Pakistan seeks FTA with GCC states: Dawood

Advisor to Prime Minister on Commerce, Abdul Razak Dawood Monday said that relationship with Saudi Arabia and quantity of investment by it in Pakistan are moving to a higher level. We are looking for free trade agreement with the Gulf Cooperation Council (GCC) states and removal of restrictions on Pakistan. Speaking at Pak-Saudi Business Conference, the advisor said that the way the Saudi government came forward to make huge investment in Pakistan, which was announced on Sunday night, shows that Pakistan’s relationship with Saudi Arabia and quantity of Saudi investment are moving to a higher level.

According to officials, there will be short-term Saudi investment of US $7 billion in Saudi Fund for Pakistan, RLNG and ACWA Power, mid-term investment of US $2 billion in petrochemical project and food agriculture projects, and long-term investment of over US $12 billion in oil refinery and minerals. The advisor added that this investment is market based with commercial consideration by the private sectors of the two countries. The advisor said that he held meetings with business people and was glad to see that larger investment is being made in petroleum sector, followed by further investment in power and mineral sectors…read more

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