RIYADH, 14 December 2006 — Custodian of the Two Holy Mosques King Abdullah and Pakistani Prime Minister Shaukat Aziz held talks yesterday on major global issues, most importantly the latest developments in Palestine and the situation in Iraq as well as ways of strengthening bilateral cooperation in all areas, the Saudi Press Agency reported after their meeting at the king’s ranch in Janadriya outside of Riyadh.
The talks were attended by top officials including Prince Badr, deputy commander of the National Guard, and Prince Muqrin, chief of intelligence.
Prior to his meeting with the king, the Pakistani premier attended the Saudi-Pak Investors’ Forum, chaired by Finance and Economy Minister Ibrahim Al-Assaf. Focusing on Pakistan as an investment destination, Aziz said his country had an open-door policy under which foreign investors could reap rich profits in a safe environment.
“My country is pursuing a policy of continuity, consistency. It has introduced a privatization law to provide legal cover to foreign investors.”
He pointed out that Pakistan had attracted $3.8 billion in Foreign Direct Investment (FDI) which amounts to an annual growth of half a billion dollars. “The steady growth in the sector is due to the reform agenda pursued by the government,” he said.
Aziz said there were many investment possibilities in areas such as agriculture, information technology, power, banking and real estate. He said the Kingdom planned to hold an exhibition in Islamabad in March to promote its products and services in that market. “We hope the exhibition will help both Saudi and Pakistani businessmen to increase cooperation,” he stressed. Noting the significant improvements made in the economy, particularly in the fields of poverty reduction, increase in per capita income and positive indicators in all major areas, Al-Assaf said political and strategic relations with Pakistan would be beneficial to both countries.
“We have identical views on important regional and international issues. Therefore, we need to strengthen our bilateral relations.” The finance minister said the Kingdom was willing to assist Pakistan in construction, tourism and other areas deemed to be viable.
Trade between Pakistan and Saudi Arabia averages about $2.5 billion annually. Over $2 billion consists of Pakistan’s oil and oil-related imports. The Kingdom has given licenses to 20 Pakistani companies to work under the Saudi Arabian General Investment Authority.
Referring to the economic situation in Pakistan, Aziz said the per capita income and credit ratings had increased in recent years. He also announced that Pakistanis living abroad would be able to purchase properties in various housing schemes in the country.
“The Pakistan Embassy in Riyadh will set up a commercial section in Alkhobar to help Saudi businessmen in the Eastern Province explore investment opportunities in Pakistan,” the premier said.
“It was a cordial discussion between the businessmen of the two countries,” Saudi Ambassador to Islamabad Ali Al-Aseeri told Arab News, adding that a number of ventures generated interest among the prominent Saudi businessmen who were present at the forum.
Addressing Pakistani expatriates, Aziz said arrangements would be made to hire a legal firm to help distressed expatriates. “It is our duty to help our people who make important contributions to the country’s financial well-being.”
