$1 billion foreign direct investment likely in Pakistan from friendly country

$1 billion foreign direct investment likely in Pakistan from friendly country

*ISLAMABAD: Advisor to the Prime Minister on Commerce, Abdul Razak Dawood, on Thursday said that the government has decided to enhance trade ties with Malaysia with cooperation in various sectors.*

While addressing a joint press conference along with Chairman Board of Investment (BoI) Haroon Sharif, the commerce advisor announced that a Malaysian delegation was arriving in Islamabad and $800-900 million foreign investments were likely in Pakistan.

He detailed that the investments would be made in telecommunication, food, information technology and auto sectors of the country.

“China has assisted Islamabad in infrastructure development and power sectors. Saudi Arabia, United Arab Emirates, but Turkey and Qatar have also assisted Pakistan as well.”

BoI chairman Haroon Sharif said that heads of 30 companies will attend business forum tomorrow. He said that Pakistan will hold discussions with Malaysia for the establishment of long-term business partnership in various sectors.

It is pertinent to mention here that Malaysian Prime Minister Dr Mahathir Mohamad will arrive in Islamabad on Thursday (today) to pay a three-day visit to Pakistan over the invitation of PM Imran Khan.

PM Mohamad will be accompanied by a high-level delegation including several leading businessmen.

During his stay, Dr Mahathir will be the guest of honour at the Pakistan Day parade on March 23, the Foreign Office said in a statement. His bilateral engagements include a call on President Dr Arif Alvi and a one-on-one meeting with Prime Minister Khan followed by delegation-level talks.

The two prime ministers will speak at a roundtable meeting of the chief executive officers of industries, who wish to invest in Pakistan’s automobile and telecom sectors.

Prime Minister Mahathir’s visit would further cement the existing brotherly and friendly relations between the two countries, the FO statement said, adding the focus of the interest was on enhancing economic, trade, investment and defence ties for the mutual benefit of the peoples of the two countries.

On March 20, Haroon Sharif, the chairperson of the Board of Investment, had said that about five Memorandums of Understanding (MoUs) were expected to be signed during Mohamad’s visit.

He said BoI was organising a Pak-Malaysia business leaders roundtable meeting on March 22, which would be co-chaired by both PM Imran Khan and Mahathir bin Mohamad.

Officials of 15 Malaysian companies will also accompany the Malaysian PM, he said, adding that Malaysia and Pakistan are likely to sign MoUs in the car assembling, meat, telecom and stones sectors.