KARACHI, Feb 26: Makkah Chamber of Commerce and Industry (MCCI) chairman Adil A. Kaki has said that Saudi investors are concerned about the security of their investments in Pakistan.

“Pakistan is still a good place for investment but the minds of Saudi investors are not clear. May be there are hindrance and obstacles as many of them raise questions about the security of their investments here,” he said during a meeting with the members of Karachi Chamber of Commerce and Industry (KCCI) here on Wednesday.

Mr Kaki, who is also vice chairman of the Council of Saudi Chamber of Commerce and Industry, said Saudi investors had made huge investments in various countries as they ensured both political and investment security.

He, however, urged the Pakistani entrepreneurs to invest in Saudi Arabia where new investment clauses are introduced. He added that Saudis are basically interested in joint ventures in various areas.

“We have been given the task by our government to further foster the volume of trade between the two countries,” he said while referring to the current challenges being faced by the Muslim countries.

He said that President Pervez Musharraf and Saudi King were also keen to see an increase in volume of trade between the two countries. He called for holding more meetings, exchange of frequent trade delegations and single country exhibition in each other’s countries that can spur volume of trade. He urged the KCCI president to lead a delegation to Makkah so that more ideas could be exchanged.

“It is now time that Islamic countries should unite under one platform and try to import/export each other items instead of trading with other’s countries,” Mr Kaki said, adding that products of Islamic countries are now very advanced in quality and are competing in the world markets.

He stated that the work is going on for introducing Islamic dinar as a single currency of Muslim countries. “It is a dream of every Muslim country and one day it comes true,” he claimed.

Earlier, KCCI president Shaukat Iqbal said that Pakistan’s exports to Saudi Arabia increased from $217 million in 1997-98 to $329.56 million in 2001-2002, whereas imports rose from $679 million in 1997-98 to $1.252.7 million in 2000-2001, but slightly declined to $1.202.2 million in 2001-2002.