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An eleven member Saudi delegation led by Prince Turki Bin Banadar Al Saud
during meeting here today with the Federal Minister for Privatization &
Investment Dr. Abdul Hafeez Shaikh said that Al Bandara International Group
(BIG) was eager to explore and focus on the possibilities of business and
trade relations in various fields including Finance, Telecom, Information
Technology, Agriculture, Manufacturing, Services Infrastructure, Tourism and
Social Sectors on fast track and much larger basis. He indicated that to
achieve the set targets BIG was in the process of setting up an operational
office in Pakistan to further move ahead towards exploring the areas of
interests and to identify the partners from the private sector of Pakistan for
the Joint ventures.
Prince Turki remarked that the private sector as well as the Government of
Kingdom of Saudi Arabia were keen to promote business and trade relations
between the two brotherly countries and intended to make sizeable investment
to the mutual benefits of businessmen and the people of both the countries as
well as for the betterment of common man in Pakistan. Prince Turki said that
visiting Pakistan after a long time had revealed that Pakistan was now a well
developed country, which had emerged as a country with the great business and
great economic potential. There would be frequent future interaction with the
businessmen and the government officials of both the countries to promote
investment and trade relations in the areas mutually beneficial, he added.
Earlier, while welcoming the Saudi delegation, Federal Minister for Investment
& Privatisation Dr. Abdul Hafeez Shaikh said Pakistan during the last three
and a half years under the leadership of President Gen. Pervez Musharaf and
the present government of Prime Minister Zafarullah Jamali had worked hard to
make the country pro-private sector by developing conducive investment
policies. In view of our deep rooted close relations the economic & trade
interaction need to be accelerated in the presence of the existing potential
in both the countries, he said. The Minister gave an overview of the economic
progress achieved by Pakistan through micro economic stabilization,
consistency in economic policies and economy oriented reforms, which resulted
in 65 % increase in FDI, 5 % economic growth after a period of past eight
years, remarkable increase in Foreign Exchange reserves and having the best
performing Capital market. He said that Pakistan offered an active, attractive
and transparent Privatisation Program, which included Power Generation and
Distribution companies like Jamshoro, FESCO, KESC, in Financial sector Habib
Bank Limited, National Investment Trust and after the introduction of
Deregulation Policy for Telecom sector there also existed vast scope to invest
in the cellular or landline telephony services.
The investment opportunities allowed 100 % equity to foreign and local
investors in all the sectors and that too without any restriction to takeout
their dividends, he said. The Minister appraised the delegation of the
facilitating role of BOI and assured full support and cooperation to the group
for establishing corporate operational office as well as to assist in finding
suitable local partners for joint ventures.
Al-Banadara International Group (BIG) is one of the oldest and the largest
business establishments in Kingdom of Saudi Arabia, founded by the Princess
Al-Banadari Bint Abdul Aziz in 1980, which is now active and operative in all
economic sectors.
The Chairman Board of Investment Mr. Waseem Haqqi, the Secretary BOI Dr.
Agha Ghazanfar and other senior officials of BOI and PC were present during
the meeting.