A high-profile Saudi business delegation touched down in Islamabad today aimed to boost Pakistan-Saudi Arabia economic ties.
Led by distinguished heads of over thirty prominent Saudi companies spanning various sectors including agriculture, technology, retail, and corporate, the delegation aims to forge robust partnerships and solidify investments across Pakistan's burgeoning economy.
Federal Ministers Musadik Malik and Jam Kamal Khan extended a warm reception to the delegation. The visit comes on the heels of Prime Minister Shehbaz Sharif's recent diplomatic mission to Saudi Arabia, where the foundation for enhanced economic cooperation was laid.
RELATED: Nation grateful to Saudi leadership for promotion of investment in Pakistan: PM
Amidst the palpable enthusiasm surrounding the visit, anticipation runs high for the signing of pivotal agreements and Memorandums of Understanding (MoUs) aimed at fostering mutually beneficial ventures in key sectors.
- $10 billion investment in Pakistan -
According to the details, a key Saudi delegation will touchdown Pakistan today (Sunday). The representatives from nearly 30 companies will be part of the delegation.
It is expected that the Saudi investment will pave the way for new employment opportunities.
Expressing his thoughts, Federal Minister for Petroleum Musadik Malik said: “This time around, a journey of development will start instead of aid.”
– Saudi Arabia likely to invest $5bn: Ahsan Iqbal –
Last month in April, Planning Minister Ahsan Iqbal said that Saudi Arabia was likely to invest $5 billion in Pakistan.
Addressing the Business Summit in Islamabad, Iqbal said: "Prime Minister Shehbaz Sharif will visit Saudi Arabia soon. The Saudi crown prince is likely to visit following the premier visit to Saudi Arabia."
"The annual revenue of the country is Rs 7,000 billion. This time around, we need Rs 8,000 billion to pay the loans," Iqbal added.
Stressing the need for expanding investment, Iqbal said: "Pakistan needs to expand exports and investment."
Read Also: Steps to be taken soon to increase Pakistan-Saudi Arabia trade volume: PM
He emphasised the need for political stability, saying, "There is a dire need to embrace political continuity."
"Pakistan can become a $2,000 billion economy by 2047 with seven percent economic growth," he maintained.
Calling for joint efforts to foster the country's economy, Iqbal said: "Lets join hands in a bid to make the country a $3 trillion economy."
Speaking about the China-Pakistan Economic Corridor (CPEC), Iqbal said: "The talks with China are underway to accelerate the second phase of the China-Pakistan Economic Corridor."
"The talks with United Arab Emirates (UAE), Kuwait, and Qatar are also underway for the investment," Iqbal maintained.
