ISLAMABAD (Dunya News/Web desk) – A high-level delegation comprising 50 Saudi investors and businessmen as well as government officials arrived in Pakistan on Sunday to attend a gathering organised to enhance investment from the oil-rich Gulf State.
Federal Minister for Commerce Jam Kamal Khan and Minister for Petroleum Musadik Malik welcomed the Saudi delegation at Nur Khan Airbase. The Saudi delegation will be in Pakistan for a three-day visit.
The development comes just days after Prime Minister Shehbaz Sharif visited Saudi Arabia for attending a Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh where he also held discussions with Crown Prince Mohammed bin Salman on a range issues.
It was his second visit to the kingdom within one month after his sojourn in earlier April as Islamabad has been hoping for billions of dollars from Saudi Arabia to revive an economy crippled by persistent inflation and record high interest rates.
However, inflation has sliding at a rapid pace during the last four months with the consumer price index (CPI) clocking 17.3 per cent, thus boosting the sentiments that the central bank may start the rate cut cycle soon.
According to the Government of Pakistan’s official X account, the delegation will hold “business-to-business (B2B) meetings with focus for trade deals and investment in joint ventures with Pakistani entrepreneurs.”
A business and official delegation from the Kingdom of Saudi Arabia (KSA) is due today to hold business-to-business (B2B) meetings with focus for trade deals and investment in joint ventures with Pakistani entrepreneurs. Talks are scheduled in various sectors of economy, and… pic.twitter.com/2oUc8t2LK3
— Government of Pakistan (@GovtofPakistan) May 5, 2024“Talks are scheduled in various sectors of economy, and some progress is also expected on government-to-business (G2B) and government-to-government (G2G) deals,” it added.
The delegation will attend the three-day Pak-Saudi Investment Conference on the Saudi crown prince’s special directives.
One may recall that Shehbaz’s first visit to the brotherly Gulf State was followed by Saudi Foreign Minister Faisal bin Farhan, during which the two sides agreed to go ahead with the investment plans in Pakistan.
As the visiting team will look into the attractive opportunities offered by Pakistan, the representatives of around 30 companies – representing sectors like technology, energy, aviation, construction, mining and human resources – are expected to hold talks with the relevant quarters.
Sources say the visit will result in agreements related to PIA, Bhasha Dam, information technology, mining, chemicals and meat production.
The government sources are confident that the visit will produce agreements and MoUs (memorandums of understanding) resulting in up to $10 billion investment, as the delegation is going to brief the crown prince on the latest developments.