RIYADH: Pakistani businessmen Shamshad Ali Siddiqui and Mohammed Asghar Qureshi were sworn-in by Pakistani Ambassador Manzoor ul Haq as chairman and president of Pakistan Investors Forum (PIF) respectively at a colorful ceremony recently.

Eight other PIF office-bearers also took oath of duty in the presence of a number of diplomats and Pakistani businessmen.

The 10-member PIF governing panel includes Khalid M. Raja, vice president; Ghulam Safdar, secretary-general; Babar Ali Shah, joint secretary; Kashif Shahzad Aslam, finance secretary; Tanvir M. Mian, coordinator; Khaled Chaudhary, Amajd Siddiqui and Chaudhry Faryad Ahmed, advisers.

Qureshi is a social worker and Khalid Raja is managing director of a contracting firm. The new PIF has pledged to work closely with the Pakistan Embassy and Saudi government agencies with the sole mission to strengthen economic ties between Riyadh and Islamabad.

Addressing the Pakistani businessmen, including the new PIF office-bearers, Haq said: “Pakistani entrepreneurs in the Kingdom should establish bridges between the two brotherly Muslim countries; and proactively participate in bilateral investments and socio-cultural activities. They must contribute financially and qualitatively to the development of Pakistan.”

The swearing-in ceremony was attended by a large number of Pakistani investors, businessmen and diplomats. Waseem Hayat Bajwa, commercial officer at Pakistan Embassy; Syed Hammad Abid, community welfare officer; Rana Abdur Rauf and Amjad Perwez Siddiqui, businessmen; were also present. Bajwa made a detailed presentation focusing on a range of investment opportunities in Pakistan.

“Pakistan today offers huge investment opportunities in different sectors,” said Bajwa. Referring to the economic reforms initiated by Pakistan, he said that the Pakistan government offers a lot of incentives including tax rebate to Pakistani and foreign investors. Moreover, Pakistan, the sixth most populous country of the world, offers a booming market for investors.

Shamshad Ali Siddiqui thanked the PIF members and the community in general for their continuous cooperation. He exhorted the Pakistani officials “to work closely with the business community to promote Pakistan as an investment hub.”

Qureshi pledged to the members that he would take the PIF to new heights with the members’ cooperation.

The PIF is an association of Pakistani businessmen and investors who are either working with Saudi partners or operating in the Kingdom under the aegis of Saudi Arabian General Investment Authority. The PIF, a non-political body, strives to promote cooperation among investors, identify business opportunities and eventually promote Saudi-Pakistani cooperation in economic field.