January 6, 2003	Monday	Ziqa’ad 2, 1423

Please Visit our Sponsor (Ads open in separate window).

RIYADH: Several Pakistani entrepreneurs are interested in joint ventures in Afghanistan with their Saudi counterparts.

The Saudi envoy to Pakistan, Ali bin Awad Asiri, in an interview with the Al-Watan, said that he had conferred with a group of Saudi businessmen about the desire of Pakistani entrepreneurs and business houses, but the security concerns and political situation in the country had kept them away from investing in Afghanistan despite the fact that there was a great business potential in the region.

Both Pakistan and Saudi Arabia have committed $100 and $200 million, respectively, in the reconstruction process of Afghanistan.

Mr Asiri was of the opinion that many attractive investment opportunities existed in Afghanistan’s reconstruction phase. “This provides me with a unique opportunity to call upon the Saudi businessmen to visit Pakistan and Afghanistan and see for themselves the opportunities in the two countries, specially in Pakistan, if we take into account the privatization process.”

“Pakistan has launched a privatization drive in the vital sectors such as petroleum and aviation. This serves as a good opportunity for Saudi investors because they have a long experience in these sectors. On the other hand we must encourage the Pakistani business community to invest in the Kingdom or enter into partnership with their Saudi counterparts,” the envoy emphasized during the interview.

Mr Asiri said that the economic relations between Saudi Arabia and Pakistan do not measure up to the level of the political relations between the two countries. Ever since assuming office, the envoy said, he had been endeavouring to encourage businessmen of the two countries to enter into joint ventures.

Addressing the Saudi businessmen, he said: “Pakistani government insists on guaranteeing quality exports to every Saudi importer who is interested in importing rice or fruit from the country. The quality of the fruit is better.”

Mr Asiri added that the kingdom imported 90,000 to 100,000 tonnes of rice from Pakistan, representing some 13 per cent of its total market.

The envoy said that his country could also export several products, particularly that of dairy. “There is a good opportunity for the Saudi dairy companies to open outlets in Pakistan and the countrymen have expressed readiness to grant land and farms to the investors,” he added.

“The plastic industry has a unique opportunity to export. Regrettably none of the Saudi companies inquire about the investment opportunities in Pakistan,” he said.

Asiri denied that any Saudi was currently detained in Pakistan, adding that there was a big Saudi community living the country, in addition to the 500 students studying medicine in various universities.

“The kingdom’s embassy in Pakistan is classified as one of the largest Saudi embassy abroad in terms of the number of chancelleries. There are many Saudi teachers working in Pakistan, specially at the schools. Many among these are staying with their families,” the Saudi envoy said.