ISLAMABAD, April 19: The Gulf states have assured the newly established democratic government of massive economic assistance and investment in Pakistan.

The offer was made by the ambassadors of the three Gulf States to Pakistan -- Qatar, Jordan and Muscat -- in separate meetings with Minister for Finance Ishaq Dar here on Saturday.

An official announcement issued here after the meeting said that ambassador of Qatar Hamad Ali Al-Hanzab told the minister that Qatar would be investing $5bn in Pakistan in various sectors.

He said that Qatar had launched Islamic Taqaful Insurance Company in Pakistan and hoped that more investment would be made in the financial sector to tap Pakistan’s investment potential for the mutual benefit of the two countries.

The two sides also agreed to convene the meeting of Joint Ministerial Commission at the mutually convenient dates.

Ambassador of Jordan Dr Saleh Ahmed Aljawarneh has proposed convening of the meeting of the Joint Economic Ministerial Commission and the meeting of Joint Business Council to increase economic cooperation between the two countries.

He informed the minister that Free Trade Agreement (FTA) between the two countries was expected to be signed in August. The two sides also reviewed the cooperation in the fields of agriculture and railways. Possibilities of joint venture in manufacturing of phosphate fertiliser were also discussed.

Ambassador of Muscat Mohamed Said Mohamed Al-Lawati discussed the role of Pak-Oman Investment Company in promotion of economic cooperation between the two countries.

He said Muscat, by financing various projects, had been instrumental in accelerating development in Balochistan. It was also noted that Pak-Oman microfinance is playing a positive role in poverty alleviation in Pakistan.

The two sides agreed to accelerate implementation of various projects in Balochistan costing around $27.5 million being financed through grant from Muscat.

The two sides also noted positive development of purchase of 65 per cent shares by Pak-Oman Joint Investment Company of Worldcall shares, its interest in telecommunication and power sector. The Muscat ambassador also expressed the interest to develop tourism in Balochistan.