Pakistan offers lucrative opportunities for KSA investors

Updated 08 March 2016
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Pakistan offers lucrative opportunities for KSA investors

RIYADH: A senior Pakistani official has invited Saudi investors to take advantage of lucrative investment opportunities in Pakistan.
Waseem Hayat Bajwa, commercial officer at Pakistan Embassy in Riyadh, said that his country was rapidly becoming the best destination for investment with improved security and favorable business climate backed by strong macro economic indicators.
Addressing an elite business gathering organized by the ‘Pakistan Investors Forum’, Bajwa said that Pakistan was now witnessing revival in almost every field including energy, industrialization, telecom, agriculture, and infrastructure due to improved law and order situation.
The government, he said, was aspiring to put Pakistan among top 25 big economies of the world, although an ambitious task but quite doable.
The forum was attended by a large number of businessmen. Pakistani Ambassador Manzoor Ul Haq was also present.
On cooperation in energy field, Bajwa said: “We have set goal of doubling the energy capacity of the country from 22,000 MW to 45,000 MW by 2025, which would help the country to move on fast track of development.”
He said: “For foreign investors, there is trouble-free entry to Pakistani market with 100 percent ownership, ease of registration and flexibility in financial procedures.”
Spelling out the incentives given to Saudi, overseas Pakistanis and foreign investors, he said that the unrestricted remitting of capital and 25 percent off on the initial depletion of machinery is something an investor wouldn’t want to miss.
“Further, the exemption on imports of plants and machineries are adds on,” said Bajwa, adding that the increased ‘Special Economic Zones’ (SEZ) for Pakistan has played a tremendous role in elevating the level of investments.
On the top of this, the China-Pakistan Economic Corridor (CPEC) is a collection projects under construction at a cost of around $46billion dollars, he noted.
The Chinese Bank would lend Pakistan approximately $11billion dollars to overhaul the country’s transportation sector alone.
The SEZ and the CPEC are undoubtedly playing a vital role in the strategic development of the country.
Under SEZ act of 2012, there is zero percent duty on the importing of goods and zero percent corporate income tax rate.
Referring to the progressively growing relations between Saudi Arabia and Pakistan, Bajwa said that “it is high time that Pak-Saudi strong knitted strategic relations should be transformed into meaningful business and trade relations.”
With more than 200 million population, Pakistan is no doubt an ideal market, said the commercial officer, adding that the Saudi government and big corporations should focus on a look east policy with Pakistan as the main investment hub.
He called on the Saudi giant corporations including ARAMCO to invest in oil explorations and oil refineries projects.
The Saudi Agriculture and Livestock Investment ment Company (SALIC) can  invest in the rice, grains and meat sectors. Saudi Basic Industries corporation (SABIC) has already established its chapter in Pakistan to market its products including chemicals, plastics and urea.
To this end, Bajwa suggested that SABIC may establish such center in Pakistan in collaboration with Pakistan’s engineering universities and research centers. 
 Bajwa pointed out that “the Gwadar Port in Pakistan facing the Arabian Sea started functioning last year and is clamoring to the world of its commercial exports because of its easy mobility and connectivity.” 
Referring to the investment opportunities in agriculture sector, Bajwa said that agriculture and livestock are also dominant areas for investment. Among the others investments, the IT sector of Pakistan is proliferating too.
The broadband has created millions of jobs for Pakistanis and the local companies manufacturing mobile phones is a commendable step.
On the other hand, the Khyber Pakhtunkhwa Province is one of the finest places for Hydel power generation with 30,000 MW, he explained.
The commercial officer said that tourism is another prospective area of investment as Pakistan is blessed with the most scenic mountainous area in the north. All what is required is development of the infrastructure and attractive resort sites. 


Huawei revenue will be billions below forecast: founder

Updated 8 min 50 sec ago
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Huawei revenue will be billions below forecast: founder

  • Chinese telecom giant will reduce capacity but that US moves to restrict its business ‘will not stop us’

SHENZHEN, China: Huawei’s founder has likened his company to a badly damaged plane and says revenues will be $30 billion less than forecast over the next two years.
Ren Zhengfei said Monday that the Chinese telecom giant will reduce capacity but that US moves to restrict its business “will not stop us.”
The US has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the US Commerce Department.