RIYADH, Dec 13: Foreign direct investment (FDI) in Pakistan has gone up to $3.8 billion from a mere $500 million as Pakistan has emerged as a major regional investment destination, Prime Minister Shaukat Aziz stressed while addressing leading Saudi businessmen in Riyadh on Wednesday.

A select group of about two dozen Saudi businessmen attended the meeting in the presence of Saudi Minister for of Finance and National Economy Ibrahim Al-Assaf.

With Pakistan endeavouring to transform itself into a regional hub, the Prime Minister added that Pakistan could act a gateway for Saudi entrepreneurs to the untapped markets of central Asia.

Dubbing his visit as a ‘business visit,’ Prime Minister Shaukat Aziz told the gathering that the prime objective of his visit was to seek investments and promote trade and commerce between the two countries already enjoying excellent relations at the political level.

On the first day of his Riyadh visit, Prime Minister Shaukat Aziz and Prince Alwaleed bin Talal discussed on Tuesday investment opportunities in Pakistan during a reception given in his honour by the Saudi investor.

Incidentally Prime Minister Shaukat Aziz is believed to be instrumental in making Prince Al Waleed invest in Citigroup, while he was at the Citibank. The investment has turned out to be a very fruitful venture for the Saudi prince – a nephew of King Abdullah.

Emphasising the investment climate in the Kingdom, the prime minister underlined that Pakistan offers tremendous opportunities for safe and profitable investment.

He highlighted a number of sectors for investment, including agriculture, pharmaceuticals, textile, banking and capital markets.

Elaborating further he cited the example of the dairy industry in Pakistan with Pakistan being the sixth largest milk producer in the world. Nestle Group was planning to enter this sector in a big way and are currently considering setting up the world’s largest milk processing plant in Pakistan, Prime Minister Shaukat Aziz cited, urging Saudi business houses to exploit Pakistani market for mutual benefit.

Pakistan and Saudi Arabia can share their experiences in a number of sectors, he emphasised.

Stressing on safety of foreign investment in Pakistan, Prime Minister Shaukat Aziz added that legal protection was now available to foreign investors. All the required facilities are being offered to foreign investors, the Prime Minister told the august assembly in Riyadh. Continuity of policies is ensured as all the strata of Pakistan politics understand and underline the importance of continuity in this regard.

Referring to the Supreme Court setting aside the sales of Steel Mills to a consortium, led by the Saudi Al-Tuwairqi Group, Prime Minister clarified that the court had not said anything against the privatisation process itself.

Setting aside the sales, the Supreme Court of Pakistan had only objected to the procedural issues undertaken for the sales and those are being rectified, the prime minister told the curious assembly.