RIYADH: The Pakistan government has appointed Khalid M. Chaudhary, a Riyadh-based businessman and social worker, as investment counselor for Saudi Arabia.
Outgoing Ambassador Shahid Karimullah handed Chaudhary an official letter of appointment from Pakistan’s Board of Investment during a brief ceremony at the Pakistan Embassy.
“The honorary investment counselor is a non-bureaucratic public position, which supplements the efforts of the Pakistani mission in a foreign country,” said Chaudhary, addressing a press conference yesterday.
“My mandate is to seek and support the transfer of capital and technical knowhow to Pakistan by convincing Saudi and non-Saudi businessmen,” said the newly appointed counselor, who himself has substantial investments in the Kingdom and Pakistan.
Chaudhary, who owns a textile company in Riyadh, has two similar successful textile units in the Pakistani cities of Faisalabad and Sialkot.
He said Pakistan is open to business and that there are significant investment opportunities in agro industries and the oil, natural gas and power generation sectors.
“As investment counselor to Saudi Arabia, I shall work to promote opportunities for Saudi and Pakistani companies wanting to invest in Pakistan,” he added.
He said he plans to hold highly educative investment seminars in various parts of the Kingdom. Chaudhary pointed out that many investors are unaware of the Pakistan government’s incentives for foreign investors. These incentives include bank loan facilities, tax holidays and political commitments to protect investments.
“As honorary counselor, I pledge to work as a liaison with the Board of Investment and the Pakistan Embassy in Riyadh,” he said. Chaudhary will also extend all possible help to prospective Saudi investors with their queries and concerns.
