Prime Minister Shaukat Aziz has emphasized the need to give further impetus to the growing relations between Pakistan and Oman in a broad spectrum of areas particularly trade and investment. He was talking to Ahmed Abdullahi Macki, Oman's Minister of National Economy & Deputy Chairman, Financial Affairs and Energy Resources Council and Maqbool Bin Ali Bin Sultan, Oman's Minister for Commerce and Industries, said an official statement. Aziz underlined that Pakistan and Oman enjoy strong diplomatic, social, economic relations and are tied in the bonds of faith, culture and history. Oman is Pakistan's fifth neighbour as the maritime borders of the two countries touch each other, he said. According to the statement, Ahmed Abdullahi Macki said Oman desires to expand economic ties with Pakistan and is moving actively on the joint collaborative projects. The two ministers of Oman said their country would be investing in a joint venture in power sector at Lahore for which details are being worked out. They appreciated the investment friendly policies and transparency in procedures in Pakistan and said these policies have contributed to enhancement of economic cooperation between Pakistan and Oman. These ministers said Oman is happy with the progress made by Pak-Oman Investment Company, which has given impetus to economic cooperation between the two countries. The Prime Minister emphasized the need for closer regional cooperation and said Pakistan, which is located at the mouth of Gulf and has a geo-strategic location, is the linking point between Western and Central Asian regions. It therefore, offers the ideal conditions, in all respects, to be a regional hub for manufacturing and trade, he added. “Pakistan because of its geo-strategic location is playing a pivotal role in promoting and facilitating regional trade by linking many Asian regions”, Aziz said. The Prime Minister said Pakistan is building energy, transportation and trade corridors to leverage the true potential of regional trade, which will usher in an era of development and prosperity for the people. He said that Pakistan on account of the success of the multifaceted reforms agenda, the investment friendly policies, transparent procedures good governance and high rates of return has emerged as an attractive investment destination and Foreign Direct Investments today (FDI) are all times high. This year the government is expecting record Foreign Direct Investment of three Billion dollars, Aziz said. “The size of economy has doubled during the last five years. The transformation of Pakistan's economy is being widely recognized by the world.” The Prime Minister said that despite the losses caused by earthquake and high oil prices, Pakistan will achieve its growth targets of 6% to 8%. He added that Pakistan's credit rating, debt profile and balance of payment situation have also improved. Aziz said the high growth has resulted in increased demand of energy and to maintain growth government is trying to develop indigenous resources as well as import it from the neighbouring countries. The Prime Minister apprised the Omani Ministers of the government's plans to construct five mega water reservoirs. He said the Iran-Pakistan-India gas pipeline project has made good progress. Aziz said the government is investing heavily in infrastructure. Gwader Port, he said, will start functioning within a few months. Gwadar Coastal Highway is under construction, the site for Gwadar Airport has been selected and its construction will soon be initiated. The Prime Minister also apprised the Omani Ministers of the government's plan to build a coastal oil refinery in Balochistan to refine crude oil imported from Gulf States and Saudi Arabia for domestic consumption and export to Central Asia as Pakistan provides the shortest route from Gulf to Central Asia. Federal Minister for Privatization & Investment Zahid Hamid, Minister of State for Economic Affairs Division Hina Rabbani Khar and senior officials also attended the meeting.
