Saudi Arabia’s Foreign Minister stated that Riyadh will be “moving ahead significantly” to invest in projects in Pakistan. This announcement comes just days after Islamabad revealed that the Kingdom had pledged to expedite $5 billion in investment.
Prince Faisal bin Farhan bin Abdullah arrived in Islamabad on Monday, leading a delegation on a two-day visit aimed at boosting economic cooperation between the two countries. During a joint news conference, Pakistan’s Finance Minister Ishaq Dar said the delegation was given extensive briefings on potential investment opportunities.
Read more: Pakistan sets sights on $20 billion trade surge with Saudi Arabia
Dar outlined areas of interest for Saudi investors, including agriculture, mining, information technology, and aviation. The prince expressed that he was “very impressed” with the information provided on these investment prospects. He stated, “This gave us some very, very significant confidence that we will be able to move forward on those projects which we decide to identify as worthy of investment.” The prince added, “I am sure we will be moving ahead significantly.”
Foreign Minister Highlights Saudi-Pakistani Cooperation to Address Global Challenges.https://t.co/alkOKclGGO#SPAGOV pic.twitter.com/ED8ZDALNtY
— SPAENG (@Spa_Eng) April 17, 2024
Expediting investments
This delegation visit follows an understanding reached between Pakistani Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman during their recent meeting in Makkah Al Mukarramah. Moreover, the two leaders discussed expediting a planned $5 billion investment package, which is desperately needed by Pakistan to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.
The Special Investment Facilitation Council (SIFC), a body consisting of Pakistani civilian and military leaders set up to promote investment in Pakistan, briefed the Saudi delegation on various sectors for potential investment, according to Dar.
This visit further comes ahead of Pakistan’s efforts to secure its 24th bailout from the International Monetary Fund (IMF). Pakistan’s Finance Minister Muhammad Aurangzeb is currently in Washington to attend the IMF and World Bank spring meetings, where he will formally negotiate the new loan program.
For more news on the economy, click here.
