ISLAMABAD, Dec 28: Pakistan is currently in the process of establishing commercially-viable joint ventures with foreign private investors of Islamic countries in the fields of military hardware, military training and education, says Lt-Gen Abdul Qayyum, Chairman, Pakistan Ordinance Factories (POF).

Talking to Dawn here on Friday, he said that the defence-related industries were offering immense investment opportunities to the private sector in areas such as conventional weapons, light arms, ammunition, army vehicles, field guns and anti-aircraft guns.

The chairman POF, who recently attended the 9th Private Sector Meeting held under the auspices of Islamic Chamber of Commence & Industry at Sharjah UAE said, he gave an elaborate presentation on the investment opportunities there for the private sector in defence production as well as other attractive fields in Pakistan or abroad.

The meeting, he said, was attended by delegates from 45 Islamic Countries. “POF has the know-how and our equipment are rated highly internationally,” he said.

The POF, he pointed out, has interests in commercial manufacturing of a number of products such as commercial explosives, high quality brass items which have industrial applications, chemicals which are manufactured and marketed through its commercial subsidiaries.

A number of foreign companies such as Nobel of Sweden and Al- Misehal from Saudi Arabia were already operating in defence-related manufacturing in Pakistan in cooperation with the POF.

“We keep interacting with private investors and Chambers of Commerce internationally to explore joint ventures and export opportunities for our products, technologies and services, and we are open to joint venture both in Pakistan and abroad,” he added.

“If investors from the region take interest in defence-related industry the countries in the region can have world-class military hardware at internationally competitive prices, and the investors will be reaping rich dividends on their investments,” Gen Qayyum said.

Apart from the opportunities available in defence-related manufacturing, Gen Abdul Qayyum said: “There are many new opportunities in infrastructure, telecommunication, fisheries agriculture, food processing, tourism, education and information technology for private investors,” he said.

Gen Abdul Qayyum said that the current investment climate in Pakistan was excellent for private investors and many investors from the Middle East were finding it attractive.

“With the decline in the earning potential of financial assets in the world’s leading financial markets, investors in the region find Pakistan very attractive for investment,” he said.

To a question, he said, Dr Shaikh Sultan bin Mohammad Al- Qasimi, Member of the Supreme Council and Ruler of Sharjah, inaugurated the 9th Islamic Private Sector Meeting at Sharjah University Hall.

Dr Sultan, he said, emphasized the need for unifying the rules and regulation that control trade and business between the AGCC and called for urgent steps towards the unification of the region’s currencies and open up borders to facilitate free flow of trade.

In the inaugural session, the meeting was addressed by Shaikh Fahim bin Sultan Al-Qasimi, Minister of Economy and Commerce, UAE, highlighting the scope for cooperation among the Muslim countries in the field of Commerce and industry.

Sheikh Fahim said that the private sector in the Islamic countries has a great role to play in the economic progress of respective countries and building a common future for the Islamic nations.

According to Shaikh Fahim, the chairman POF said, the total income of the OIC countries last year was more than $1425 billion and the figure could be doubled if the OIC members could cooperate effectively in the fields of trade and commerce.

The meeting, organized under the umbrella of Islamic Chamber of Commerce, is focusing on the potential of cooperation and joint venture in the private sector from Islamic countries around the world.