LAHORE: Saudi Arabia has shown a keen interest to invest in Punjab’s agriculture sector to meet its own demand and that of other countries. The country also wants to invest in construction and real estate projects.

The investment plan in Punjab is likely to be materialised during the visit of Prime Minister Shehbaz Sharif to Saudi Arabia being scheduled soon, Dawn has learnt.

“Punjab is a land of opportunities with immense potential for growth. I am pleased to know that the people of Punjab are extraordinarily talented and skilled. There are two million Pakistanis working in various fields in Saudi Arabia and playing a pivotal role in Saudi economic development,” said Chairman Saudi-Pak Business Council Mr Fahad Albash at a meeting held here at the Punjab Board of Investment and Trade on Thursday.

“The projects like the Lahore’s Central Business District and Ravi Riverfront can be materialised through government-to-people, government-to-government and people-to-people business collaborations for mutual growth of both countries,” he added.

In various briefings and presentations separately given by the PBIT, Punjab Public Private Partnership, Lahore Central Business District and Ravi Urban Development authorities, the Punjab government explained various priority sectors for the possible Saudi delegation investment plans such as agriculture, livestock and dairy development, poultry & meat processing, leather and footware, tourism, textile and apparel, pharma & healthcare, IT, electronics & home appliances, light and heavy engineering, automobile, housing & construction, real estate, transport and surgical instruments.

It briefed the delegation about the incentives for foreign investors including online one-window company registration with SECP, permission of 100 per cent ownership of projects and profit repatriation, profits and dividends exemption from income tax for 10 years and one-time exemption from all customs duties and taxes on the import of capital goods etc in case of investments in special economic zones.

Under the PPP mode, the delegation was told about seven projects (road infrastructure and parking plazas) worth Rs107 billion and 10 of Rs95bn related to energy, health, tourism, roads, water.

“The Saudi Arabia plans to have chunks of agriculture land, cultivate various crops and meet the demand of its own country as well as other countries through exporting various produces. It also wants to invest in the technology-driven agriculture activities to stop wastage of produce during harvesting seasons,” an official privy to the meeting told Dawn.

Addressing the session, Industries Secretary Dr Ahmed Javed Qazi said the government would facilitate and create an atmosphere of ease for the business community. “We would like to promote public-private partnerships and business-to business (B2B) linkages with Saudi Arabia,” he said.

Published in Dawn, June 24th, 2022