News
Thursday, November 08, 2012
Pakistan, Qatar agree on cooperation in energy, trade
* President Zardari says Pakistan offers investment opportunities in infrastructure, energy, mining, textiles, real estate, tourism
DOHA: President Asif Ali Zardari and Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabar Al Thani on Wednesday vowed to collaborate in diverse areas, mainly energy and trade for the mutual benefit of their people.
The two leaders, in a meeting held at the Emiri Diwan – the office of Qatar’s prime minister, discussed ways to further promote trade and investment ties to add substance to bilateral relations.
Both the leaders discussed diverse issues, including joint development of the hydropower sector, identification of sources of financing, exploration of investment opportunities in the energy sector, rehabilitation of existing hydropower plants and opening of Qatari bank branches in Pakistan.
President Zardari expressed satisfaction that the Qatar Gas had signed a pact with two Pakistani gas companies, including Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, for the supply of Liquid Natural Gas (LNG) up to 3.5mtpa (million tonnes per anum). He invited Qatari petroleum and gas companies to take advantage of the new policy and invest in Pakistan’s oil and gas exploration and production sector.
The president offered Sheikh Hamad to employ Pakistani skilled and semi-skilled labour in his country, saying already 90,000 Pakistani expatriates were efficiently contributing to Qatar’s economy. He mentioned that more Pakistanis could effectively be part of Qatar’s demand of two million workforce for its infrastructure projects for FIFA 2022 World Cup to be held in Doha.
President Zardari stressed the need for diversifying the trade potential between the two countries. He expressed satisfaction over remittances from Qatar that increased to $354 million in 2010 from $339.51 million in 2009. He mentioned that Pakistan was the fourth largest producer of milk in the world. In addition to agriculture, Pakistan offers investment opportunities in infrastructure, energy, mining, textiles, real estate and tourism, he said.
President Zardari also invited Qatari businessmen to take advantage of investment and business-friendly policies of Pakistan by investing in various sectors, including energy, infrastructure, banking and agriculture.
He said this while talking to a delegation of Qatar’s leading business tycoons led by Qatar’s Chamber of Commerce and Industries Vice Chairman Muhammad bin Ahmad bin Tawar Al-Kawari. President Zardari held a detailed interaction with the Qatari businessmen in a bid to strengthen trade and investment linkages with the energy-rich Gulf state.
The president said all sectors of the economy were open to investment with maximum dividends being offered to the business community. He highlighted various incentives being offered to the investors, including investment in all economic sectors, allowing 100 percent foreign equity, equal treatment to foreign and domestic investments, allowing remittance of royalty, capital, profits and dividends and full legal protection to foreign investment.
He said the promotion of public-private partnership patterns and encouraging joint ventures was another important feature of Pakistan’s economy. He said Pakistan with the marketplace of 180 million people was poised to serve a huge market of over three billion in its neighbourhood due to its unique geo-strategic location.
The president also highlighted Pakistan’s inherent potential and competitive edge in various sectors, including textiles and clothing, sports goods, surgical instruments, carpets, marble items and tents.
Muhammad bin Ahmad said his country was interested in benefiting from the investment opportunities in diverse sectors in Pakistan.
Meanwhile, President Zardari left for Pakistan on Wednesday after concluding his two-day official visit to Qatar. The president was seen off by Qatar’s Justice Minister Hassan bin Abdullah Al Ghanim at the Doha International Airport. Foreign Minister Hina Rabbani Khar and Adviser to the Prime Minister on Petroleum and Natural Resources Dr Asim accompanied the president. appCourtesy www.dailytimes.com.pk