Saudi delegation’s arrival likely to lead to significant investment deals
Published on: April 23, 2024.
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Foreign Minister Ishaq Dar (centre) receives his Saudi Arabian counterpart Prince Faisal Bin Farhan Al Saud (left) at Nur Khan Airbase Rawalpindi on April 15, 2024. — PID
ISLAMABAD: The Foreign Minister of the Kingdom of Saudi Arabia, Prince Faisal Bin Farhan Al Saud, arrived in Pakistan for a two-day visit to strengthen bilateral cooperation and economic partnership. Prince Faisal and his delegation were welcomed with a red-carpet reception and a static guard of honor at Rawalpindi’s Nur Khan Airbase.
The visit comes shortly after Prime Minister Shehbaz Sharif’s trip to Saudi Arabia, where both countries agreed to expedite a $5 billion investment package for Pakistan. Prince Faisal is expected to meet with PM Shehbaz Sharif, President Asif Ali Zardari, and Chief of Army Staff General Asim Munir during his visit. The engagement will also include delegation-level talks at the Foreign Office and participation in the Special Investment Facilitation Council (SIFC) led by Foreign Minister Ishaq Dar and Prince Faisal.
The Saudi delegation accompanying Prince Faisal includes high-ranking officials from various ministries, such as Water and Agriculture, Industry and Mineral Resources, and Investment, as well as representatives from the Saudi Fund for General Investments. The visit signals the end of Pakistan’s diplomatic isolation and a renewed closeness in relations with Saudi Arabia.
While the official statements have not mentioned Iran, it is expected that the recent tensions in the Middle East, particularly the Iranian attack on Israel, will be discussed during the visit. Both Pakistan and Saudi Arabia have called for restraint and the restoration of peace in the region.
Furthermore, Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, expressed optimism about the outcome of the visit, emphasizing the potential for government-to-government (G2G) investment deals and business-to-business (B2B) joint ventures. The visit is expected to pave the way for significant investment in various sectors of Pakistan’s economy, including Reko Diq, refinery, agriculture, and mining.
Pakistan aims to expand trade with Saudi Arabia and reduce the trade deficit between the two countries. Currently, major export products from Pakistan to Saudi Arabia include rice, bovine meat, and spices. In the last 26 years, Pakistan’s exports to Saudi Arabia have shown a steady increase. However, efforts are being made to further enhance trade and explore new avenues for collaboration, particularly in sectors such as IT, services, minerals, environment, and logistics.
The visit of the Saudi delegation marks an important step in strengthening the economic ties between Pakistan and Saudi Arabia. The potential for increased investment and trade cooperation holds promising opportunities for both countries.
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