Page 14 - DMEA Week 25 2022

DMEA NEWS IN BRIEF DMEA

Business Council and Nawaf Bin Saeed Meanwhile, the delegation of Saudi gas, housing & construction, infrastructure
Maliki, Ambassador of Royal Embassy of Arabia visited Pakistan led by Fahad Bin development, renewable energy, information
Saudi Arabia to Pakistan attended the business Mohammed Al-Bash, Chairman, Saudi-Pak technology, food processing, edible oil,
conference held at PM Office Islamabad. Business Council and held B2B meetings logistics, sports, tourism & hospitality. He
The federal minister and chairman Board of with the members of Islamabad Chamber of stressed that Saudi investors should capitalize
investment Chaudhary Salik Hussain along Commerce & Industry (ICCI) in a local hotel on them to earn lucrative returns. He said
with secretary Board of investment thanked to explore business collaborations in areas that the Saudi delegation should also explore
this esteemed high level VVIP business of interest. The delegation was representing textile, agriculture, construction materials,
delegation for visiting Pakistan. various sectors including edible oil & fats, medical equipment, pharmaceuticals, fruits
The Minister said that this business meet- food processing, trading, building materials, & vegetables, dry fruits, consumer goods,
up, and following meetings in Lahore, Sialkot, tourism & hospitality, manufacturing, medical agro-processing technologies, machinery
Faisalabad & Karachi, will provide a dynamic tools & equipment, Fintech, pharmaceuticals & equipment and other sectors for business
platform for furthering Pak-Saudi Business and infrastructure services. The delegation opportunities. He stressed that it was the right
to Business and Government to Business would also visit Lahore and Karachi. time for Saudi investors to focus on Pakistan
linkages besides offering us the opportunity Speaking at the occasion, Fahad Bin for JVs and investment.
to interact and explore new vistas of mutual Mohammed Al-Bash, Chairman, Saudi-Pak Khalid Iqbal Malik, Chairman Founder
cooperation including trade & investment Business Council said that the Saudi investors Group briefed the Saudi delegation members
opportunities. were keen to leverage business and investment about the investment opportunities in CPEC
The minister highlighted that the Saudi opportunities in Pakistan. He stressed that and stressed that they should exploit them
Pakistan Business Council, is playing a crucial the high-level government-to-government for business development. He said that Saudi
and constructive role in providing conducive relations between the two countries should be Arabia had agreed in principle to establish
platform to promote business to business matched with strong trade relations to achieve a multi-billion-dollar refinery complex in
(B2B) interactions between the Pakistani and better results. He urged that the private Gwadar that should be transformed into a
Saudi business communities. This visit will sectors of both countries should tap business reality.
surely pave way to form formidable economic opportunities in each other’s country in order NATION PK
alliances and facilitate Pakistan-Saudi business to complement their economies. He said that
growth. The Minister and Secretary BOI 20 percent of the workforce in Saudi Arabia Honeywell technology
acknowledged that Crown Prince Mohammad was from Pakistan and his country wanted to
Bin Salam projected his Vision-2030 aimed import more trained workers from Pakistan. selected to modernise
at diversification of Saudi economy away He said that many sectors of the Saudi
from the traditional oil-based approach. In economy including chemical industry, real Egyptian refinery
this context, Pakistan is keen to join hands estate and tourism offered good opportunities
with the Kingdom and reduce its excessive to Pakistani investors. He said that they Honeywell has announced that Alexandria
reliance on imported oil plan for a sustainable have seen a lot of business opportunities in National Refining and Petrochemical Co.
economic future. Pakistan and were working with the embassies (ANRPC) will upgrade its existing naphtha
The visit of this high-level business of both countries to leverage them up to complex using Honeywell UOP engineering
delegation is the first step towards this maximum level. He said that exhibitions of services to increase the production of
direction. Addressing the participants Saudi products in Pakistan and Pakistani gasoline, which will help decrease the depend-
the minister said that there are ample products in Saudi Arabia would be organized ency on imported fuels in Egypt.
opportunities for Saudi investors in multiples to introduce the export potential of both The upgrade, which creates high quality
sectors of Pakistan’s economy, especial countries. He hoped that the visit of the Saudi product and feed-stock for petrochemical
tourism, coal & gas exploration, agriculture, trade delegation to Pakistan would help in production, will be applied to two UOP
food processing, mining, renewable energy, further promoting bilateral trade between the Naphtha Hydrotreating Units to pretreat
refinery, petrochemicals and information two countries. the feedstocks to two CCR PlatformingTM
technology sectors, to invest with 100% Addressing the delegation, Muhammad Process Units and a PenexTM/DIH Process
equity or through joint ventures in various Shakeel Munir, President, Islamabad Units at ANRPC’s refinery in Alexandria,
fields. Repatriation of investment and profit Chamber of Commerce & Industry said Egypt.
are allowed with legal protection provisioned that Pakistan offers great opportunities of Honeywell UOP will revamp the naphtha
under the Acts of Parliament to protect JVs and investment in various sectors of its complex to increase ANRPC’s naphtha
foreign investment. economy including mines & minerals, oil & processing, projected to be up to 125%.

P14 www. NEWSBASE .com Week 25 23•June•2022