a blend of stabilization and structural reforms.

Source: Business Recorder