ISLAMABAD: A high-level Saudi delegation led by the Kingdom’s Investment Minister Khalid bin Abdulaziz Al-Falih will sign 25 agreements in various fields during its three-day visit to Islamabad, the Pakistani president’s office said on Thursday.
Al-Falih, whose visit comes ahead of the Shanghai Cooperation Organization (SCO) Summit next week, is in Islamabad from Oct. 9-11 and will take part in a joint investment forum today, Thursday, as Islamabad hopes $2 billion in investment proposals will be finalized during the Saudi dignitary’s visit.
Al-Falih’s trip comes as Pakistan seeks closer cooperation in trade, defense, energy and other sectors with friendly countries and regional allies, with the aim to attract foreign investment and shore up its $350 billion economy, beset by a prolonged economic crisis that has drained foreign exchange reserves and weakened the national currency.
Pakistan and Saudi Arabia in particular have been working closely in recent months to increase bilateral trade and investment, 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.
“The Saudi delegation will sign 25 agreements in various fields,” President Asif Ali Zardari’s office said in a statement. “These agreements will usher in a new era of bilateral economic cooperation.”
The press release added that Saudi Arabia was planning to invest in Pakistan’s construction, infrastructure, mining, agriculture and information technology sectors.
“The Saudi minister will have a busy schedule in Pakistan of meetings with representatives of private companies and top government officials of KSA while bilateral trade and investment between Pakistan and Saudi Arabia, mutual agreements and important Memorandums of Understanding will also be signed,” the Pakistani Prime Minister’s Office said in a statement after the Saudi delegation’s arrival on Wednesday night.
An invitation to the investment forum, which began on Thursday morning, showed it would include speeches by Al-Falih as well as Pakistan’s Petroleum Minister Musadik Malik, Commerce Minister Jam Kamal Khan and Privatization Minister Abdul Aleem Khan.
Aleem Khan on Wednesday called the Saudi visit a “welcome step,” and “an important milestone” for the investment sectors of both nations.
“Private companies of Pakistan are fully ready for investment and bilateral business from Saudi Arabia,” the PMO said, quoting Khan.
During his visit, Al-Falih will meet top Pakistani leaders and interact with the country’s business community.
“The delegation comprises representatives from various sectors, including energy, mining, minerals, agriculture, business, tourism, industry, and manpower,” Radio Pakistan reported.
Last month the International Monetary Fund’s board approved a long-awaited $7 billion bailout deal for Pakistan’s struggling economy. The IMF said the new program will require “sound policies and reforms” to strengthen macroeconomic stability and address structural challenges alongside “continued strong financial support from Pakistan’s development and bilateral partners.”
Saudi investment minister in Pakistan, will sign up to 25 agreements
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Saudi investment minister in Pakistan, will sign up to 25 agreements
- Al-Falih is expected finalize $2 billion business proposals while in Pakistan
- Riyadh this year pledged to expedite $5 billion investment package for Pakistan
Islamabad says surge in aircraft orders after India standoff could end IMF reliance
- Pakistani jets came into the limelight after Islamabad claimed to have shot down six Indian aircraft during a standoff in May last year
- Many countries have since stepped up engagement with Pakistan, while others have proposed learning from PAF’s multi-domain capabilities
ISLAMABAD: Defense Minister Khawaja Asif on Tuesday said Pakistan has witnessed a surge in aircraft order after a four-day military standoff with India last year and, if materialized, they could end the country’s reliance on the International Monetary Fund (IMF).
The statement came hours after a high-level Bangladeshi defense delegation met Pakistan’s Air Chief Marshal Zaheer Ahmed Baber Sidhu to discuss a potential sale of JF-17 Thunder aircraft, a multi-role fighter jointly developed by China and Pakistan that has become the backbone of the Pakistan Air Force (PAF) over the past decade.
Fighter jets used by Pakistan came into the limelight after Islamabad claimed to have shot down six Indian aircraft, including French-made Rafale jets, during the military conflict with India in May last year. India acknowledged losses in the aerial combat but did not specify a number.
Many countries have since stepped up defense engagement with Pakistan, while delegations from multiple other nations have proposed learning from Pakistan Air Force’s multi-domain air warfare capabilities that successfully advanced Chinese military technology performs against Western hardware.
“Right now, the number of orders we are receiving after reaching this point is significant because our aircraft have been tested,” Defense Minister Asif told a Pakistan’s Geo News channel.
“We are receiving those orders, and it is possible that after six months we may not even need the IMF.”
Pakistan markets the Chinese co-developed JF-17 as a lower-cost multi-role fighter and has positioned itself as a supplier able to offer aircraft, training and maintenance outside Western supply chains.
“I am saying this to you with full confidence,” Asif continued. “If, after six months, all these orders materialize, we will not need the IMF.”
Pakistan has repeatedly turned to the IMF for financial assistance to stabilize its economy. These loans come with strict conditions including fiscal reforms, subsidy cuts and measures to increase revenue that Pakistan must implement to secure disbursements.
In Sept. 2024, the IMF approved a $7 billion bailout for Pakistan under its Extended Fund Facility (EFF) program and a separate $1.4 billion loan under its climate resilience fund in May 2025, aimed at strengthening the country’s economic and climate resilience.
Pakistan has long been striving to expand defense exports by leveraging its decades of counter-insurgency experience and a domestic industry that produces aircraft, armored vehicles, munitions and other equipment.
The South Asian country reached a deal worth over $4 billion to sell military equipment to the Libyan National Army, Reuters report last month, citing Pakistani officials. The deal, one of Pakistan’s largest-ever weapons sales, included the sale of 16 JF-17 fighter jets and 12 Super Mushak trainer aircraft for basic pilot training.
