Prime Minister Imran Khan has appreciated the inclination of Egypt-based companies that seek to invest $1 billion across Pakistan. The Premier has said that the PTI-led government will ensure that Egyptian investors and entrepreneurs are well facilitated in undertaking profitable trade and economic activities in Pakistan.
Prime Minister Imran Khan made these remarks while addressing a meeting with a delegation of the Egyptian business community. The meeting was attended by Special Assistant to the PM on Information Dr. Firdous Ashiq Awan, Egyptian Ambassador Ahmed Fadel Yacoub Special Assistant to the PM Syed Zulfi Bukhari, Chairman Naya Pakistan Housing Authority Lt. Gen (R) Anwar Ali Haider, and Chairman Board of Investment Zubair Gillani.
$1 Billion Egyptian Investment
A delegation of Egyptian traders and entrepreneurs called on Prime Minister Imran Khan to express their interest in investing in multiple sectors of Pakistan. The delegates expressed their desire to invest$1 billion in Pakistan’s energy sector and Prime Minister Imran Khan’s Naya Pakistan housing scheme over the course of a year.
Top businessmen consortium from Egypt & Lebanon investing $1 Billion in various sectors including Health, Naya Pakistan Housing Scheme, Farming , Exchange of Technology in Fertilizer & Agriculture sector met PM @ImranKhanPTI. They also announced $500 Million investment in Energy pic.twitter.com/XUmNkU8U0c
— PTI (@PTIofficial) October 3, 2019
International media reported that representatives of El Sewedy Electric, a well-reputed Egypt-bases firm expressed their desire to invest $500 in Pakistan’s energy sector. The delegates said that Egyptian firms and investors are keen to invest in Pakistan’s energy, health, housing, and other sectors.
They said that the Egyptian business community and people have realized the visionary leadership of Prime Minister Imran Khan, and seek to contribute in actualizing his vision of Naya Pakistan. The delegates expressed their confidence in the PTI-led government’s business-friendly policies.
Addressing the delegation of the Egyptian business community, the premier said that the brotherly ties between Egypt and Pakistan hold great potential for mutual cooperation and collaboration to strengthen economic relations.
The UAE intends to invest in a deep-conversion refinery equipped to meet leading technological standards, with a target of producing 250,000-300,000 barrels a day.
He called for intensifying bilateral cooperation between Egypt and Pakistan in all spheres, in order to combat the mutual challenges at international forums.
Prime Minister Imran Khan underscored Pakistan’s new energy policy, and explained that his government is dedicated to promoting renewable energy. He observed that the interest shown by Egyptian firms and investors in Pakistan’s energy sector is an encouraging development for the incumbent government. The Premier stressed the need to strengthen cooperation between the two countries in the healthcare industry.
A trade delegation of Egypt called on PM @ImranKhanPTI. The delegation expressed keen interest to invest in multiple sectors of Pakistan Economy.@razak_dawood, @Dr_FirdousPTI, @sayedzbukhari, Chairman BOI @GilaniZubair and other senior officials were present during the meeting. pic.twitter.com/ULoMkF2PLW
— Board of Investment, Pakistan (@investinpak) October 3, 2019
Commending the services rendered by the Jamia Al-Azhar University in Egypt, the leading center of Islamic and Arabic education across the globe, the Premier said that the two countries must align to combat the challenges faced by the Muslim World. He urged the need to promote cooperation amongst Muslim nations, particularly in the sphere of education.
UAE to Invest in Balochistan
Speaking to the Arab News on Friday, the United Arab Emirates (UAE) Ambassador to Pakistan announced that the UAE will invest $5 billion in an oil refinery project in Balochistan. He said that the project is scheduled to be initiated towards the end of 2019.
Hamad Obaid Ibrahim Salem Al-Zaabi, the UAE Ambassador to Pakistan, said that UAE is all set to launch “one of the biggest investments” in an oil refinery project in Hub, Balochistan. He said, “It is going to be a $5 billion investment between Mubadala Petroleum Company of Abu Dhabi, Pak Arab Refinery Limited (PARCO) and OMV (OMV Pakistan Exploration Gesellschaft).”
The UAE intends to invest in a deep-conversion refinery equipped to meet leading technological standards, with a target of producing 250,000-300,000 barrels a day.
Read more: Kuwait Investment Authority eager to invest across Pakistan
The UAE Ambassador Al Zaabi said that the project has resulted after extensive discussions between the representatives from PARCO and OMV, alongside the Petroleum Ministry and Mubadala Petroleum. He said that a delegation from the UAE, headed by Musabbeh Al Kaabi, the CEO of Mubadala Petroleum, visited Pakistan earlier this year, and had multiple meetings with the Chairman of the Board of Investment, Haroon Sharif, and Petroleum Minister Ghulam Sarwar Khan.
He said, “This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and (the) future of Pakistan.”