LAHORE: The second international seminar on business opportunities concluded here on Tuesday, pledging multi-million dollars investment in various sectors in Punjab through seven agreements signed between local and foreign companies.

The agreements signed in the presence of Chief Minister Shahbaz Sharif, Finance Minister Ayesha Ghaus-Pasha and Industries Minister Sheikh Allauddin included $120 million accord between Nishat Mills and Sojitz Corporation, $90m agreement between PIEDMC and Pepsico, $10m deal between FIEDMC and Tiancheng International Construction and $15m contract between FIEDMC and Star Power Electrical with joint venture of Habib Rafique Group.

Under the agreements, investment will be made in automobile, food, steel structures, power transformers manufacturing and some other sectors in mega cities of the province.

Besides these agreements, as many as 40 memorandums of understanding (MoUs) were signed between local and foreign public and private sector firms under various modes in information technology, energy, foods, steel manufacturing, transport, communication, infrastructure, livestock, agriculture, provision of safe and clean drinking water, mines and minerals etc.

The summit also showcased several export-oriented industrial goods at the Expo Centre in Johar Town where a number of foreign delegates visited stalls set up by several companies.

“This [conference] has generated immense amount of confidence of the foreign investors and [it] attracted a dedicated participation of 24 countries. It also reflects confidence of about 400 business delegates in the government led by Nawaz Sharif,” Shahbaz Sharif said while speaking to the audience at the concluding ceremony.

“During the last two days, I held marathon sessions with foreign delegates representing various companies of China, Germany, Turkey, UK, Japan, South Korea intending to invest [in Punjab] in various sectors,” the CM added.

The foreign delegates took keen interest in meeting with the senior government officials in order to seek information about the available business opportunities in the province. They were also interested in knowing about how to register their firms in Pakistan, procedures and laws related to beginning businesses in various sectors.

“I am interested in a couple of sectors. And that’s why I arrived in Lahore to look into some opportunities,” said a Chinese businesswoman, who was hesitant to tell her name.

“Punjab in particular and Pakistan in general is very popular in Turkey, particularly with reference to Nawaz Sharif and Shahbaz Sharif. That is why I contacted the Pak-Turk business council to proceed to Lahore to attend the event,” Mr Ogus, a senior executive of Turkish company, told Dawn.

“Before establishing the factory here, I plan to export medicines to Pakistan from Istanbul. For this purpose I will establish the company office in Lahore,” said Ogus.

Shahbaz said though thousands of agreements and MoUs had been signed since Independence, only a few were materialised.

He said in the past MoUs and agreements were signed but were not implemented.

“That is why, I have lost trust in MoUs and try to enter into agreements [by avoiding the MoUs]. Therefore, we have kept the agreements and MoUs separate,” he said.

Published in Dawn, May 24th, 2017