President General Pervez Musharraf has welcomed leading Saudi Kanooz Group's investment in the housing and construction sectors. "Business ventures from friendly countries will be extremely helpful in Pakistan's efforts to sustain higher economic growth and reduce poverty," an official statement quoted the president as saying in a meeting with a three-member delegation of Saudi Kanooz al-Watan Group of Companies, led by its Chairman Prince Abdul Aziz bin Miteb bin Abdul Aziz al-Saud. Musharraf said the inflow of foreign investment into construction sector will impart a boom to a number of related sectors and bring employment to people, a crucial priority in the Government's drive to stem poverty through realization of economic opportunities at grass roots level. The Saudi Group intends to construct 7000 low-cost houses in Karachi. It has also donated low-cost houses for the poor segments including the handicapped and widows, a gesture warmly appreciated by the president. During the meeting, Musharraf informed the Saudi entrepreneurs that Pakistan offers a conducive business climate, with a level playing field for both local and foreign investors and prospects of attractive returns. The president identified a number of prospective areas for foreign investors including infrastructure, power, services information technology, telecom, small and medium enterprises, saying investment in these areas will touch off sustainable socio-economic development. The members of the Saudi Group thanked the president for the opportunity to call on him and appreciated Musharraf's efforts for encouraging foreign investment into Pakistan. Prince Abdul Aziz Bin Miteb expressed a keen interest in the privatization programme of Pakistan and said his Group is already in the process of weighing various prospects in this regard. Referring to his interaction with Pakistani Ministers, he said tourism and power sectors also offer vast business opportunities in Pakistan. "We are thankful to the Government, particularly the Ministry of Privatization for extending all-out facilitation, Pakistan's favourable business environment will lead to increased interaction and bolster ties between the people of two brotherly countries," he said.
