Dr. Hilal Hassan Al-Tuwarqi, Chairman of Al-Tuwarqi Holding Company,
Saudi Arabia called on the Prime Minister here on Friday and offered
that his company was ready to undertake heavy investment in Pakistan
despite the perception of security situation in the country.
The Prime Minister appreciated the commitment and sentiments of Dr.
Hilal Hassan Al- Tuwairqi stemming from his love for Pakistan and the
people of Pakistan. The Prime Minister mentioned his meeting, in the
recent past with King Abdullah Bin Abdul Aziz as a meeting between two
brothers.
The Prime Minister directed the Ministry of Industries and the
Ministry of Production to facilitate the Tuwairqi Steel Mills Limited
ensuring that no bureaucratic hurdle comes in its way. The government
and the people of Pakistan will honour the commitments, assured the
Prime Minister.
It may be mentioned here that Al-Tuwairqi Holding Company is
establishing Tuwariqi Steel Mills Limited at Port Qasim, Karachi,
having capacity of 1.28 million tones based on the latest technology
and the total cost of the Project is $260 million out of which US $ 225
million has so far been invested. The mill is going into production
soon.
Dr. Hilal Hussain also said that AL-Tuwairqui and POSCO of South
Korea to sign a joint venture/Agreement in a ceremony to be held in
Karachi.
Dr. Hilal Hassan Tuwairqi said that he wanted to dispel the
impression by setting the example that Pakistan was an ideal country
for investment. He said that his venture would send a strong message to
mega companies of the world that the country offered them competitive
edge of doing business. “I am investing in my country to create jobs
for the young people who otherwise may be misled by the enemy of my
country” he said.
The Chairman said that some people motivated by the vested interest
do create hurdles but we were determined to make difference to the
lives of the people of the country and to its economy. He vowed that he
would not remain confined to the Steel Industry but also venture into
other areas like construction, road building, Information Technology
etc.
The Chairman re-emphasized the tapping of the huge potential of
Pakistani youth by using their capabilities for productive purposes and
also for source of legitimate earning for them. “People become abnormal
when they are un-employed and do the things contrary to the social and
religious values”, he emphasized.
The Chairman said that Pakistan’s geographical location offers
immense opportunities to the potential investors because it is a
gateway to Middle East, South Asia and Central Asian Republics
including Russia. He said that he was conscious of the security
situation but it would not deter his resolve to invest in Pakistan.
Raja Bisharat, Advisor to Prime Minister on Industries and other senior officials were also present on the occasion. SANA
