Pakistan means business, aid no more a focus: Musadik Malik
Business
Promises an end to red tape and monopoly
ISLAMABAD (Web Desk/Dunya News) – Commerce Minister Jam Kamal on Monday said the commitment expressed and efforts made by Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman were being materialised through the investment conference held in Islamabad.
On the other hand, Petroleum Minister Musadik Malik said “Pakistan is now focusing on business”, not assistance which had remained a priority in the past – the remarks reflecting a desire for attracting Saudi investment for the country’s economic revival.
They were addressing a press conference after inaugural session of Pakistan-Saudi Arabia Investment Forum 2024 where the visiting deputy investment minister, Ibrahim Al Mubarak, said Riyadh wanted to see Pakistan economically strong and considered it most suitable for investment.
Talking about the Pakistani businessmen who have opted for investment in foreign countries, Jam asked them to rethink and offered them various incentives, including joint ventures and attractive profits, for invest money in the country. They had already started to return, he told the reporters.
Promising a bright future and result-oriented policies, he said people would soon the positive outcomes in the shape of booming businesses and job opportunities.
The Saudi investors had arrived in Pakistan only because of noticing a strong government commitment, said the commerce minister and noted the fact that Saudi Arabia had been investing around the world – a trend very much visible since the Saudi crown prince, commonly known as MBS, effectively controlled the state affairs in his country.
Describing the investment conference as only a beginning, he said the SIFC (Special Investment Facilitation Council) had become a focus of people from around the world.
Jam listed economy as the most important factor, which, he said, was the basis of foreign policy and provided stability to the nations and the countries.
NO ROOM FOR MONOPOLY
Speaking on the occasion, Petroleum Minister Musadik Malik told the media persons that the prime minister had made business-to-business (B2B) collaboration, not the government-to-government (G2G) dealings.
He said Pakistan would also play a role realising the Vision 2030 – the goals set by the Saudi crown prince for the development of his country by diversifying the economy, thus ending reliance on an oil-based economy.
He said some had finances and others ideas, adding that skilled manpower would also move at the same speed if a level-playing field was provided.
Malik noted that they were against the big business houses; however, there was no more room for the monopoly of some individuals. There won’t be any red tape, he remarked – a reference of the bureaucratic and systematic hurdles that have always hindered investment and industrialisation in Pakistan.
The minister said more than 30 Saudi companies had arrived in Pakistan for investment and added two countries had to sit together for development, infrastructure and investment – a fact even more important in today’s globalised economy.
