Pakistan, Qatar to Establish Joint Investment Company

ISLAMABAD:Pakistan and Qatar Thursday agreed in principle to establish a Joint Investment Company, officials said. The agreement reached at the 2nd Session of Pak-Qatar Joint Ministerial Commission was held inIslamabad, a statement said. The Qatari side requested for a draft Agreement on joint investment company for their consideration.

The Session was co-chaired by Dr.Asim Hussain, Special Assistant to Prime Minister on Petroleum and Natural Resources and Dr. Mohammad Bin Saleh Al-Sada, Minister of Energy and Industry of the Government of Qatar. Both the delegations acknowledged deep historical, cultural and political relations between the two countries and expressed the hope that the current momentum in translating excellent political relations into commercial and economic interaction would further cement bilateral relations. ThePakistanside requested Government of Qatar to support their cause for Free Trade Agreement (FTA) with Gulf Cooperation Council. The Qatari side will look into supportingPakistan’s request regarding convening of third round of Pak-GCC FTA.

Both sides resolved to activate Joint Business Council established during the visit of Prime Minister of Pakistan and expressed the confidence that activation of JBC will promote interaction between business communities of both countries. Qatari investors were invited to invest in development of Hydropower Sector inPakistan, Oil and Petroleum Sector of Pakistan, Petroleum Exploration and Production activities inPakistanandPakistan’s Offshore Oil exploration.

The Qatari side assured to process these proposals with the relevant sectors.

Pakistanside requested the Qatari side to get services of Pakistani construction companies/workers to carryout various project relating to FIFA World Cup in 2022. The Qatari side agreed with the proposal. Both sides also agreed to further enhance cooperation in the areas of Health, Science & Technology and Culture between the two countries.Pakistanproposed formulation of a Joint Working Group to determine the labour and manpower requirements/needs of the Qatari side. The Qatari side agreed with proposal.

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