A Saudi Arabian delegation, headed by Foreign Minister Prince Faisal bin Farhan bin Abdullah, is set to undertake a significant visit to Pakistan on Monday and Tuesday, according to a statement from Pakistan’s foreign ministry released on Sunday.
The Objective
The primary objective of the visit is to expedite the implementation of agreements reached between Pakistani Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman during their recent meeting in Makkah Al Mukarramah. The focus lies on enhancing economic cooperation between the two nations, with an emphasis on boosting investment and trade relations.
Upcoming Investment
During Prime Minister Shehbaz Sharif’s meeting with the crown prince last week, discussions revolved around accelerating a planned $5 billion investment package. This package holds critical importance for Pakistan, as it aims to address the country’s current account deficit and demonstrate to international financial institutions, including the International Monetary Fund (IMF), Pakistan’s commitment to meeting financial obligations, a pivotal requirement in previous IMF bailout agreements.
In addition to financial assistance, Pakistan is actively seeking Saudi investment across various sectors, including agriculture, mines, minerals, and aviation. The visit of the Saudi delegation is expected to further solidify these investment plans and explore new avenues for economic collaboration between the two countries.
Saudi Arabia has expressed its commitment to invest up to $25 billion in diverse sectors within Pakistan over the next two to five years. This substantial investment is poised to play a transformative role in bolstering Pakistan’s economic landscape and fostering long-term prosperity for both nations.
The visit of the Saudi Foreign Minister and his delegation highlights the importance of strengthening bilateral ties and fostering mutually beneficial partnerships in the realm of economic cooperation. It represents a significant step forward in the journey towards realizing the shared goals of prosperity and development for Pakistan and Saudi Arabia.
