ISLAMABAD, Aug 22: A delegation of Saudi investors led by Hilal Al-Tuwairqi, chairman of Al-Tuwairqi Group, has expressed its keen interest in the privatization of Pakistan Steel Mills Corporation (PSMC).

The visiting delegation showed its interest in a meeting with Federal Minister for Privatization & Investment Dr Abdul Hafeez Shaikh here on Monday.

The minister said that as the government was implementing liberalization, deregulation and privatization policies to facilitate investment, more and more foreign investors were coming to Pakistan from various parts of the world.

He said the deregulation of telecom sector had encouraged the private sector which attracted significant foreign investment.

Dr Hafeez said the government was pursuing such policies in other sectors, including gas and power while providing a level-playing field to domestic and foreign investors without any discrimination.

The formal Expression of Interest to initiate the privatization process of Pakistan Steel would be invited during next month and bidding was being targeted by December 2005, he informed.

He further stated that the government was striving hard to overcome and eliminate the administrative barriers for further improving the investment climate and to give maximum facilities to the investors in all sectors of the economy.

The government was determined for the development of infrastructure facilities for the investors. “During the last three years Pakistan has realized proceeds worth $4 billion while privatizing 27 state-run entities in a transparent manner, he said.

Hilal Al-Tuwairqi said that his group and other Saudi companies were focusing Pakistan for investment in various sectors and were also interested in upcoming opportunities under the privatization programme.

—APP