Sudanese President Omer Hassan Ahmed El-Bashir has said that his country is keen to ink agreement with Pakistan for elimination of double taxation, security of investments and for expediting the interaction of banking channels.
He was speaking at a function, arranged by the Lahore Chamber of Commerce and Industry (LCCI) here on Saturday. LCCI President Mohammad Ali Mian, SAARC Vice-President Iftikhar Ali Malik and Chairman of Hashoo Group Sadaruddin Hashwani were also present on the occasion.
The Sudanese President, who spent well over two hours with the business community of Lahore, said that because of huge oil and gas reserves, his country had attractive opportunities for Pakistani investors. He said that extraction of petroleum gave Sudan an important economic dimension. "This is besides the distinguished geographic location of Sudan, which makes it a passage to other African countries," he added.
The Sudanese President said the importance of Sudan had increased in the field of investment because of its increasing economic importance on one side and abundant economic resources on the other. According to the regional and international organisations'' reports, Sudan has become businessmen target from all around the globe, who come to start investments in Sudan, which is ranked second in the list of the world''s most attractive countries for investment purpose. The investment opportunities would grow after the establishment of the peace process, which added an effective third dimension to the attractive investment climate, he added. It would also allow investors to utilise natural resources abundant in Sudan''s states more efficiently, the Sudanese President added.
Speaking on the occasion, the LCCI President Mohammad Ali Mian said the Muslims constituted about 22 percent of the world''s population, but the share in world GDP was hardly 4.5 percent. Despite the availability of human and natural resources, Islamic countries'' growth was not encouraging, he added.
He said the Islamic world needed to have a look at the OIC trade profile, which accounted for only 7.8 percent of the world export and 6.7 percent of the world import. He said the stagnant growth, deteriorating physical infrastructure, institutional weaknesses, high population growth and unemployment were the contributing factors for low performance of the Muslim countries. So much so the level of economic and commercial co-operation among the Muslim countries was also showing discouraging figures, he added.
The LCCI President stressed the need for making common economic goals and trade blocs within OIC member countries. "We must also follow the patterns and policies adopted by Malaysia, Turkey and Indonesia as role model for economic development of other Islamic states", he added.
The formation of an Islamic common market would be a suitable strategy to boost economic development. The Islamic countries should adopt a long-term plan and set up action groups to study trade facilities. The first step for expansion of trade exchanges among the Islamic countries was to set up a preferential tariff system and eliminate non-tariff barriers, he said.
He said that for a sustainable co-operation, exchange of information through the diplomatic missions, business delegations and one-to-one meetings of the businessmen of the two countries was necessary.
Speaking on the occasion, the SAARC Vice-President Iftikhar Ali Malik said that both Sudan and Pakistan were agricultural countries and could be benefited through joint venture projects. The Sudanese investors could avail of the joint venture opportunity in the area by utilising uncultivated land in Pakistan.
He said that both the countries had the potential to feed the Muslim world by exploring the existing potential in animal husbandry, livestock, poultry, poultry meat processing, animal feed, date processing, fisheries, dairy and milk processing sectors. He said that there was dire need for establishing direct air and sea links to develop the existing levels of trade between the two countries.