Saudi delegation due on Sept 30 to discuss investment

KARACHI: A high profile delegation from Saudi Arabia is due in Pakistan on September 30 with an agenda to discuss modalities for Saudi investment in different sectors.

"The Saudi delegation is coming on September 30. There will be very important people," Advisor to the Prime Minister on Commerce, Textile, Industry, Production and Investment, Abdul Razaq Dawood said during a meeting with Pakistan Business Council (PBC) here Wedneday.

PBC Chief Executive Ehsan A Malik led the Council members.

Referring to the recent visit of Prime Minister Imran Khan to Saudi Arabia, of which he was also part, the advisor said Saudi government informed that they had contacted the Pakistani government many times during last three years to talk on its investment, but the latter did not respond.

Prime Minister Imran Khan had assured them of maximum facilitation and support for making the Saudi investment fruitful for the both the countries, he added.

He said the Saudi government showed its interest in setting up a refinery at Gwadar and desalination plants at Karachi and Balochistan coast, along with exploring other avenues for future investment.

The advisor said after Saudi Arabia, the prime minister flew to Abu Dhabi, where he also held very fruitful meetings with his counterparts. The United Arab Emirates government also showed keen interest to invest in various sectors of Pakistan.

He said the Japanese ambassador, during a meeting in Islamabad, suggested that a high profile Pakistani delegation, comprising government and private sector representatives, should visit Tokyo to talk on bilateral trade and investment.

He urged the PBC to get prepared to cope with the changing regional and global environment, and to play its leading role in promoting trade, investment and industrialization in the country.

"Let us have strategic thinking. It is need of the hour," he asserted. Pakistan could also get good share of African market, he said.

He agreed with PBC members that the cost of doing business and ease of doing business were serious issues for the growth of industry and businesses in the country.

The PBC members, he said, should invest in different potential sectors and the Pakistan Tehreek-e-Insaf government would extend every possible facility and support, including ensuring safety of their investment. They should set up cement plants at the Balochistan coast and find new potential markets for Pakistani rice.

Instead of sticking up to traditional export of textile, leather and rice, the private sector should produce new export products, he said, adding that some sectors did not export anything.

He informed the PBC members that he would lead a delegation to Beijing on November 4. He sought concrete proposals from the PBC so that the Pakistani team could better negotiate with the Chinese government of different economic issues, including re-visiting of free trade agreement.

The PBC members said the issue of non-tariff barrier for Chinese goods should be resolved for promotion of Pakistani exports in China.

They also called for re-considering the second part of the Tax Amnesty Scheme and for extending its time period at least for six months. They also demanded for payment of income tax refunds, which had not been paid over last two years.

They observed that the role of National Tariff Commission of Pakistan should be more supportive to industry.