Saudi business delegation arrives in Pakistan today to explore investment opportunities
ISLAMABAD: A high-level Saudi business delegation led by the Saudi Deputy Minister of Investment will arrive in Pakistan today Sunday to explore investment opportunities in various economic sectors, Federal Oil Minister Musaddiq Malik confirmed a day earlier.
Pakistan and Saudi Arabia enjoy a brotherly relationship rooted in common culture, religion and economic cooperation, and have seen a flurry of official visits in recent weeks. Saudi Foreign Minister Prince Faisal bin Farhan visited Islamabad in early April, where he met with Saudi officials, ahead of Prime Minister Shehbaz Sharif's two-day visit to the kingdom to attend a meeting of the World Economic Forum.
Malik, who is also a key figure in bilateral cooperation between Saudi Arabia and Pakistan, told reporters at a press conference in Lahore on Saturday that the Saudi deputy investment minister will visit Pakistan tomorrow.
“He brings representatives of 30 to 35 companies whose CEOs come here.”
The Pakistani minister asserted that Pakistan has always valued its friendly relations with Saudi Arabia, but it was not possible to transform this “friendly relationship into a relationship of stability and progress.”
He said Pakistan had primarily discussed financial concerns with the Saudi authorities and requested assistance. However, the current government wanted to change this situation by focusing bilateral dialogue on mutually beneficial progress and development rather than aid and support.
The minister said that in recent talks, the two countries discussed a new refinery project that would be used for export purposes to generate foreign revenue. Additionally, food security to further strengthen Pakistan's agricultural sector was also discussed.
He said Prime Minister Sharif wants the country's “private sector to lead this path to progress.”
“That's why Saudi investors were invited to come here,” he continued. “They will work with Pakistani companies to find ways to connect Pakistani talent with the capital and investment needed at the international level for the IT revolution.”
Malik said the bilateral cooperation will primarily benefit small and medium-sized enterprises, especially technology companies founded by young students who are likely to receive significant investment from Saudi entrepreneurs.
He expressed optimism that chemical, energy and agricultural companies would also benefit from continued bilateral cooperation between the two countries.
Apart from the friendly relations between Pakistan and Saudi Arabia, Saudi Arabia is of particular importance to Islamabad. That's because Saudi Arabia is home to more than 2.7 million Pakistani expatriates and is the biggest source of remittances to the cash-strapped South Asian country.
Pakistan and Saudi Arabia are working closely to expand bilateral trade and investment agreements, with Saudi Arabia recently reaffirming its commitment to facilitate an investment package worth $5 billion.
