Tarin directs for steps to attract Saudi investors

ISLAMABAD: Finance Minister Shaukat Tarin has emphasised the need for tapping immense business potential for investment between Pakistan and Saudi Arabia.

The finance minister said this while talking to Chairman Board of Investment Azfar Ahsan and Ambassador of Pakistan to Saudi Arabia Ameer Khuram Rathore on Thursday.

The finance minister urged the Board of Investment to finalise discussion with prospective investors in Saudi Arabia. He directed the BoI to pay special focus on project development in consultation with respective ministries and the provincial government, besides finalising discussion with prospective investors in Saudi Arabia.

The minister appreciated the efforts being made by the Pakistan Embassy in Saudi Arabia for playing as the government’s interface and also assured complete support of the Ministry of Finance to the BoI and the Embassy for their internal capacity building efforts.

The meeting discussed avenues for investment opportunities for Saudi investors in Pakistan. The ambassador apprised the finance minister that the Saudi government, as well as investors are keenly interested for investment in Pakistan in refinery, agriculture, Information Technology and semiconductor manufacturing sectors.

During the meeting they shared their insights about the avenues for investment opportunities for Saudi investors in Pakistan and informed that the Saudi government as well as investors are keenly interested in investment in Pakistan. They said that huge business potential for investment between both countries at government-to-government, government-to-business and business-to-business levels existed.

Meanwhile, Saudi Arabia has expressed keen interest in investing in Pakistan’s diverse sectors, including energy and petroleum, technology, and infrastructure.

The interest was shown by Saudi Ambassador Nawaf bin Said Al-Malki, who met Chairman Board of Investment Muhammad Azfar Ahsan on Thursday.

Terming substantial economic Pak-Saudi cooperation vital, the Saudi Ambassador underscored that there is room for collaboration between the two countries in areas of trade and investment.

On the occasion, the BoI chairman briefed the Ambassador about the lucrative investment opportunities in Pakistan with special mention of incentivized priority sectors. He said Pakistan is really looking forward to facilitating Saudi investors in the country.

He also apprised the ambassador on an upcoming investors’ meet-up being organized by BOI and requested the ambassador for participation from the Saudi side.

Separately, Tarin while addressing a seminar in Islamabad expressed the confidence that the national economy is heading in the right direction due to effective measures taken by the government.

He said the country’s economy is growing at a rate of five percent. Tarin said the government gave a historic package to protect the economy and uplift low income groups in the wake of Covid-19.

The finance minister said the government’s steps to deal with the Covid-19 have also been commended by the world community. He said confidence of investors also stands restored as a result of financial transparency, while a significant improvement is also being seen in the agriculture sector.