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ISLAMABAD, June 12: The visiting eight-member Saudi delegation on Thursday showed interest to participate in the privatization process of Habib Bank Limited, National Investment Trust Limited and Karachi Electric Supply Corporation.
The delegation led by Prince Walid Al Saygh, vice-chairman of Kanooz Group, also showed keen interest for investment in the financial, power, housing and agriculture sectors in Pakistan.
The delegation, which held a meeting with Privatization and Investment Minister Dr Abdul Hafeez Shaikh, also intended to collaborate in the processing, grading, packing, storage and transportation of fruits and vegetables for export to Europe and other parts of the world.
Prince Walid also showed his interest in the development of Gwadar port industrial area to bring in Saudi investment to Pakistan. He termed Pakistan as the most investment friendly country and said that excellent assistance was being provided to facilitate investors.
The privatization minister said that over the last few years Pakistan endeavoured to create comfortable environment for the foreign investors through microeconomic stabilization, consistency in economic policies and economy-oriented reforms.
Pakistan allowed 100 per cent equity to foreign investors in all sectors and that too without any restriction to take out their dividends, he said.
Dr Hafeez said that there existed vast potential for the growth of economy, which had shown upward trend to 5 per cent in a recent survey. Pakistan eagerly waited to transform its continued existing warm brotherly relations with Saudi Arabia into economic interaction, he added.
INVESTMENT GROUP: Pakistan and Saudi Arabia on Thursday signed another memorandum of understanding (MoU) for establishing Pakistan-Saudi Arabia Investment Group to boost economic and industrial cooperation between the two countries.
Walid al Saygh signed the MoU on behalf of Saudi Arab and senior joint secretary of the Ministry of Industries and Production, S.M. Zaidi on behalf of the Pakistan government. Industries and Production Minister Liaquat Ali Jatoi and other senior officials of the ministry and Saudi Arabia were also present.
According to the MoU, six members would be nominated from each side and Walid al Saygh will be chairman and Industries and Production Minister Liaquat Ali Jatoi will be co-chairman of the Group.
The Group will identify and initiate private sector projects in key areas of the Pakistani economy, including the projects offered for privatization.
The Group will select investment opportunities in Pakistan and Saudi Arabia and find ways and means to materialize the projects. It would also address matters of key importance to the private sector, where it believed that one or both governments could make a difference to investment facilitation.
The two sides have identified various projects of food processing, service sector and infrastructure development for the industrial sector.
Liaquat Ali Jatoi said on the occasion the investment from the Group had proved that Pakistan was viable for investment due to liberal and consistent policies.
He said the investment group would identify areas for investment, joint ventures to enhance economic ties between the two countries.
