ISLAMABAD: A high-level Saudi business delegation led by the Kingdom’s deputy investment minister will arrive in Pakistan today, Sunday, to explore investment opportunities in various economic sectors, Federal Minister for Petroleum Musadik Malik confirmed a day earlier.
Pakistan and Saudi Arabia, who enjoy fraternal ties rooted deep in shared culture, religion and economic cooperation, have witnessed a flurry of official visits in recent weeks. Saudi Foreign Minister Prince Faisal bin Farhan traveled to Islamabad earlier in April before Prime Minister Shehbaz Sharif’s two-day visit to the Kingdom to attend a World Economic Forum meeting where he met Saudi officials.
“The Saudi Deputy Investment Minister is visiting Pakistan tomorrow,” Malik, who is also the focal person for Saudi-Pak bilateral collaboration, told reporters at a news conference in Lahore on Saturday.
“He is bringing representatives from 30 to 35 companies whose CEOs are coming here.”
The Pakistani minister maintained his country had always cherished cordial ties with the Kingdom, though it had not managed to turn this “relationship of friendship into a relationship of stability and progress.”
He said Pakistan mostly discussed its financial concerns with the Saudi authorities and requested their support. However, the present government wanted to change that by focusing its bilateral conversations on mutually beneficial progress and development, not aid and assistance.
The minister said the two sides discussed a new refinery project during the recent engagements that would be used for export purposes to earn foreign revenue. Additionally, food security was also discussed to further strengthen Pakistan’s agricultural sector.
He informed that Prime Minister Sharif wanted the country’s “private sector to take the lead on this path to progress.”
“That is why Saudi investors have been invited to come here,” he continued. “They will sit with Pakistani companies and figure out ways to connect the Pakistani talent with the capital and investment needed at the international level for the IT revolution.”
Malik said the bilateral collaboration would primarily benefit small businesses, particularly the technology companies established by young students who were likely to get a significant amount of investment from Saudi entrepreneurs.
He expressed optimism that chemical, energy and agricultural companies would also gain an advantage from the ongoing bilateral collaboration between the two sides.
Apart from Pakistan and Saudi Arabia’s fraternal ties, the Kingdom is particularly important to Islamabad as it is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
Both Pakistan and Saudi Arabia have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.