ISLAMABAD, Feb 9: Pakistan and Saudi Arabia would soon finalize two agreements-avoidance of double taxation and promotion of investment.
Speaking at the conclusion of the 7th session of Pakistan-Saudi Arabia Joint Ministerial Commission (JMC), the Saudi Minister for Commerce and Industry Dr. Hashim A. Yamani told a questioner that the agreements were in process and would be finalized soon to facilitate bilateral investment between the two countries.
The two ministers also signed agreed minutes of the JMC on the recommendations of the four committees constituted on Tuesday to recommend measures for improving cooperation, trade and investment between the two countries.
He said that both countries would exchange information regarding trade and other areas, hold seminars and single country exhibition. He said that Saudi government has a liberal trade policy and there was no restriction on imports from any country.
Replying to a question, the minister said that a customs procedure in the kingdom was very simple, and measures would be taken to facilitate Pakistani exporters. However, he said that liberal policy had kept Pakistan's export to Saudi Arabia increasing.
Pakistan's Commerce Minister said that after accession to the WTO, the Saudi government would further liberalize their trade regime for all countries and would remove the non-tariff barriers if any. The Saudi minister said that the Saudi businessmen are keen to invest in various sectors in Pakistan.
Pakistan's Commerce Minister Humayun Akhtar Khan said that Pakistan would facilitate the Saudi businessmen in making investment in any sector.
He said that during the meeting a range of areas have been identified for investment that included information technology, housing, telecom, food processing, education, health, value-added textile, etc.
Mr Khan said that Pakistan would facilitate the private sector of the two countries in displaying their products in each others countries to seek market access. The government of Pakistan would provide every possible help to Saudi investors in Pakistan, the minister said.