Crown Prince visit to depict Pakistan was best investment destination: Razak

Crown Prince visit to depict Pakistan was best investment destination: Razak

ISLAMABAD: Adviser to Prime Minister on Commerce, Textile, Industries & Production and Investment, Abdul Razak Dawood said that the visit of Saudi Crown Prince Muhammad Bin Salman would exhibit to the investors and businessman around the world that Pakistan was the best investment and trade destination.

“This would be a historical and highest ever foreign investment in the country,” he said while addressing a joint press conference here along with Chairman Board of Investment (BOI) Haroon Shareef.

He said that four agreements would be signed between the governments of Pakistan and Saudi Arabia during the visit of Saudi Crown Prince on Saturday. The agreements relate to the establishment of an oil refinery and petrochemical sector, development of renewable energy projects, mineral and mining sector and financing arrangements through Saudi Fund for Development.

Replying to a question, he said that cooperation and agreement between Pakistan and Saudi Arabia would increase the connectivity and cooperation to further strengthen the ties.

He said that Saudi-Pakistan Supreme Coordination Council had been established which would be co-chaired by the Saudi Crown Prince and Pakistani Prime Minister.

Razak said that the council aims at uniting efforts and raising level of coordination between two countries to achieve the mutually agreed political, economic and development objective.

He said that three pillars including the political and security pillar, the economic pillar, and the social and cultural pillar had been created to be managed by their own steering committees.

Since assuming the office, serious efforts had been made to revive the economy, which had borne fruit in the shape of renewed interest of investors, from all over the world in Pakistan.

Replying to a question, he said that Pakistan would not give any quick reaction to the withdrawal of Most Favoured Nation (MFN) status of Pakistan by India, but “we have different options available.”

Chairman Board of Investment (BOI) Haroon Sharif said that Saudi Arabia was also interested in investing in different potential sectors of hospitality, agro industry and informational technology to enhance the economic relations and promote trade ties between the two countries.

In addition, around forty business and investment groups are scheduled to accompany the Crown Prince and interact with local businessmen to negotiate different mutual opportunities in trade and investment.

He said that the Gwadar Port was offering huge opportunities in terms of regional and global connectivity and had made Pakistan an attractive destination for the whole world.

Therefore, foreign investors from various countries wanted to cash in on this opportunity and invest in different sectors of Pakistan’s economy, which would provide a win-win situation for them as well as Pakistan, he added.

The BOI chairman said it was one of the top priorities of Prime Minister Imran Khan to bring foreign investment to the country and enhance trade ties with all potential regions, including the Middle Eastern countries.

Replying to a question, he said that Pak-Saudi Private sector would also be engaged to promote investments in agro industry, information technology and hospitality sectors of the economy.