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Saturday May 18, 2024

Shehbaz to personally monitor Saudi investment

PM Shehbaz said he would personally monitor the Saudi investment projects and warned against any laxity due to red tape or outdated procedures

By Agencies & our correspondent
April 19, 2024
Prime Minister Muhammad Shehbaz Sharif chairing a meeting regarding Saudi investment in Pakistan following the recent visit of Saudi delegation Islamabad on April 18, 2024. — PID
Prime Minister Muhammad Shehbaz Sharif chairing a meeting regarding Saudi investment in Pakistan following the recent visit of Saudi delegation Islamabad on April 18, 2024. — PID 

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif Thursday said he would personally monitor the Saudi investment projects and warned against any laxity due to red tape or outdated procedures.

The prime minister, chairing a meeting to review the matters related to the recent high-powered Saudi delegation and Saudi investment in different sectors, thanked Saudi Crown Prince Mohammed bin Salman for sending a high-level delegation that would usher in a new era of Saudi investment in Pakistan, trade partnership as well as business ties, reports APP.

He lauded the relevant federal ministers, Special Investment Facilitation Council and relevant senior officers for their efforts for converting the Saudi delegation’s visit into a mutually beneficial partnership. The prime minister instructed the authorities concerned to engage world-class experts to execute the foreign investment projects and called for capacity building of ministries to achieve the desired results.

He asked the Board of Investment, SIFC and relevant ministries to devise a mechanism to ensure execution of the projects agreed with the Saudi delegation. Prime Minister Shehbaz thanked Saudi King Salman bin Abdulaziz Al Saud and Crown Prince MBS for their keen interest in promoting cooperation and partnership with Pakistan. He reiterated the government’s resolve to take all possible measures aimed at the country’s progress and prosperity.

He said both Pakistan and Saudi Arabia enjoyed cordial brotherly ties and the Kingdom always supported Pakistan in every hour of need.

The prime minister directed all the ministries and departments concerned to pay special attention to the government-to-government agreements and business-to-business projects and in this regard the local business community should be taken in confidence.

Meanwhile, the prime minister has directed the relevant authorities to accelerate the process of privatization and outsourcing of power distribution companies (Discos).

Chairing a high-level meeting on the power sector here, the prime minister said the assistance of private sector experts and globally accepted models should be taken to improve the management affairs of the distribution companies (Discos). He also sought a comprehensive plan in the next meeting to improve the power system in the country.

Meanwhile, Ambassador of the European Union Riina Kionka Thursday paid a courtesy call on Prime Minister Muhammad Shehbaz Sharif and discussed matters related to mutual concern.

The prime minister appreciated, in particular, the EU’s continued support to Pakistan through the GSP Plus scheme, which has now been renewed till 2027. Progress on resumption of flights from Pakistan to EU countries was also discussed.

Meanwhile, Prime Minister Shehbaz Sharif Thursday appointed Badar Shehbaz Warraich as his media coordinator, reports Online. The Cabinet Division has notified the appointment of Badar Shehbaz Warraich as the media coordinator. Our correspondent adds: Meanwhile, the Utility Stores Corporation (USC) has decided to continue the Prime Minister’s Relief Package on the direction of Shehbaz Sharif.

Under the package, subsidy would be provided on five items, including flour, sugar, ghee, pulses and rice. Sugar will be available to the BISP beneficiaries at Rs109 per kg, a 10kg flour bag at Rs648, ghee at Rs393 per kg, while a Rs25 per subsidy will be available on per kilo of pulses and rice. The relief package will continue till June.