PM jets off to Saudi Arabia, Qatar today

Premier expected to hold talks with KSA Crown Prince, PM Mohammed bin Salman and other senior Saudi officials.

ISLAMABAD:

Prime Minister Shehbaz Sharif will visit two key Gulf countries starting Tuesday (today), aiming to persuade oil-rich Arab nations to invest in Pakistan, officials said on Monday. On the first leg of his trip, he will arrive in Saudi Arabia on Tuesday.

An official handout issued by the Foreign Office said that the prime minister will undertake an official visit to Saudi Arabia to attend the 8th Edition of the Future Investment Initiative (FII) being held in Riyadh on October 29-30. The prime minister will be accompanied by key cabinet ministers.

The Future Investment Initiative (FII) serves as an important platform for countries to showcase their economic strength, draw foreign investments, and engage in dialogue to shape a sustainable future.

The theme of this year's FII is "Infinite Horizons: Investing Today, Shaping Tomorrow". The FII will focus on global investments aimed at addressing major issues such as Artificial Intelligence (AI), robotics, education, energy, space, finance, healthcare, and sustainability.

The prime minister is expected to hold important bilateral talks with Saudi Crown Prince and Prime Minister Mohammed bin Salman and other senior Saudi officials.

The two sides will discuss economic and strategic partnership between the two countries and explore bilateral cooperation in the economic, energy, and defence domains.

The prime minister is also expected to engage with participating leaders and entrepreneurs at the FII 8th Edition Conference.

Pakistan is seeking billions of dollars in investment from Saudi Arabia under the Special Investment Facilitation Council (SIFC). Earlier this month a high-powered delegation led by the Saudi investment minister visited Islamabad to explore investment opportunities.

Despite hectic efforts, Pakistan has yet to see any major investment from the Gulf countries under the SIFC platform. Some people familiar with the development told The Express Tribune that during the recent visit of a Saudi delegation, Pakistani businessmen were offered incentives by Riyadh to invest in Saudi Arabia.

Saudi Arabia has shown interest in buying shares in the lucrative Reko Diq mines in Balochistan. But experts suggest to the government to wait for the new study before offering any deal to Saudi Arabia. The new feasibility study about the Reko Diq mines may raise the share prices.

Meanwhile, following his Saudi trip, the prime minister will visit Qatar on October 31 at the invitation of Qatari Emir Tamim Bin Hamad Al Thani. He will inaugurate an exhibition, showcasing Pakistani antiquities, arts and culture in Doha.

He is also scheduled to meet with the Emir and other top Qatari leaders to discuss strengthening of bilateral relations and to explore investment opportunities for Qatari investors and businessmen in Pakistan.