ISLAMABAD, Aug 26: Oman would explore more investment opportunities in various fields, particularly in petroleum, financial and industrial sectors of Pakistan, to take benefit of the climate of restored investors’ confidence.

This was stated by Chairman of Pak-Oman Board Yahya Bin Said bin Abdullah Al-Jabri in a meeting with Finance Minister Shaukat Aziz here on Monday.

Yahya appreciated Pakistan’s professional and transparent approach in making financial sector a viable and vibrant investment opportunity for domestic and foreign investors.

Appreciating the reforms, he said that administrative, financial and structural reforms introduced by President Pervez Musharraf have restored confidence of the international investors.

“Oman would take advantage of this climate and explore possibilities of investing in these sectors.”

He hailed professional approach of Pakistan which enabled setting up of Pak-Oman Investment Company in a short time.

An agreement to this effect was finalized during the visit of Sultan Qaboos last year to Pakistan.

Within a short span of time, the company has become a catalyst in promoting Omani investment in Pakistan. With paid-up capital of Rs150 billion, the company has financed projects of chemical fertilizer, textiles and confectionery.

Finance Minister Shaukat Aziz recalling Sultan Qaboos visit last year said that $100 million Omani assistance to Pakistan would go a long way in promoting economic relationship between the two countries.

He said that the visit of Sultan Qaboos has provided a required impetus to further cement this economic relationship through increased Omani investment in Pakistan.

Pakistan is proud of relationship with Oman. Citing success story of multi-national companies, Shaukat said, that business climate and atmosphere in Pakistan offered a vast untapped field to Oman to increase their investment in the country to set up export-oriented industries.

Giving a brief resume of reforms, the minister said that the government’s endeavour was to achieve GDP growth rate of 4.5 per cent, export would cross $10 billion and remittances from overseas Pakistanis are likely to be over $3 billion this year.

He said that the thrust of the government was to encourage economic growth and attract foreign investment to make Pakistan, an industrial hub of economic activity in the region.

He said that the government has, therefore, decided to restrict role to policy making. Petroleum sector has been deregulated to attract foreign investment.

He said that Oman could increase its investment in Pakistan in financial sector through bidding for the banks and petroleum and gas companies, which are being privatized.

Similarly, Oman can also participate in the bids for privatization of PSO and fertilizer factories.

The meeting among others was attended by the Ambassador of Oman to Pakistan, Secretary Economic Affairs Division and members of entourage.—APP