ISLAMABAD – A Saudi business delegation is scheduled to arrive in Pakistan on Sunday to explore investment opportunities in various economic sectors.
Islamabad and Riyadh, the two leading Islamic nations known for their strong cultural, religious, and economic ties, have seen a series of official visits lately.
Saudi Foreign Minister Prince Faisal bin Farhan visited Islamabad in April, followed by Prime Minister Shehbaz Sharif’s trip to the Kingdom for a World Economic Forum meeting, where he met Saudi officials including crown prince.
Saudi Deputy Investment Minister will be leading delegation comprising 35 companies, including their CEOs, to Pakistan.
He emphasized Pakistan’s desire to shift the focus of its relationship with Saudi Arabia from aid and assistance to mutual progress and development.
The recent discussions between the two sides included plans for a new refinery project for export purposes and enhancing food security in Pakistan.
Prime Minister Sharif aims for the private sector to lead Pakistan’s progress and has invited Saudi investors to collaborate with Pakistani companies, particularly in the IT sector, to connect local talent with international investment.
Minister Malik highlighted the potential benefits for small businesses and young entrepreneurs in Pakistan, expressing optimism for collaboration in chemical, energy, and agricultural sectors.
Kingdom also holds significance for Islamabad due to its large Pakistani expatriate community and its role as the top source of remittances for the country.
Both nations are committed to enhancing bilateral trade and investment, with Saudi Arabia recently reaffirming its commitment to a $5 billion investment package for Pakistan.
https://en.dailypakistan.com.pk/07-Mar-2024/pakistan-saudi-arabia-agree-to
