ISLAMABAD – Minster for Finance Asad Umar Thursday invited the Kuwaitibusinessmen to explore investment opportunities in Pakistan’s oil and gassector and projects under China Pakistan Economic Corridor (CPEC).
He said the Kuwaiti companies could help Pakistan in exploring Pakistan’shuge oil and gas reserves which were yet to be explored.
The minister was addressing a meeting of Joint Ministerial Commission (JMC)with Kuwait here at a local hotel. The Kuwaiti side was headed by itsminister for commerce Khalid Nasir Abdullah.
Asad said CPEC was a huge project of over $50 billion out of which $27billion worth of projects were under implementation.
“We are in close collaboration with China with regard to implementation ofCPEC projects and we want to further expand the corridor,” he said adding“we want all out friendly countries should join CPEC for the socioeconomicdevelopment of people of the region”.
Speaking about bilateral trade, the minister said during last year,Pakistan’s exports to Kuwait stood at only $91 million which were far lessthan the true potential.
“The two countries should increase trade cooperation to expand thebilateral trade volume.”
He informed that by following the Japanese model, the Pakistan governmenthad also kept commerce, investment, and industry under one window to makethese sectors more effective and operational.
Further he also asked the Kuwaiti side to make visa regime for Pakistanbusinessmen and workers easier to enhance the bilateral relations.“Pakistani workers are contributing in development of Kuwait in diversefields including information technology, and oil and gas sectors.”
Asad Umar also stressed the need for development of private sector of thetwo countries by enhancing cooperation between their chambers of commerceand industry.
The minister informed that in order to promote information technologysector, the government would set up new science and technology universitiesin collaboration with one of the world top Austrian university in thissector. He also invited the Kuwaiti side to take benefit from informationtechnology sector in Pakistan.
Kuwaiti commerce minister in his address said the two countries wereenjoying good brotherly relations since long and his country would continueto play role in development of Pakistan’s socio economic development. Hesaid during fiscal year 2017, the bilateral trade volume was recorded at$322 million which was not according to the real potential.
He stressed the need to raise the trade volume by exploring the untappedsectors of the two countries. Later, talking to APP and PTV, the ministersaid it was a welcoming sign that after seven years, the JMC between thetwo countries was being held.
He informed that during the two day meetings, Pakistan side would focus onthree main areas including improving bilateral trade, inviting Kuwaitis inPakistan’s investment opportunities especially in oil and gas sector andCPEC, and easing of visa regime for Pakistani diaspora in Kuwait.
Pakistan, he said had stopped the oil and gas exploration in the countryand was not issuing license to the companies for last five years, but nowKuwait being a big oil producer is invited to invest in this sector. “A newround would be held on October 12 between the two sides in which theKuwaiti companies would be invited to invest in Pakistan’s oil and gassector.”
To a question, the minister said Pakistan offers huge investmentopportunities to the foreign businessmen particularly in the projects underCPEC. “We will tell the world that our security has improved and there arebig investment opportunities in Pakistan,” he added.
The meeting was also attended by Minister of State for Revenue Hammad Azhar, Secretary Economic Affairs Division, Syed Ghazanfar Abbas Jillani, andother high officials from various ministries.