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Faisalabad: Faisalabad Chamber of Commerce and Industry (FCCI) President Atif Munir Sheikh welcomed Prime Minister Mian Shehbaz Sharif’s successful visit to Saudi Arabia and said the two countries share excellent brotherly, religious relations and strategic partnership. I hope that efforts will be made to change this.
He said that Pakistan and Saudi Arabia have enjoyed the best relations over the past few decades, but these relations cannot be leveraged for industrial, commercial and business sectors. He said that due to the fruitful visit of Mian Shehbaz Sharif, Saudi Arabia is ready to make huge investments in Pakistan and as a result, our Finance Minister is currently finalizing the proposed investment plan. He said he was negotiating with Saudi authorities.
He said that Saudi Arabia is considering setting up large petrochemical plants in Pakistan, but some of the locations where Saudi Arabia will make huge investments have already been identified. Atif Munir Sheikh also mentioned the need for a naphtha cracker plant to cater to the dyes, chemicals and color needs of the textile sector.
He said the factory would help reduce Pakistan’s import bill and also reduce production costs as the textile sector would have access to relatively cheap chemicals. Prime Minister Atif Munir Sheikh also welcomed Kuwait’s proposal to invest $75 billion in Pakistan, saying thanks to the new warmth injected into bilateral relations, the oil-rich Gulf nation continues to grow He said it can meet the demand for oil and gas. He said availability of cheap fuel for thermal power plants would also help Pakistan overcome load shedding problems.
Copyright Business Recorder, 2022
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