In a bid to facilitate the potential investment of $10 to $12 billion from Saudi Arabia, Pakistan directed the relevant authorities to approve a fresh petroleum policy.
Pakistan’s petroleum policy will provide it with a way to draw in billion-dollar investments. On Wednesday, different ministries conducted discussions to finalize drafting agreements that will be expected to be signed during the Saudi Crown Prince Mohammad Bin Salman’s planned visit to Pakistan.
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz and Pakistan’s Finance Minister Ishaq Dar met virtually on Thursday to discuss the First Joint Economic Sub Committee of the Saudi-Pakistan Supreme Coordination Council.
Minister for Board of Investment (BOI) Chaudhry Salik Hussain, State Minister for Petroleum Dr. Musadik Masood Malik, SAPM on Finance Tariq Bajwa, and other senior officers from ministries of Finance, BOI, Maritime, Aviation, IT and Telecommunication, Food Security & Research, Petroleum, and Power Division attended the meeting.
Energy, industry, natural resources, business, finance, tourism, information, communication technology, agriculture, food security, transportation, logistics, maritime, and efforts to increase trade and investment between the two nations were all topics of discussion and review on both sides.
“The two sides agreed to hold a follow-up meeting next week to ensure the maximum progress is made in bilateral cooperation in these sectors so that significant agreements are signed during the visit of HRH Mohammed Bin Salman, Crown Prince and Prime Minister of Kingdom of Saudi Arabia next month,” the statement concluded.
Dar reiterated that the social, political, religious, and cultural ties between the two countries are remarkable and that it was urgent to boost commerce and investment between them. In order to increase cooperation and further strengthen the relationships, the two sides also discussed various steps.
Prince Abdulaziz bin Salman Al Saud recalled the recent visit of Prime Minister Shehbaz Sharif and mentioned that both sides showed tremendous political will for enhancing bilateral ties.
Meanwhile, Dar offered his thanks to the government of the Kingdom of Saudi Arabia for its commitment and dedication towards the Pakistan government and highlighted the deep-rooted ties between both countries in various fields.