PM Imran woos foreign investors to Pakistan at Riyadh moot

RIYADH: In efforts to steer the country out of the economic crisis, Prime Minister Imran Khan on Tuesday urged foreign investors to  bring their capital to Pakistan,  offering  them incentives  and other assistance.

Speaking at the first day of the Future Investment Initiative Conference (FIIC) in Riyadh, Prime Minister Khan said: "We are making efforts to create an enabling environment for investment. The plan is not just to attract foreign and overseas investors, but our own investors as well. We are restructuring our duty sectors [in this regard],” he added.

PM Imran attended the event to project Pakistan’s investment potential and interact with business leaders.

The premier vowed to facilitate foreign investors and added that Saudi Crown Prince Mohammad bin Salman is already helping the country attract foreign investment.

“Now, thanks to our security forces and intelligence agencies, Pakistan has brought terrorism under control. In December, Exxon is coming back to Pakistan.”

The prime minister said the China-Pakistan Economic Corridor (CPEC) would serve as a huge incentive for foreign investors who could invest in many areas and benefit from the access to several regional markets from Pakistan.

He mentioned energy, minerals, infrastructure and housing sectors which offered great incentives. He said his initiative of building five million houses in the next five years would generate lots of economic activity, create employment opportunities and help the country provide shelter to the poorest of its poor.

Imran Khan said Pakistan also had rich reserves of oil and gas, gold and copper that needed to be exploited and could help turn around the country’s economy.

“Pakistan needs two oil refineries to meet demand and we are talking to Saudi investors about the projects,” Khan said, adding that Crown Prince Mohammad is organising a delegation of Saudi businessmen to invest in Pakistan.

PM Khan said that the war against terrorism has taken its toll on Pakistan, stressing that the country now needs stability and peace to recover.

“One thing Pakistan needs more than any other country right now is peace and stability,” he said. “The decade after 9/11 has been of great turmoil for us.

The prime minister said that Pakistan’s relations with its neighbours, especially Afghanistan and India, are crucial, and expressed disappointment that the latter did not reciprocate his attempts for reconciliation.