Cyprus to Attract Investment to Pakistan

CYPRUS TO ATTRACT INVESTMENT TO PAKISTAN

Islamabad, February , 2010

The Ambassador of Cyprus to Pakistan (stationed in China) Mr. Marios Ieronymides accompanied by the Envoy of Greece to Pakistan Mr. Petros Mavroidis held a meeting with Senator Waqar Ahmed Khan Federal Minister for Privatisation here today.

While an overview of the Privatisation Program and investment opportunities Senator Waqar Ahmed Khan Federal Minister for Privatisation informed the Cyprian envoy that there was vast scope for Cyprian business groups to in invest in the Oil & Gas, Energy sectors, including Oil & Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), Sui Northern Gas Pipeline Limited (SNGPL), Sui Southern Gas Company (SSGC), Pakistan Railways (PR), Pakistan International Airlines (PIA), Shipping industry and branding the chain of Utility Stores Corporation (USC).

He urged upon both the envoys to help in organizing access to the top management of major companies of their respective counties for generating maximum interest in Pakistan’s Privatisation Program.

The Ambassador of Cyprus (stationed in China) Mr. Marios Ieronymides who is also working for diplomatic activities in Pakistan through two honorary councilors at Islamabad and Karachi said that the basic purpose of his visit to Pakistan was to explore the possibilities to attract investment from Cyprus and to transform and promote our existing diplomatic relations into business activity. He also invited Minister to visit Cyprus.

Mr. Marios Ieronymides informed the Minister that Shipping, Tourism and Construction were the major areas, which would be helpful in attracting investment to Pakistan. The Lahore Airport was also built by a Cyprian company while more than 1200 students were studying and working legally in Cyprus, he added.

He further informed that in order to promote the existing relations Cyprus was considering to open Embassy in Pakistan. Mr. Shahab Khawaja Federal Secretary Ministry of Privatisation was also present during the meeting.