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Pakistan PM Hails growing trade and investment with Oman
Published in Saudi Press Agency on 23 - 05 - 2006


Prime Minister Shaukat Aziz has
emphasized the need to give further impetus to the growing relations between
Pakistan and Oman in a broad spectrum of areas particularly trade and
investment.
He was talking to Ahmed Abdullahi Macki, Oman's Minister of National
Economy & Deputy Chairman, Financial Affairs and Energy Resources Council
and Maqbool Bin Ali Bin Sultan, Oman's Minister for Commerce and Industries, said an official statement.
Aziz underlined that Pakistan and Oman enjoy strong diplomatic, social,
economic relations and are tied in the bonds of faith, culture and history.
Oman is Pakistan's fifth neighbour as the maritime borders of the two
countries touch each other, he said.
According to the statement, Ahmed Abdullahi Macki said Oman desires to
expand economic ties with Pakistan and is moving actively on the joint
collaborative projects.
The two ministers of Oman said their country would be investing in a joint
venture in power sector at Lahore for which details are being worked out.
They appreciated the investment friendly policies and transparency in
procedures in Pakistan and said these policies have contributed to
enhancement of economic cooperation between Pakistan and Oman.
These ministers said Oman is happy with the progress made by Pak-Oman
Investment Company, which has given impetus to economic cooperation between the two countries.
The Prime Minister emphasized the need for closer regional cooperation and
said Pakistan, which is located at the mouth of Gulf and has a geo-strategic
location, is the linking point between Western and Central Asian regions. It
therefore, offers the ideal conditions, in all respects, to be a regional
hub for manufacturing and trade, he added.
“Pakistan because of its geo-strategic location is playing a pivotal role in
promoting and facilitating regional trade by linking many Asian regions”,
Aziz said.
The Prime Minister said Pakistan is building energy, transportation and
trade corridors to leverage the true potential of regional trade, which will
usher in an era of development and prosperity for the people.
He said that Pakistan on account of the success of the multifaceted reforms
agenda, the investment friendly policies, transparent procedures good
governance and high rates of return has emerged as an attractive investment
destination and Foreign Direct Investments today (FDI) are all times high.
This year the government is expecting record Foreign Direct Investment of
three Billion dollars, Aziz said.
“The size of economy has doubled during the last five years. The
transformation of Pakistan's economy is being widely recognized by the
world.”
The Prime Minister said that despite the losses caused by earthquake and
high oil prices, Pakistan will achieve its growth targets of 6% to 8%. He
added that Pakistan's credit rating, debt profile and balance of payment
situation have also improved.
Aziz said the high growth has resulted in increased demand of energy and to
maintain growth government is trying to develop indigenous resources as well
as import it from the neighbouring countries.
The Prime Minister apprised the Omani Ministers of the government's plans to construct five mega water reservoirs. He said the Iran-Pakistan-India gas
pipeline project has made good progress.
Aziz said the government is investing heavily in infrastructure. Gwader
Port, he said, will start functioning within a few months. Gwadar Coastal
Highway is under construction, the site for Gwadar Airport has been selected
and its construction will soon be initiated.
The Prime Minister also apprised the Omani Ministers of the government's
plan to build a coastal oil refinery in Balochistan to refine crude oil
imported from Gulf States and Saudi Arabia for domestic consumption and
export to Central Asia as Pakistan provides the shortest route from Gulf to
Central Asia.
Federal Minister for Privatization & Investment Zahid Hamid, Minister of
State for Economic Affairs Division Hina Rabbani Khar and senior officials
also attended the meeting.


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