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Wednesday, May 22, 2024

Pakistan hopeful of big investments as delegation led by Saudi FM reached Islamabad

The purpose of this high-profile delegation's visit is to bolster bilateral cooperation and strengthen economic ties.

Upon arriving in Islamabad, Prince Faisal was welcomed by Foreign Minister Ishaq Dar alongside the presence of Saudi Ambassador to Pakistan Nawaf bin Saeed Ahmad Al-Malkiy and other dignitaries at the airport. This reception marked the commencement of a two-day official visit led by Prince Faisal bin Farhan bin Abdullah, the Foreign Minister of Saudi Arabia, following the recent meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman in Riyadh. The purpose of this high-profile delegation’s visit is to bolster bilateral cooperation and strengthen economic ties between Islamabad and Riyadh.

The visit holds strategic significance as it follows discussions during PM Shehbaz’s trip to Saudi Arabia, where commitments were made to accelerate a $5 billion investment from the Kingdom into Pakistan. This investment pledge underscores Riyadh’s enduring support for Islamabad, as affirmed by Crown Prince Mohammed bin Salman during his meeting with PM Shehbaz.

High-level meetings scheduled 

Throughout their stay, the Saudi delegation, comprising officials such as Minister of Water and Agriculture Engineer Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, Deputy Minister of Investment Badr AlBadr, Head of Saudi Special Committee Mohammad Mazyed Al Towaijri, and representatives from the Ministry of Energy and Saudi Fund for General Investments, is slated to engage in discussions with key figures including President Asif Ali Zardari, PM Shehbaz, and Chief of Army Staff General Syed Asim Munir.

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The agenda encompasses various sectors, with a focus on attracting substantial investments from Saudi Arabia, particularly within the framework of the Special Investment Facilitation Council (SIFC). This council aims to streamline processes and overcome bureaucratic obstacles, facilitating foreign investments in Pakistan. Notably, Islamabad is extending invitations for Saudi investors to participate in projects like the Reko Diq mine ventures and explore opportunities in the agricultural sector.

Overall, Prince Faisal’s visit signifies a concerted effort to deepen the longstanding partnership between Pakistan and Saudi Arabia, fostering mutual growth and prosperity through collaborative economic initiatives.