RIYADH, Feb 21: The Saudi Fund for Development is ready to fund the construction of the Golangole project and other such water related projects currently under planning in Pakistan.

This was stated by the vice chairman and managing director of the Saudi fund for Development Eng. Yousaf Al-Bassam when Federal Commerce Minister Humayun Akhtar Khan called on him in Riyadh on Wednesday.

The SDF has earlier also participated in funding the Tarbela dam.

Pakistan and Saudi Arabia have also agreed to activate and promote the Pak-Saudi Joint Business Council (JBC), a forum for businessmen from the two countries, so as to exploit the current favourable trade and investment environment in the two countries.

This was decided when Mr. Saad Al Muajjal, acting chairman, Council of Saudi Chambers, called on Mr. Akhtar at the Conference Palace in Riyadh.

The next round of the Pak-Saudi JBC is scheduled to take place in Karachi, along with the Expo 2007, next March.

At the conclusion of the 8th session of Pak-Saudi Joint Ministerial Commission for economic cooperation in various fields, Pakistan and Saudi Arabia also signed a memorandum of understanding emphasising various aspects of their economic cooperation. Mr. Khan and his Saudi counterpart Hashim Yamani signed the draft.

The two sides during the two day deliberations noted with concern that cordiality and warmth of their political relations are not reflected in the economic relations, and made a number of recommendations to change the scenario.

Both sides noted that with the balance of bilateral trade heavily in favour of Saudi Arabia, exports from Pakistan to the kingdom needed to be pushed up. Pakistan offered additional export of ready-made garments, cotton products, engineering goods, consumer goods, pharmaceuticals, rice, textile fabrics, sports goods, and surgical instruments to bridge this gap.

The Pakistan side also sought Saudi government’s support to accelerate the process of Pak-Gulf Cooperation Council (GCC) negotiations paving way for early finalisation of Pak-GCC negotiations on free trade agreement. Saudi delegation assured their support during the negotiations between Pakistan and GCC.