ISLAMABAD, 11 February 2005 — Saudi Arabia and Pakistan have held extensive talks to promote cooperation in trade, investment, education, manpower development, health, railway, agriculture, scientific research, security and information technology.
A final communiqué issued after a joint ministerial committee meeting here yesterday said the two Islamic countries had agreed to hold further negotiations to sign two accords for the promotion and protection of investment and avoid double taxation.
“The proposed agreements on investment and taxation will play a big role in boosting investments in both countries,” said Saudi Commerce and Industry Minister Dr. Hashem Yamani, who led the Saudi side during the two-day meeting.
Pakistani President Pervez Musharraf, who met with Yamani on Wednesday, emphasized the deep-rooted relations between Saudi Arabia and Pakistan.
The president stressed the need to strengthen economic cooperation between the two countries. “Our economic ties must be brought to the highest level to match with our strong bilateral relations,” the Saudi Press Agency quoted him as saying.
Yamani said Saudi investors were looking at Pakistan as one of the most attractive places for investment because of the sound economic policies being pursued by the government. “Pakistan’s economic transformation sets a good example for other Islamic countries in this era of economic competition,” the Saudi minister said.
Yamani also met with Prime Minister Shaukat Aziz and discussed ways of strengthening bilateral relations especially in economic areas. The Saudi minister said the two countries have agreed to increase exchanges of visits and promote joint research projects and programs. The two sides also agreed to hold a seminar on strengthening technical and technological cooperation.
“We are looking forward to translating the resolutions adopted at the meeting to solid practical steps for fruitful cooperation for the benefit of the two countries,” he said.
He said Saudi Arabia, which has a free economy, had taken measures to facilitate investments. “Our private sector plays an active role in promoting mutual investment projects,” he said.
“We have exchanged views on how to expand our cooperation. Businessmen from both countries have taken part in these discussions,” he said, adding that there are prospects for cooperation in many areas.
Trade Minister Humayun Akhtar, who led the Pakistani side during the meeting, said the two countries would implement the resolutions adopted at the meeting.
He said Islamabad would hold talks next month with the Gulf Cooperation Council to conclude a preferential trade agreement.
He said the joint ministerial meeting had focused on promoting cooperation in telecommunications, housing, construction, information technology, education, health and services.
The committee had set up four panels to explore prospects for boosting cooperation in different areas including culture, Islamc affairs, youth welfare, sports and consular affairs.
