ISLAMABAD, Feb 8: Pakistan and Saudi Arabia on Tuesday agreed to constitute four sub-committees aimed at discussing the prospects of enhanced bilateral cooperation in their respective fields and identifying the areas of cooperation between the two countries.

The decision was taken in the 7th session of Saudi-Pak Joint Ministerial Commission started here on Tuesday. The sub-committees are on trade and investment; education and human resource development; visa and counsellor affairs; and information, culture, Islamic affairs, sports/youths. The committees would be co-chaired by officials of the two countries.

The JMC was co-chaired by Commerce Minister Humayun Akhtar Khan and Saudi Commerce and Industry Minister Dr Hashim A. Yamani.

Pakistan's commerce minister on the occasion said strengthening and deepening trade and economic relations with Saudi Arabia was a priority area for Pakistan. He said Pakistan, emerged as a major growing industrial nation of a developed banking and financial sector and a free market economy, was one of the most significant and positive regional and global development.

"This is an excellent time to invest in Pakistan, especially in the value-added textile sector, fruit and vegetable processing, and the engineering sector, especially in European model small cars and tractors, renewable energy, petrochemical, shrimp farming and construction sectors," the minister said.

Mr Khan said the buyer-driven FDI found large opportunity in Pakistan in both traditional and core sectors such as textile and clothing, rice, leather footwear surgical and sports goods as well as in new categories such as shrimp farming, horticulture (flowers, fruits and vegetable), marble and granite, furniture, gems and jewellery and electro medical equipments.

The commerce minister also apprised the Saudi minister of the difficulties Pakistani businessmen were facing in getting business visas and urged him to look into the issue to facilitate business community.

The Saudi commerce minister said his country desired enhanced bilateral trade and economic cooperation with Pakistan both in public and private sectors. He said that there was a need of a strong public and private sector partnership between the two countries.

Dr Hashim also indicated for Pakistan's prospects of enhanced trade relations with Middle East countries, including Saudi Arabia, through an arrangement under the Gulf Cooperation Council (GCC).

In reply to a question, Pakistan's commerce minister said that technical discussions on the proposed Pakistan-GCC preferential trade arrangement (PTA) would start in March this year.

Meanwhile, in a meeting of Saudi commerce minister with Pakistani ministers, a range of areas were identified for investment and joint ventures between the two countries.

During the meeting, both the sides identified the areas like telecom, information technology, power generation, hydel power projects, housing, livestock, food processing, floriculture, agriculture and dairy farming in Pakistan where Saudi companies could invest their capital and enter into joint ventures with Pakistani businessmen.

The Saudi minister showed his interest in investing in various sectors. He also expressed his keen interest in joint ventures with Pakistani businessmen in these areas.

Both the sides agreed to study complementarities in the two economies so that the business community might be encouraged to invest their capital in appropriate sectors.

APP adds: The Saudi commerce minister along with a high-level delegation also held talks with Petroleum and Natural Resources Minister Amanullah Khan Jadoon and discussed cooperation in the oil and gas sector.

Mr Jadoon invited Saudi investment in setting up of coastal oil refinery, oil and gas exploration, cross-border pipeline projects and mineral sector activities.

The Saudi minister informed Mr Jadoon that a high-powered delegation of businessmen and industrialists to explore investment opportunities in diversified field and evinced keen interest in manufacturing and construction of pipelines, onshore and offshore exploration and cooperation in Pakistan's mineral activities is accompanying him.

Both sides agreed that Pak-Saudi cooperation in the petroleum sector would go a long way to open new vistas of mutual advantage.