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Tuesday, May 21, 2024

Muhammad bin Salman likely to visit Pakistan this month

The government believes the upcoming visit of Crown Prince Muhammad bin Salman will turn commitments into reality. The date of his visit has been finalized at the 11th hour.

Saudi Crown Prince Muhammad bin Salman is likely to visit Pakistan between May 10th, 2022, and May 15th, 2024.

Pakistan is anticipating a big investment from Saudi Arabia in line with the visit of Saudi Arabia. The Crown Prince last visited Pakistan in 2019. After that, he was scheduled to visit Pakistan in 2022. The visit was postponed due to political uncertainties in Pakistan.

The Crown Prince has finally accepted the invitation to visit Pakistan. Prime Minister Shehbaz Sharif visited Saudi Arabia in March this year, and perhaps officially extended the invitation to Muhammad bin Salman to visit Pakistan. Diplomatic engagements between Pakistan and Saudi Arabia have increased since then.

Before the visit of Saudi Crown Muhammad bin Salman, a high-powered Saudi delegation comprising businessmen, members of the Saudi cabinet, close aides working on the Vision 2030 program, and top Saudi officials is in Pakistan. The delegation is in discussion with its counterparts in Pakistan to discuss the investment opportunities in various sectors of the country including aviation, energy, technology, and others.

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The government sees Saudi investment as a tangible solution to address the economic woes including increasing Pakistan’s foreign reserves, promoting industrial and economic growth in Pakistan, and addressing the balance of payment crisis. The country has pinned hopes on investments from Gulf countries, particularly from Saudi Arabia and UAE.

During the recent visit of Shehbaz Sharif to Pakistan, Saudi Arabia has agreed to expedite the first phase of investment of $5 billion in Pakistan.  Saudi Foreign Minister after getting a briefing from the Special Investment Facilitation Council (SIFC) said that he was impressed with the new framework.

The government believes the upcoming visit of Crown Prince Muhammad bin Salman will turn commitments into reality. The date of his visit has been finalized at the 11th hour.