PM Shehbaz meets Saudi FM, pitches multiple projects for investment

ISLAMABAD:

A high-level delegation, led by Saudi Foreign Minister Faisal bin Farhan Al Saud, called on Prime Minister Shehbaz Sharif on Tuesday and deliberated upon various investment ventures including Pakistan International Airlines (PIA), said a statement by the Prime Minister’s Office (PMO).

The Saudi delegation comprised Saudi Deputy Minister of Investments Engineer Ibrahim bin Yusuf Al Mubarak, Saudi Minister of Environment, Water Resources, and Agriculture Abdul Rahman bin Abdulhamsin Al-Fazli, and Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim bin Abdullah Al Kharif, along with other senior Saudi officials and diplomats.

"Pakistan and Saudi Arabia have a long-standing brotherly relationship which is unprecedented," said the premier as he welcomed the delegation at the PM House.

Federal Ministers Ishaq Dar, Khawaja Asif, Mohsin Naqvi, Jam Kamal Khan, Rana Tanveer Hussain, Abdul Aleem Khan, Dr. Musadik Malik, Owais Khan Laghari, Deputy Chairman Planning Jahanzeb Khan, National Assembly Member Romina Khurshid Alam and other government officials were present during the meeting.

The premier conveyed that KSA has consistently provided support to Pakistan during difficult times and also expressed appreciation for the delegation's arrival shortly after Eidul Fitr.

"Pakistan wants to further promote cooperation in the fields of trade and investment between the two countries," stated the prime minister according to the statement released by the PMO.

During the meeting, the government briefed the Saudi delegation about extensive investment opportunities available in the country and suggestions were exchanged - concerning investments in transmission lines, solar projects, and mining projects.

The delegation was also presented with proposals including the privatization of airports, joint ventures in two five-star hotels in Islamabad, and investment opportunities in PIA.

The offer of land by the Capital Development Authority (CDA) for the construction of hotels in partnership with Saudi Arabia was extended, added the statement.

"Pakistan is taking steps to promote foreign investment and form mutually beneficial partnerships with brotherly countries."

"The visit is the beginning of a new era of strategic and commercial partnership between Pakistan and Saudi Arabia," the PMO quoted PM Shehbaz.

Proposals included projects such as the Matiari Transmission Line and the establishment of a health city, with the CDA expressing readiness to collaborate or provide land for investment.

Expressing gratitude, the premier affirmed, "Pakistan is grateful to the Saudi leadership for increasing investment on behalf of Saudi Arabia."

The KSA delegation expressed gratitude to the PM for extending a warm welcome and hospitality on behalf of Pakistan.

The Saudi foreign minister reaffirmed the kingdom's commitment to enhancing Pakistan-Saudi relations and advancing trade and investment partnerships.

Shehbaz also informed the delegation about the Special Investment Facilitation Council (SIFC) and its measures to promote investment in the country.

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PM Shehbaz emphasized the crucial contribution of Chief of the Army Staff (COAS ) General Syed Asim Munir and institutional cooperation in promoting investment through SIFC.

The delegation, comprising key ministers and senior officials arrived in Pakistan on the heels of a visit by PM Shehbaz to Riyadh earlier this month where he held wide-ranging talks with the Saudi leadership.

Earlier this month, on April 8, the premier met with the crown prince and discussed bilateral relations matters of mutual interest at Makkah rendezvous, the counterparts discussed expediting a planned $5 billion investment package.

The visit is a follow-up to the premier's visit to the kingdom. The primary objective of his visit was to persuade the Saudi government to help Pakistan revitalise its economy through investments.

Pakistan attaches great significance to the visit as FM Dar himself welcomed the delegation at Noor Khan Air Base yesterday.

The visit is anticipated to provide a significant boost to bilateral cooperation and foster a mutually beneficial economic partnership between the two nations.

Pakistan is hoping to attract billions of dollars in investment from Saudi Arabia as part of its initiative under the banner of the SIFC.