Chairman of Pakistan BOI Presents 30 Projects, Investments Worth USD 10 Billion in Qatar

Doha, March 12 (QNA) - Chairman of the Pakistan Board of Investment (BOI) Haroon Sharif said that his country has presented 30 government projects and investments worth USD 10 billion during his visit to the State of Qatar, including a number of sectors such as hotels and resorts, power plants, large listed companies, educational institutions and others. In an interview with Qatar News Agency (QNA), Sharif said that Pakistan and Qatar are moving quickly to complete important deals this year, including that both sides have identified mutually beneficial sectors and are moving towards specific deals, while predicting a promising future of cooperation between the two sides. The two countries are expected to sign three or five memorandums of understanding (MoU) over the next three months, especially in the energy sector, as well as projects in the hospitality sector, which will be the beginning of further confidence between the two sides. Sharif said that this is his second visit to the State of Qatar in two months and that he is accompanied by a delegation of business leaders from Pakistan. He added that he held fruitful meetings with a number of officials in Qatar and discussed mutual investments between the two sides, saying that Pakistani businessmen expressed interest in investing in Qatar and pointed out that there is great interest in expanding economic relations, especially in the field of mutual investments. According to Sharif, Qatari investments in Pakistan are concentrated in the financial and insurance sectors, such as Islamic banks and contributions to some real estate projects. He noted that there's been no investment on a large scale yet, and therefore he will create files for Qataris to consider the variety of opportunities they could choose. Pakistan's exports to Qatar following the blockade have gradually improved. According to latest figures in the aftermath of the blockade in the Gulf Pakistan's exports have increased to the tune of US$ 89.898 million during the Fiscal Year July 2017 to June 2018. During the same period in the year July 2016 to June 2017 this amount was US$ 52.719 million. There was thus an increase of 70.53% of Pakistani exports to the State of Qatar. The chairman added that during the current financial year 2018-19, the increased trend has solidified further, with an increase of 23% in the period from July 2018 to December 2018 against the same period in the preceding financial year. This significant increase in exports from Pakistan is attributed to the opening of the Qatari food market as Qatar strives to be self-sufficient and seeks proactively for alternate sources of imports to Qatar. The trend is on the rise and Pakistani companies sense a lot of opportunities in the Qatari market. He added, "Our imports from Qatar have also crossed the billion-dollar mark and from period July 2017 to June 2018. Qatari exports to Pakistan stood at US$ 1.58 billion. An increase of 37.70% as compared to US$ 1.14 billion during the same period July 2016 to June 2017. Imports during the current year have also significantly grown by a massive 76% owing to rising demand for LNG. Balance of trade between the two countries therefore has been in favor of Qatar due to Pakistan's imports of Liquid Natural Gas (LNG) and petrochemical products. Qatar-Pakistan LNG agreement in February 2016 widened the trade balance." Regarding investment areas in Pakistan of which Qatari investors can take advantage, Chairman of the Pakistan BOI Haroon Sharif pointed out that his country is connected to a regional market of 500 million people such as western China and Afghanistan, Iran and India, calling on Qatari businessmen to bring technology and capital-based investments to boost production and marketing in the said market. Sharif added the Qatari private sector is currently looking at investment opportunities in the food and agriculture sector, where food can be manufactured in Pakistan and exported to Qatar, adding Qatar can also use Pakistan to sell its products in Central Asia, China and other countries that share land borders with Pakistan. He stated that the Pakistan BOI is ready to serve all Qatari investors by removing obstacles and facilitating business through forming a special working team for Qatari investors. He explained that Pakistan has developed a good infrastructure and is working on developing a new port. It will also launch new economic zones in addition to its excellent administrative and technical skills that ensure an ideal relationship with Qatar, Sharif said, adding Pakistan and the countries of the region provide an ideal market, while Qatar can provide knowledge and capital. Asked about his country's position towards the blockade imposed on Qatar, Sharif stressed Pakistan's keenness to play a leading role in economic cooperation and stability in the region. Pakistan offers the same incentives to all investors without favoring one side over the other, he added, saying it is a fair-trade deal and we will give equal treatment while ensuring respect and dignity. Sharif added that Qatar has proved its strength under the pressure of the blockade, and Pakistan has also shown similar strength under the geopolitical pressure, adding 'we have to learn from each other and we need to prove to the world that we can cooperate'. On the extent to which the investment climate in Pakistan is affected by the conflict between his country and India, the Chairman of the Pakistan BOI said it is known that capital avoids risks in areas where tension rises, but the conflict between India and Pakistan is an old one with rising and falling political dimensions. Serious investors know that this conflict will not escalate to high levels because the two countries possess nuclear weapons and they cannot afford wars, he said. He added that China plays an important role in Pakistan by investing in infrastructure, and that bilateral relations between these countries will be based on economic relations rather than border disputes. On the prospects of cooperation between the two countries in the field of natural gas imports, he said Qatar is the largest exporter of liquefied natural gas (LNG) to Pakistan, which imports Qatari gas through two terminals, while planning to build two additional terminals to import more Qatari gas in the future, in addition to more imports of Qatari petrochemicals along other prospects for more trade exchange and the benefits of geographical proximity between the two countries. (QNA)