Razak Dawood invites Australian businessmen to invest in Pakistan

ISLAMABAD: Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood has invited the Australian businessmen to take advantage of the investment and business-friendly opportunities offered by Pakistan.

A delegation of Fortescue Metals Group Limited, headed by the Chairman of the group, Andrew Forrest, visited the Board of Investment (BOI) and met the advisor, said a press release issued on Monday.

While addressing the meeting, Razak Dawood said the approach of the Fortescue Group was unique and it would result in the transfer of knowledge and technology to Pakistan.

He added that the workforce of Pakistan was quite capable of learning and adapting new technologies quickly and the investment would result in improving our labor market.

The advisor underlined that the BOI would act as the focal point for the group and actively resolve any issues that may arise during different stages of the materialization of their plans.

Razak Dawood lauded the approach of the group for giving employment opportunities to indigenous communities, which was also a benchmark for their investment plans in Pakistan.

In the meeting, the Fortescue group gave a presentation on their proposed plans for making the investment in Pakistan.

During the presentation, the Fortescue group informed that Pakistan was one of the short-listed countries, which were being actively explored for investments. Andrew Forrest praised the support and enthusiasm of the Pakistan government.

He said the investment would focus on Green Industry, starting from the generation of hydropower and development of industry in the associated land, which would be owned and operated by the Group with the help of local partners.

It was highlighted that active engagement from the government and local communities, sustainable environmental practices, rapid decision-making and speedy access to markets were the criteria considered for shortlisting of Pakistan as a potential destination.

Andrew Forrest further said the investment from Fortescue Group would result in generating economic opportunities for local communities, employment and large-scale development of the green industry for the export market and domestic consumption.

He said the group was renewable energy to green industry developer, financier and operator, while it intends to invest in Pakistan to establish new technologies with zero carbon emissions, particularly Green Fertilizer and Green Steel production plants.

Over the last two days, the delegation visited some of the possible sites for their ventures. The meeting was informed that the sites in Pakistan have a lot of potential and value in terms of energy sources, which can sustain the industry to support the future of Pakistan.

The group also appreciated the work already being carried out at various visited sites by the government.

Razak Dawood said the government’s investment-friendly policies and highlighted the economic recovery of the country in the aftermath of the COVID-19 plague.

He also underscored the government’s strategy to contain the outbreak of the novel COVID-19 through a smart lockdown and simultaneously reaching out to the millions of poor through the government’s flagship Ehsaas Program.

Pakistan and Australia enjoy strong bonds of brotherhood and friendship in political, social, cultural and many other areas but the trade relations are yet to reflect the true nature of the existing equation of the two countries, he added.