ISLAMABAD, Mar 21 (APP):Eying on ASAIN region on long term basis for promotion of business and investments, Pakistan expects investments of US $ 900 million on Malaysian Prime Minister Dr. Mahathir Mohammad’s visit of the country.
Prime Minister’s Adviser on Commerce and Textiles, Industries and Investment Abdul Razak Dawood said Thursday, “Around $ US 900 million investment is expected on Malaysian Prime Minister Dr Mahathir Mohammad’s visit of Pakistan, Dawood said while addressing Press conference along with Chairman Board of Investment (BOI), Haroon Sharif here on Thursday.
The investments would come in different sectors of economy including telecoms, Information technology and food, he added.
He said Pakistan and Malaysian companies would sign agreements of joint ventures (JVs) worth millions of dollars in telecommunication, technology, automobiles and ‘Halal food sector.
Around 30 Malaysian business giants including leading telecoms and automobile manufacturing companies of the Asian region like eDoctco group, and PROTON Holdings would exchange Memorandum of Agreement (MoUs) with PMCL, Deodar pvt. Ltd, Telenor Pakistan, CMPak and with PROTON Holdings in automobiles sector.
The adviser said Pakistan and Malaysia would be interested in promoting business to business relations and would also strengthening the ties between the private sectors of the both countries for tapping investment opportunities.
He said now Asia was the center of gravity for economic growth and especially South East Asian countries including Malaysia, adding that Pakistan wanted to align and connect the local companies with them to learn the skills and knowledge.
“We will have long term economic and business relations with Association of Southeast Asian Nations (ASEAN) countries and Malaysia can provide opportunity for us to enter in the potential region of ASEAN to benefit the local economy,” the adviser added.
He said Proton Holding would hold ground breaking ceremony for business activities in Pakistan, in partnership with Alhaj automotive Private Limited.
Dawood said ASEAN was a market of estimated 651 million people, with an approximate GDP of US $ three trillion and high human development index.
Pakistan was ready to tap into one of the largest commercial hubs of the world, ASEAN, which had goods trade volume of around US $ 2.6 trillion, service volume of around US $ 703 billion while it had US $ 136 billion in Foreign Direct Investment (FDI) during the past couple of years, he said.
He said Pakistan extended very warm welcome to Prime Minister of Malaysia,
Dr. Mahathir Mohamad for visiting the country.
He added that both the countries were excited on bring about transformation in their relation for enhancing the volume of trade and investment in both nations.
The Advisor said PM of Malaysia and Pakistan would grace the Pak-Malaysia Investment Round Table scheduled on the March 22 and the events would be attended by top business leaders as well as policy makers of both countries including eDotco group, PROTON Holdings, Petronas, Telenor, Zong, Mobilink, Alhaj FAW and Fauji Food.
He said now Pakistan wanted to extend its relations with whole world instead to remaining country-specific to exploit the potential from all economies.
Dawood said now the government connected with different friend countries and PM Imran Khan had visited to Saudi Arab, United Arab Emirates (UAE), Qatar and Malaysia to initiate the new beginning of economic and trade ties with these countries.
He said in South East ASEAN countries and Middle East, “We have huge opportunity in “Halal’ meat to increase exports for earning more revenue.”
He said that the foreign investors were willing to investment in Pakistan, because of conducive business environment and opportunities through Special Economic Zones (SEZs).
Speaking on the occasion, Chairman BOI, Haroon Sharif said that Malaysia and Pakistan had long term economic and business ties, which would be further extended for benefit of the people of both the countries.
He said that International investors including the ASEAN countries wanted to come in Pakistan for investment in the market of 200 million peoples market and which would have more bright future for long term investment.
Haroon said that in first phase of China Pakistan Economic Corridor (CPEC), infrastructure and energy was priority project and in second phase of industrial cooperation, SEZs would present huge opportunity for foreign investment.