Prime Minister Shaukat Aziz has congratulated the Al-Tuwairqi Group of Companies of Saudi Arabia for winning the bid for 75 percent shares of Pakistan Steel Mills (PSM) along with Pakistani and Russian investors.
Talking to Group Chairman Dr Hilal Hussain Al-Tuwairqi, Shaukat welcomed the gesture of Al-Tuwairqi Group for setting up a state-of-the-art steel complex in Pakistan of one million tonnes per annum capacity and said this venture speaks volumes for investor-friendly policies of the government.
He said this year Pakistan expects foreign direct investment (FDI) of $3 billion, which will be the highest ever in the country's history, while the export figure during the year is expected to touch $18 billion.
The premier said that the investment regime of the government, incentives for investment, level playing field provided to foreign investors, reduced cost of doing business and openness of government policies and transparency in transactions is attracting higher investment and Pakistan is geared to become a regional hub for trade and manufacturing.
"The success of our multifaceted reforms and the carefully choreographed policies have been recognised across the world," he added.
He also said that our economic reforms are based on deregulation, liberalisation and privatisation and we are promoting transparency and good governance, adding that accelerated economic growth is the commitment of the government and we are making every possible endeavour to provide an enabling environment to create business opportunities for the investors.
He said the government considers investors as partners in the high economic growth scenario unfolding in the country as it has placed special emphasis on providing necessary infrastructure and other facilities to them.
He hoped that Tuwairqi Steel Mills project would contribute towards further developing strong business and economic relations that already existed between Saudi Arabia and Pakistan.
The project also reflects the confidence that Saudi people have in direct investment in Pakistan to contribute to its economic development and progress. He hoped that in addition to meeting the domestic demands, the PSM would export its products to the neighbouring countries as well.
Dr Hilal Hussain Al-Tuwairqi appreciated the investment-friendly policies of the Pakistan government. He said simplification of procedure and enabling environment created for the investors has raised their confidence in the policies of the Pakistan government and a number of Saudi groups are planning to start projects in Pakistan.
He said Pakistan enjoys a unique position in the Muslim world. "Pakistan is the shield of Muslim Ummah and gives the entire Muslim world tremendous strength," he said.
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