• Wednesday, May 29, 2024

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Saudi minister leads delegation to explore investments in Pakistan

PM Shebaz Sharif (R) in a meeting with the crown prince HH Salman bin Hamad Al Khalifa (L) in April 2024. (Photo credit: @kbsalsaud)

By: Vibhuti Pathak

Saudi Deputy Investment Minister Ibrahim Al-Mubarak is leading a delegation to Pakistan to explore investment opportunities in the country’s leading companies. The delegation is focusing on sectors such as agriculture, mining, human resources, energy, maritime, and chemical.

The visit marks the beginning of potential investments, with a planned £3.75 billion Saudi investment package for Pakistan expected to be the first wave of investment. The delegation was welcomed by Commerce Minister Jam Kamal and Petroleum Minister Musadik Malik at the Nur Khan airbase, according to a press release issued by the Ministry of Commerce.

The government is actively seeking to attract foreign investors to boost its exports in collaboration with Saudi companies. Apart from the mainstream sectors, IT, religious tourism, telecom, aviation, construction, water, and power generation are also being considered for investment.

During a recent visit, Prime Minister Shahbaz Sharif held a meeting with Saudi Crown Prince Mohammed bin Salman, who agreed to expedite the first wave of a planned £3.75 billion Saudi investment package for Pakistan.

Pakistan and Saudi Arabia maintain robust trade, defense, and cultural relations, with over 2.7 million Pakistani expatriates residing in the Kingdom. Saudi Arabia serves as a primary source of remittances to Pakistan, aiding its economic challenges.

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