The Kingdom of Saudi Arabia and Pakistan agreed to negotiate two agreements on encouragement and protection of investment and avoidance of double taxation as the two-day Saudi-Pak Joint Ministerial Commission meeting ended Wednesday. Heading high-level delegations, Saudi Commerce & Industry Minister Dr Hashim bin Abdullah Yamani and Pakistan Commerce Minister Hamayun Akhtar co-chaired the seventh JMC in Islamabad. The two ministers signed the minutes recorded and decisions taken by the four subcommittees established by the JMC on its first day on trade & investment cooperation; cooperation in education, human resources development, health, railways, agriculture, scientific information, security and standards and accreditation; cooperation in visa and consular affairs; and cooperation in information, culture, Islamic affairs, sports and youth affairs. Dr Yamani told a joint news conference with his Pakistani counterpart that the proposed agreements on encouragement and protection of investment and avoidance of double taxation would have play a crucial role in enhancing bilateral investment. Experts of the two sides would work on their drafts. 'We agreed for exchange of information and frequent visits besides holding seminar; to strengthen cooperation in technical and technological sectors through exchange of visits, research programmes and joint ventures,' the Saudi Minister said. 'We are looking forward to translating the agreed recommendations to solid steps and finalization of procedures in order to realize the fruitful cooperation for mutual benefit of our two countries,' he added. Dr Yamani said Saudi Arabia has liberalized its economy and streamlined procedures. Its private sector is playing a vibrant role, he said. 'We have views on how to expand our cooperation. The business community from both sides participated in the discussions, which would play a constructive role in several major areas. These will have positive impact on our efforts to explore new opportunities for cooperation', he said. --more 1053 Local Time 0753 GMT
