Al-Tuwairqi Holding Company ready to undertake heavy investment in Pakistan
Islamabad: Dr. Hilal Hassan Al-Tuwairqi, Chairman of Al-Tuwairqi Holding Company, Saudi Arabia called on the Prime Minister here on September 09, 2011 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 Tuwairqi Steel Mills Limited at Port Qasim, Karachi, having capacity of 1.28 million tonnes 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-Tuwairqi and POSCO of South Korea will sign a joint venture/Agreement in a ceremony to be held in Karachi today, September 2011.
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.