Arab News, Thu, Oct 10, 2024 | Rabi al-Thani 7, 1446
Saudi investment minister due in Pakistan to finalize $2bn business proposals
Saudi Arabia:
A high-level Saudi delegation, led by the
Kingdom’s Investment Minister Khalid bin Abdulaziz Al-Falih, will arrive in
Pakistan on Oct. 9 for a three-day visit during which $2 billion in
business-to-business investment proposals are expected to be finalized.
Pakistan’s foreign office confirmed Al-Falih’s
visit from earlier this week, noting that he would be accompanied by a
high-level delegation. The visit by the Saudi minister and his team comes ahead
of the Shanghai Cooperation Organization summit set to be held from Oct. 15-16
and aims to enhance economic collaboration between the two countries.
Addressing his cabinet ahead of the visit, Prime
Minister Shehbaz Sharif confirmed the anticipated signing of $2 billion worth of
agreements with the incoming Saudi delegation. Deputy Prime Minister Ishaq Dar
also spoke about it at a ceremony in the federal capital.
“The Saudi Minister for Investment will arrive on
Wednesday to finalize various business-to-business investment proposals, which
are estimated to exceed $2 billion,” Dar said on Tuesday.
“In recent times, Saudi Arabia has remained rock
solid in helping us navigate difficult economic challenges,” he continued,
adding the Kingdom’s support had been critical in enabling Pakistan to stand on
its own feet.
“The two countries are on a path to forge ever
closer strategic cooperation between people of the two countries,” he said.
Dar emphasized the need for both countries to
maintain the current momentum in their bilateral relations to achieve the vision
of their leaders, where both nations grow together into stronger and more
prosperous states.
“On behalf of the people and the government of
Pakistan, I extend my deep and sincere gratitude to the Kingdom of Saudi Arabia
for its continued support and assistance to Pakistan in good times as well as in
difficult phases,” he said.
Pakistan and Saudi Arabia have been working
closely in recent months to increase bilateral trade and investment deals, with
Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment earlier
this year to expedite a $5 billion investment package for the South Asian
country.
Pakistan has been seeking closer cooperation in
trade, defense, energy and other sectors with regional allies as it aims to
recover from a prolonged economic crisis that has drained its foreign exchange
reserves and weakened its currency.