ISLAMABAD - Pakistan and Saudi Arabia are set to enter a new phase of investments in multiple sectors through economic partnership as a high-level Saudi business delegation arrived here yesterday with the aim of signing a number of agreements and memoranda of understanding (MoUs) for investment in different sectors of the Pakistani economy.
Federal Ministers Musadik Malik and Jam Kamal Khan welcomed the delegation upon their arrival in Islamabad. Heads of over 30 Saudi companies from agriculture, technology, retail, and corporate sectors are part of this delegation.
The visit is expected to bolster foreign investment in Pakistan, and give new momentum to the Pakistan-Saudi economic relations, as was envisioned during the recent visit of Prime Minister Shehbaz Sharif to Saudi Arabia.
The delegation would attend a two-day Pakistan-Saudi Arabia investment conference that will begin in Islamabad today to promote bilateral trade and investments. A 50-member high-level business delegation from Saudi Arabia will attend the conference to explore investment opportunities in different sectors as well as to forge strong bonds with local entrepreneurs. Some 30 Saudi companies representing different economic sectors, including information technology, telecoms, energy, aviation, construction, mining exploration, agriculture and human resource development are part of the delegation.
Leading Pakistani business companies and businessmen would also attend the conference and would brief about business and investment prospects in different fields in Pakistan.
Prime Minister Shehbaz Sharif is also expected to meet the delegation.
Jam Kamal Khan highlighted that the three-day visit of the Saudi delegation was geared towards enhancing trade relations between investors from both countries and identifying trade and investment opportunities across various sectors of Pakistan’s economy.
He said that the ministry had selected numerous Pakistani companies in relevant sectors for Business-to-Business (B2B) meetings with their Saudi counterparts, adding that leading Pakistani companies would collaborate with 30 Saudi companies across different sectors.
The B2B meetings will specifically target sectors such as agriculture, mining, human resources, energy, chemicals and maritime. Moreover, discussions will extend to investment prospects in other sectors including refinery, IT, religious tourism, telecom, aviation, construction, water and power generation, he said.
The minister emphasised that the objective of these discussions was to identify investment opportunities that would generate employment and boost exports between the two countries. He also noted that local companies would present their business and investment proposals to their Saudi counterparts.
Earlier, Malik had said that 76 Pakistani business companies had been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels.
He said that talks will take place on the federal level regarding petroleum, electricity and oil refining sectors, adding that about eight to 10 projects worth $8-10 billion will also come under discussion.
“Projects from $500 million to $1 billion will also be included in the discussions,” the minister had said.
He added that the discussions would also include modernisation of the refinery.
An official from the Ministry of Commerce said that a large number of Pakistani companies in the respective sectors whose officials would have business-to-business meetings with their Saudi counterparts, and would hopefully enter into business and investment deals.
He said that Saudi Arabia was an oil-based economy with strong government controls over major economic activities, however, it was now undergoing a transformation to reduce oil dependence, diversify income sources and enhance competitiveness under the Vision 2030.