Finance minister invites Kuwait to invest in CPEC, oil & gas sector

September 27, 2018: Minster for Finance Asad Umar invited the Kuwaiti businessmen to explore investment opportunities in Pakistan’s oil and gas sector and projects under China Pakistan Economic Corridor (CPEC) on Thursday, 27^th September.

The minister was addressing a meeting of Joint Ministerial Commission (JMC) with Kuwait at a local hotel. The Kuwaiti side was headed by its minister for commerce Khalid Nasir Abdullah.

He said the Kuwaiti companies could help Pakistan in exploring Pakistan’s huge oil and gas reserves which were yet to be explored.

CPEC was a huge project of over $50 billion out of which $27 billion worth of projects were under implementation, he chimed.

“We are in close collaboration with China with regard to implementation of CPEC projects and we want to further expand the corridor,” he said adding “we want all our friendly countries to join CPEC for the socioeconomic development of people of the region”.

Speaking about bilateral trade, the minister said that Pakistan’s exports to Kuwait stood at only $91 million during the last year, which were far less than the true potential.

“The two countries should increase trade cooperation to expand the bilateral trade volume.”

He believed that by following the Japanese model, the Pakistani government had also kept commerce, investment, and industry under one window to make these sectors more effective and operational.

Furthermore, he asked the Kuwaiti side to make visa regime for Pakistan businessmen and workers easier to enhance the bilateral relations.

“Pakistani workers are contributing in development of Kuwait in diverse fields including information technology, and oil and gas sectors.”

He also stressed upon the need for development of private sectors of the two countries by enhancing cooperation between their chambers of commerce and industry.

The minister affirmed that in order to promote information technology sector, government plans to set up new science and technology universities in collaboration with one of the world top Austrian university in this sector.

He also invited the Kuwaiti side to take benefit from information technology sector in Pakistan.

Kuwaiti commerce minister in his address said the two countries were enjoying good brotherly relations since long and his country would continue to play role in Pakistan’s socio economic development.

He noted that the bilateral trade volume was recorded at $322 million during the fiscal year 2017, which was not according to the real potential.

He stressed the need to raise the trade volume by exploring the untapped sectors of the two countries.

The minister also said it was a welcoming sign that after seven years, the JMC between the two countries was being held.

He informed that during the two day meetings, Pakistan side would focus on three main areas including improving bilateral trade, inviting Kuwaitis in Pakistan’s investment opportunities especially in oil and gas sector and CPEC, and easing of visa regime for Pakistani diaspora in Kuwait.

Pakistan had stopped the oil and gas exploration in the country and was not issuing license to the companies for last five years, but now Kuwait being a big oil producer is invited to invest in this sector, he added.

“A new round would be held on October 12 between the two sides in which the Kuwaiti companies would be invited to invest in Pakistan’s oil and gas sector.”

“We will tell the world that our security has improved and there are big investment opportunities in Pakistan,” he was quoted saying.

The meeting was also attended by Minister of State for Revenue Hammad Azhar , Secretary Economic Affairs Division, Syed Ghazanfar Abbas Jillani, and other high officials from various ministries.

APP