Dubai: The Punjab government's business road show received tremendous response from investors in the UAE as 11 Memoranda of Understanding (MoU) worth $1.3 billion (Dh4.7 billion) were signed here yesterday.
The MoUs were signed between the Punjab Board of Investment and Trade (PBIT) and investors based in the UAE.
The PBIT is offering about 18 projects ready for investment worth $5 billion in the fields of energy, corporate farming, low cost housing, livestock and dairy.
The MoUs were signed at the inaugural ceremony of the Pakistan Investment and Trade Conference held at Emirates Towers Hotel. The conference was organised by the PBIT in coordination with the Dubai Chamber of Commerce and Industry and International Business Forum.
The MoUs signed are actually "letters of interest" from various groups intending to invest in Pak-istan and they will materialise on condition that the government fulfils the promises of a conducive environment and facilities promised to them by the FBIT.
Dubai experience
"I invite construction companies based in the UAE to come to Pakistan to take part in our infrastructure development and housing projects. We need your Dubai experience to help us build Pak-istan and its economy on modern lines," said Punjab Chief Minister Mohammad Shahbaz Sharif in his keynote address at the conference which was attended by more than 400 people including top businessmen and investors from Pakistan and the UAE.
"I promise you there will be no delays and no corruption as I myself will act as ‘corporate manager' of the province to facilitate your businesses which will be beneficial to both of us," said Sharif, who also calls himself "Khadam Aala" (Chief Servant) of Punjab province.
"I am not here for general talks and waste time but I have specific targets to achieve," he said. Through this conference, PBIT is providing a platform linking Punjab to a vast network of investors in the UAE.
In an emotionally-charged speech, the Punjab Chief Minister acknowledge that Pakistan is facing issues of militancy and terrorism which are keeping investors at bay.
"Yes, the problem of militancy is there, but we should not lose sight of economic development as it is a key to success," he said. "But I promise you that we will not rest in peace until we wipe out this stigma [of terrorism] from the face of Pakistan," he added. "Our policies are geared towards promoting investment and strengthening the private sector. We are constantly striving to cut red tape, reduce regulation, promote liberalisation, develop trade links and do everything necessary to enable the private sector to flourish," he said
He said the Punjab government will provide equity to potential investors in the energy sector to overcome the power shortage in the country. Punjab with 93 million population has a GDP of $257 billion.
Hisham Al Shirawi, Vice-Chairman of the Dubai Chamber of Commerce and Industry, said that "such important initiatives that come in line with the Chamber's strategic objectives to create a favourable business environment, support the development of business and promote Dubai as an international business hub are always welcome as they positively contribute towards enhancing business and trade relations between our countries while opening new avenues of investment and cooperation between both sides.
Tremendous scope
"We share historic trading ties with Pakistan as the country ranked 16th on the list of Dubai's top trading partners at the end of 2009. Also, Dubai's non-oil trade with Pakistan reached Dh12.13 billion at the end of last year," he said.
Presently, there are 6,559 Pakistani companies that are members of the Dubai Chamber and there is tremendous scope for Pakistani investors to enhance their business interests in Dubai.
In his speech, Pakistan Ambassador Jamil Ahmad Khan said Pakistan is mindful of its excellent relations with the UAE.
"We want to take it to new heights and offering investment opportunities here is another step in the right direction," he said.
He promised that the Pakistani diplomatic mission will go all out to extend full cooperation to potential investors regarding investment opportunities in Pakistan and to help them carry out their planned project.
The ambassador said that the conference provides an excellent communication and networking platform and opportunity to all stakeholders to gain knowledge about untapped markets in Pakistan and seek new business partners.
Javed Malek, President of the International Business Forum, said that opportunities in Pakistan are greater than the challenges. "This conference is a first bridge towards a new phase of economic development. It is a small step but the start of a long journey of success," he added.
