Qatar, Muscat to invest $8 bn in Pakistan
'Pakistan Times' Business & Commerce Desk

ISLAMABAD: Qatar will invest 5 billion dollars in Pakistan while Muscat 2.75 billion dollars in various projects in Balochistan.

This was stated by ambassadors of Qatar, Jordon and Muscat during their meeting here with Federal Minister for Finance, Revenue, Economic Affairs and Statistics, Senator Ishaq Dar.

Hamad Ali Al-Hanzab, Ambassador of Qatar said that Qatar would be investing in all US $ 5 billion in Pakistan.

He said that Qatar has launched Islamic Taqaful Insurance Company inPakistan and hoped that more investment would be made in the financial sector to tap Pakistan's investment potential for the mutual benefit of the two countries.

The two sides also agreed to convene the meeting of Joint Ministerial Commission at the mutually convenient dates.

Dr. Saleh Ahmed Aljawarneh, Ambassador of Jordan proposed convening of the meeting of the Joint Economic Ministerial Commission and the meeting of Joint Business Council to increase economic cooperation between the two countries.

He informed the Finance Minister that Free Trade Agreement (FTA) wasexpected to be signed in August between the two countries.

The two sides also reviewed the cooperation in the fields of agriculture and railways. Possibilities of Joint venture in manufacturing of phosphate fertilizer was also discussed.

The Ambassador of Muscat, Mohamed Said Mohamed Al-Lawati discussed role of Pak-Oman Investment Company in promotion of economic cooperation between the two countries.

He said Muscat by financing various projects has been instrumental in accelerating development in Balochistan.

It was also noted that Pak-Oman micro finance is playing a positive role in poverty alleviation in Pakistan.

The two sides agreed to accelerate implementation of various projects in Balochistan costing around US $ 27.5 million being financed through grant from Muscat.

The two sides also noted positive development of purchase of 65 percent shares by Pak-Oman Joint Investment company of World Call shares, its interest in telecommunication and power sector.

The Muscat Ambassador also expressed the interest to develop tourism in Balochistan.

Finance Minister, Senator Ishaq Dar assured the envoys of his full cooperation for promoting increased economic cooperation.●