ISLAMABAD: The Board of Investment (BoI) and Pak-Saudi Joint Chamber of Commerce and Industry (PSJCCI) on Monday signed a memorandum of understanding (MoU) to encourage and facilitate bilateral investment between the two countries.

Saudi Arabia has tremendous potential for halal food products, an area which continues to be neglected by investors and investment in this sector would help enhance the volume of bilateral trade, observed officials of BoI and PSJCCI at the signing ceremony.

BoI Secretary, Iftikhar Babar and PSJCCI President, Mian Mehmood signed the MoU on behalf of their respective organisations.

The Saudi Foreign Direct Investment (FDI) over the past five years stood at $326.1 million and did not reflect the real potential.

“Pakistan is keen to take bilateral trade ties with Saudi Arabia to new heights,” the agreement noted.

Under the terms of the agreement, the BoI will support PSJCCI in its endeavour to encourage Saudi companies for investment in Pakistan.

The BoI will provide all relevant information about investment opportunities to the PSJCCI as and when requested.

PSJCCI will introduce prospective projects to the Saudi investors and extend practicable assistance in those projects, such as business matching activities for the two countries

Speaking on the occasion BoI Secretary, Iftikhar Babar said that Pakistan’s liberalised and de-regulated investment policies provide attractive incentives and level-playing field as compared to other countries. Saudi companies may benefit from the liberal investment policies of Pakistan, he added.

In his remarks, Mehmood assured the chamber will try to attract more investment in Pakistan in the field of agriculture, food and fruit processing, dairy and livestock, power and education sectors.

Published in Dawn, June 2nd, 2015

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