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|June 2nd, 2006, 07:36 PM||#1|
Join Date: Jan 2006
Location: Mississauga, ON
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Saudi crown prince endorses large investment in Pakistan
Saudi crown prince endorses large investment in Pakistan
BY M. AFTAB
ISLAMABAD — Saudi Arabia will encourage large investment in diversified sectors of Pakistan because of the close relations between the two countries, and good business results, Saudi Crown Prince Sultan bin Abdulaziz Al Saud has assured Islamabad.
The Crown Prince, during his talks in Islamabad with President Pervez Musharraf and Prime Minister Shaukat Aziz appreciated the economic progress made by Pakistan. He said "Pakistan policies have generated interest among the Saudi investors, and now more Saudi companies are interested in starting joint ventures with Pakistani companies." This was officially stated at the end of the two-day visit to Islamabad. Crown Prince Sultan bin Abdul aziz Al Saud, in order to promote Saudi investment and business relations with Pakistan, invited Prime Minister Aziz to visit Saudi Arabia to meet the Saudi investors."
The Crown Prince suggested that Saudi investors "should take advantage of Pakistan’s growing economy." He said, they can particularly benefit by investing in real estate, IT, telecom, tourism, banking agriculture, and the services sector," it was officially stated.
Prince Waleed bin Talal bin Abdulaziz Al-Saud followed Crown Prince Sultan, two days later, and discussed in Islamabad, the details of economic cooperation. During the talks, Prime Minister Shaukat Aziz also informed Crown Prince Sultan, that Pakistan will build a $2 billion oil refinery at Khalifa point, in Hub, on Mekran Coast, close to Gulf and the Straits of Hurmuz.
He invited Saudi investment in the refinery which will go on stream by 2010. It will have a 13 million tonnes annual capacity to refine oil into various products. All the Pakistani oil refineries put together, so for, have a refining capacity of just 12.8 million tonnes a year. Pakistan will award contract of the project through international bidding. Pakistan’s current annual consumption of oil products is 16 million tonnes — 82 per cent of which are imported.
Pakistan government and senior Saudi diplomats attached a high degree of significance to the talks between the Crown Prince and the top Pakistani leadership in the fields of investment, trade, defence, manpower, foreign affairs, higher and specialised education, technical and scientific training, and fight against terrorism. Saudi Amassador Ali S. Awadh Asseri, underlined the significance of these talks pointing out that these followed within ten weeks of February 1-2 visit to this country by the Custodian of Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud. "The short span of time between these two visits reflects the significance of the deep rooted relationship between Saudi Arabia and Pakistan," the Ambassador pointed out. " These relations are marked by a concordance of views regarding the problems confronting the world, and more particularly the Muslim Ummah, he said.
There is a marked increase in trade, business and investment activity by Saudi businessmen activities, in recent months. Consequent to the signing of five Memoranda of Understanding (MOUs) during King Abdullah’s visit in February this year, there is a greater level of interactive cooperation between various organisations and entrepreneurs of the two countries that has generated a forward momentum. Other, new projects are also being considered for joint collaboration.
The recent foundation laying of Al-Tuwairqi Steel Mills (TSM) by President Musharraf at Karachi marks "the phenomenal birth of Saudi private sector investment in Pakistan. This $ 130 million project will be an economic booster providing job opportunities to thousands in Pakistan.
Dr. Hilal Hussain, Chairman of Saudi Arabia’s biggest steel maker— Al Tuwairiqi Group (ATG)— alongwith a Russian, and a Pakistani company, have also purchased 75 per cent shares in Pakistani Steel, the country’s biggest and the only integrated steel mill located at Karachi, for $ 362 million.
ATG’s stake in the purchase is 40 per cent. Earlier in November, 2005, Saudi Arabia’s Al-Jomaih Group in partnership, with Hassan Associates-Premium Mercantile, purchased 73 per cent shares and management control of the giant Karachi Electric Supply Company (KESC) for $ 340 million. The consortium has announced plans to invest an additional $500 million in KESC over the next five years.
Saudi Arabia and Pakistan believe that in addition to their special economic and political relations, being members of WTO, they have greater opportunities to come closer in business and economic relations. Saudi laws and regulations are at par with international standards and have increased the confidence of foreign businessmen. Banking, insurance and the telecom sectors are open for foreign investment. All these opportunities are equally available to Pakistani businessmen. The two governments are now urging Pakistani businessmen and investors to visit their counterparts in Saudi Arabia to benefit by launching individual or joint ventures.
Multi-billionaire Prince Waleed, the internationally known Saudi investor, also this week, had talks in Islamabad with President Pervez Musharraf and Prime Minister Shaukat Aziz. President Musharrah decorated Prince Waleed with one of the country’s highest awards —Hilal-i-Pakistan, in recognition of his "deep friendship and all round support to Pakistan and his commitment to the causes of the Muslim ‘Ummah’."
Prime Minister Aziz informed Prince Waleed, "given Pakistan’s strategic location, the fast growth and investment friendly policies, there is a tremendous potential for greater economic cooperation between the two countries in several areas like trade, investment, culture and tourism."
Prince Waleed discussed with Aziz his "plans to make further investments in Pakistan. He said, "Pakistan is a very special friends." He said, his company will be investing in two hotels in Lahore and Islamabad. He also said, Saudi Arabia will arrange business conferences in Lahore, Karachi and Islamabad. The delegations of the two countries will exchange visits ahead of the conferences. He invited Prime Minister Aziz to visit Saudi Arabia to meet the Saudi investors.
Prince Waleed said," Saudi investors should take advantage of Pakistan’s growing economy, particularly by investing in real estate, IT, telecom, tourism, banking, agriculture and services sectors. He said, "inspired by the investment–friendly policies of Pakistan a number of Saudi investors are looking for avenues to start joint ventures with Pakistani companies."
A Saudi Exhibition will be arranged in major Pakistani cities, including Karachi, Lahore and Islamabad in November this year to expand business cooperation. Cooperation in several other fields, too, is expanding. In his talks with top Pakistani leadership and ministers, the Crown Prince reviewed implementation and actual progress on five agreements that had been signed during King Abdullah’s February visit to Pakistan. The five pacts are: Agreement on avoidance of double taxation between Saudi Arabia and Pakistan to further promote business and economic ties. Agreement on Technical Cooperation. Agreement on cooperation in vocational training, including higher education. Vocational training and education in the field of science and technology. And Agreement on Political Consultations between the Foreign Ministries of Saudi Arabi and Pakistan.
|June 2nd, 2006, 10:01 PM||#4|
Join Date: May 2006
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Great news for pakistan's poverty
its so kind of K.S.A to help pakistan build up their economy
.......Saudi arabia is really a good friend of us
"Let Pakistan live in PEACE"....................It is a voice from a PAKISTANI to the PAKISTANI's
|June 2nd, 2006, 11:04 PM||#5|
Join Date: Jun 2005
Likes (Received): 1
hopefully those are sodas otherwise the muttawa might have something to say about it.
good for both nations, gald to see some cooperation in this era of infighting.