FM chairs review meeting with Joint Venture Investment Companies

August 29, 2024 (MLN): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a review meeting with representatives from Joint Venture Investment Companies, including Pak-Brunei Investment Company Limited (PBICL) and Saudi-Pak Industrial and Agricultural Investment Company (SPI&AIC).

The meeting centred on evaluating the progress, challenges, and future directions of these companies.

The meeting was attended by senior leadership from both companies, including Ms. Dk Noor ul Hayati Binti Pg Julaihi, Chairman PBICL, Mr. Sultan M. Hassan Abdulrauf, Chairman SPI&AIC, and senior officers from the Finance Division. 

CEO Pak-Brunei Investment Company Limited (PBICL) gave a brief overview of the portfolio of the company and its major initiatives in Pakistan.

He apprised the Minister about the role played by PBCIL in promoting economic cooperation between Pakistan and Brunei by facilitating investments in Industry and Agricultural sectors, through financial services, real estate, and SME’s support, and how it has contributed to significant advancements in these areas, fostering bilateral trade and economic stability.

Similarly, CEO Saudi-Pak Industrial and Agricultural Investment Company (SPI&AIC), also gave a presentation about the major development initiatives of the company in the country for promoting Islamic finance, food security, digital finance, trade, and agriculture and livestock. 

The meeting also discussed various aspects of the operations of these companies, including investment strategies, performance metrics, and key impediments affecting their growth.

Both companies presented their achievements and challenges, highlighting areas that require policy support to overcome obstacles in their operational landscape.

The discussion also focused on potential areas for future investments and collaborations through more Government-to-Government initiatives to support priority sectors.

The Finance Minister appreciated both companies and specifically applauded the implementation strategies of KSA’s Vision 2030 for achieving their targets within a few years, and stressed that Pakistan is keen on learning those strategies.

Senator Aurangzeb also expressed the government's unwavering commitment to creating an enabling environment for private sector investment, recognizing the critical role that joint venture companies like PBICL and SPI&AIC could play in driving economic growth.

He underscored the importance of these ventures in attracting foreign direct investment (FDI).

In the end, the Minister reaffirmed that the government is keen on introducing policy measures that will streamline investment processes, and provide incentives for foreign investors.

Copyright Mettis Link News