Pakistan eyes investment from GCC countries

ISLAMABAD: Pakistan is keen on developing special economic zones for potential investors from Saudi Arabia and other Gulf Cooperation Council (GCC) countries, Federal Minister for Privatisation, Waqar Ahmed Khan, said in an interview in Bahrain.

According to a statement received from Manama on Monday, Khan said there was a huge potential of investment in textiles, food processing and other agro-based industrial projects in the country and the initiative of setting up economic zones would reshape the entire philosophy of attracting foreign investment from countries like Saudi Arabia and Bahrain.

“Availability of liquidity in GCC countries and strategic location of Pakistan coupled with investment-friendly environment will serve as a key to attracting more investment from the Gulf,” the minister said.

“We have spearheaded major initiatives to reassert our position while seeking stronger financial and investment ties with Bahrain, Saudi Arabia, Qatar, Oman, Kuwait and the UAE (the GCC countries),” he added.

Khan, who held fact-finding meetings with top officials at Bahrain’s sovereign fund Mumtalakat, said there exists a big window of opportunity for Pakistan to work more closely with Bahrain on finding ways and means for greater cooperation.

Published in The Express Tribune, July 13^th, 2010.