ISLAMABAD, June 11: A Saudi investment company on Wednesday signed a Memorandum of Understanding (MoU) with Pakistan Industrial Development Corporation (PIDC) to develop a world- class industrial park on PIDC’s land in Karachi.

The MOU was signed here by Walid al-Saygh, Vice Chairman of Kanooz Group and Zahid Hussain Chairman PIDC. Minister for Industries and Production, Liaquat Ali Jatoi, Secretary and other senior officials of the Ministry were also present on the occasion.

Under the MOU, the Saudi company will invest and arrange the equity and funds for developing the industrial park project. It will also arrange sufficient number of companies for setting up projects in the industrial park.

The industrial park would have both open plots and built factory space for industrial projects besides provision of formation of clusters for specific industrial segments.

The Saudi company would develop it as model industrial area like Dubai and other successful industrial areas in the world and would also bring the multinational companies from various parts of the world to set up industrial projects.

Earlier, the Saudi delegation held detailed meeting with minister for industries and discussed investment opportunities in Pakistan and matters of mutual interest to strengthen the economic ties between the two countries.

The minister briefed the delegation about the economic policies of the government, investment policies and incentive package being offered to the foreign investors in Export Processing Zones.

The minister asked the delegation to invest in Pakistan as it was now viable for investment and there were no restrictions on investors for their investment. All sectors were open for investment and the government was committed to providing maximum incentives to the investors.

He said that Pakistan and Saudi Arabia have very old cordial and brotherly relation and people of both the countries feel each country their second home and it is time to come closer and work out the possibilities for investment and joint venture projects to meet the new challenges of world.

The head of Saudi delegation Walid al Saygh said his company was very keen to make big investments in Pakistan. He also apprised the minister regarding their future plan of establishing fruit processing units and a big fruit market in Pakistan.

He said the development of world-class industrial park would not only fetch investment but it would provide jobs to thousands of Pakistanis.