ISLAMABAD: A high-level Saudi delegation, led by the Kingdom’s Investment Minister Khalid bin Abdulaziz Al-Falih, is set to sign 25 agreements across multiple sectors during its three-day visit to Pakistan, the president’s office confirmed on Thursday.
Al-Falih, in Islamabad from October 9-11 ahead of the Shanghai Cooperation Organization (SCO) Summit, is expected to finalize $2 billion worth of business proposals. His visit highlights Pakistan’s ongoing efforts to strengthen cooperation in trade, defense, energy, and other sectors with regional allies, in a bid to attract foreign investment and support its $350 billion economy, which is facing economic challenges including depleted foreign exchange reserves and a weakened currency.
Pakistan and Saudi Arabia have been actively working to boost bilateral trade and investment, with Saudi Crown Prince Mohammed bin Salman reaffirming his commitment earlier this year to accelerate a $5 billion investment package for Pakistan.
“The Saudi delegation will sign 25 agreements in various fields, marking a new chapter in economic cooperation between the two nations,” a statement from President Asif Ali Zardari’s office read. These agreements will span sectors such as construction, infrastructure, mining, agriculture, and information technology.
During the visit, the Saudi minister will have a packed schedule, including meetings with representatives of Pakistan’s private sector and top government officials. In addition, key Memorandums of Understanding (MoUs) are expected to be signed to further enhance bilateral trade and investment relations.
The joint investment forum began on Thursday, with speeches from Al-Falih, Pakistan’s Petroleum Minister Musadik Malik, Commerce Minister Jam Kamal Khan, and Privatization Minister Abdul Aleem Khan. Aleem Khan described the Saudi visit as a “significant milestone” for both countries’ investment sectors, adding that private companies in Pakistan are ready for collaboration and investment from Saudi Arabia.
The Saudi delegation includes representatives from various industries, including energy, mining, agriculture, business, tourism, and manpower. This visit follows the recent approval of a $7 billion International Monetary Fund (IMF) bailout package for Pakistan, which is expected to bring much-needed financial stability.
The IMF noted that the success of the program depends on sound policies, reforms, and continued financial support from Pakistan’s international partners, including Saudi Arabia.
