ISLAMABAD: According to Saudi Arabian Minister of Investment Khalid Al-Falih, there is a need for Pakistan and Saudi Arabia to increase their investment in a variety of industries.
He proposed the formation of a joint team comprised of officials from the BOI and the National Companies Promotion Programme to finalize investment projects in Pakistan at a meeting with Minister of State and Chairman of the Board of Investment (BOI) Muhammad Azfar Ahsan in Tashkent on Thursday.
Falih praised the Pakistani government’s efforts to encourage foreign investment in the country.
He invited a BOI team, as well as stakeholders, to visit Saudi Arabia to market public and private sector investment initiatives.
He stated that he would be visiting Pakistan shortly to boost bilateral economic cooperation between the two countries.
The chairman of the BOI spoke at length about Pakistan’s investment possibilities at the event.
“Pakistan is taking several measures to prop up savings and investment in a bid to increase employment generation as well as ensure greater resource availability for investment,” he said.
A report from the Overseas Investors Chamber of Commerce and Industry (OICCI) was discussed during the conference, which said that the vast majority of investors in Pakistan were positive about the country’s growth potential.
Ahsan also mentioned the BOI’s efforts to reduce the burden of compliance for small and medium-sized businesses (SMEs) and the Pakistan Regulatory Modernization Initiative (PRMI).
He spoke about the particular advantages granted to investors in Special Economic Zones (SEZs) with the overarching goal of attaining economic and industrial development objectives.
During the meeting, an in-depth discussion about formulating a long-term plan for Saudi Arabia and Pakistan was held in order to foster an investment-friendly environment between the two countries.
Both parties emphasized the importance of increasing collaboration and investment in a variety of industries, including agriculture, food processing, mining, renewable energy, refineries, petrochemicals, and information technology, and promised to develop business and economic connections.
It was agreed that “shovel-ready projects,” such as an oil refinery, would be shared with Saudi Arabia to jump-start development work, with the remaining projects to be completed soon.