ISLAMABAD, Feb 26: Minister for Privatization and Investment Dr. Hafeez Sheikh called on Eritrean President Issalas Afwerki here Satuday and gave him an overview of the surge in Pakistan's economy.

He told the visiting head of state that there exists vast scope for Eritrea to share Pakistan's expertise and experience.

The minister said the government role was being restricted to policy framing while investment by domestic and foreign parties was being encouraged.

The consistency and continuity of the economic policies had increased Foreign Direct Investment (FDI) from $500 million to $1 billion during the last five years and investment was increasing, he said.

Through the privatization process the government had generated Rs75 billion in the last two years, he added.

Dr Hafeez Shaikh informed the distinguished guest that major portion of FDI was in the oil and gas, financial, information technology and telecommunication sectors.

The Eritrean President, appreciating Pakistan's economic development, said his country's mining and fishing industries have the potential for investment.-APP

Our Reporter adds: Pakistan can extend possible help to the government of Eritrea for the development of their energy and mineral sectors.

The offer was made by Minister for Petroleum and Natural Resources Amanullah Khan Jadoon in a meeting with Eritrean Minister for Energy and Mines Tesfai Ghebresclassic here on Saturday.

According to an official announcement, Mr Jadoon said that there exists a lot of potential and opportunities for both countries to cooperate in the energy and mineral sectors.

He said that Pakistan has geological and hydrocarbon development expertise and it could send a delegation of experts to Eritrea to help identify areas of activities.

The minister said that Pakistan could impart training to the Eritrean Geoscientists and Mineral Technologists in various fields of mineral exploration, geochemical analysis and small scale mining.

The Eritrean minister said that his country has significant oil production over 200,000 barrels/day and hoped that his country could benefit from Pakistan's expertise in oil and gas development.

Meanwhile, a delegation from China Metallurgical Construction Corporation (MCC) headed by its Vice President Wang Yongguang also met the minister and discussed with him matters pertaining to promoting cooperation in mineral sector.