ISLAMABAD (APP): Adviser to Prime Minister on Commerce, Textile, Industries and Production, and Investment Abdul Razak Dawood on Thursday urged Kingdom of Saudi Arabia (KSA) companies to invest in Power sector in order to get high returns on their investment.
A delegation of Kingdom of Saudi Arabia (KSA), led by Deputy Minister of Energy, Industry and Mineral Resources for Mining, Khalid Saleh Al-Modaifer and Adviser to PM on Commerce, Textile, Industries and Production, and Investment Abdul Razak Dawood, to discuss investment prospects in Energy, Power and Mining and Mineral sectors,said a press release issued by Ministry of Commerce here. The meeting was also attended by Chairman BOI, Zubair Gillani, and other representatives from government sector.
Saudi side was represented by Ambassador of Saudi Arabia to Pakistan, Nawaf bin Said Al-Malki, and other experts from Energy, Power and Mining sectors. Adviser to the Prime Minister welcomed the delegation and assured them complete facilitation from Board of Investment on different matters pertaining to Saudi Foreign Direct Investment (FDI) plans for Pakistan.
Further, he appraised the delegation that SEZs provide incentives to investors by allowing duty free import of machinery besides tax holidays for ten years and urged the KSA companies to make investment in these zones to get better returns on their investments. Underlining the importance of Energy for Pakistan, Advisor to the PM appraised the delegation of the approval of Alternate Energy Policy by the government which provides immense investment opportunities to KSA companies in Power sector.
He said that Pakistan was not a cheap energy country and the government was focusing on development of alternate energy to bring the costs down.