10 Oct 2024
ISLAMABAD: A high-level Saudi delegation, led by the Kingdom’s Investment Minister Khalid bin Abdulaziz Al-Falih, will arrive in Pakistan on Oct. 9 for a three-day visit during which $2 billion in business-to-business investment proposals are expected to be finalized.
Pakistan’s foreign office confirmed Al-Falih’s visit from earlier this week, noting that he would be accompanied by a high-level delegation. The visit by the Saudi minister and his team comes ahead of the Shanghai Cooperation Organization summit set to be held from Oct. 15-16 and aims to enhance economic collaboration between the two countries.
Addressing his cabinet ahead of the visit, Prime Minister Shehbaz Sharif confirmed the anticipated signing of $2 billion worth of agreements with the incoming Saudi delegation. Deputy Prime Minister Ishaq Dar also spoke about it at a ceremony in the federal capital.
“The Saudi Minister for Investment will arrive on Wednesday to finalize various business-to-business investment proposals, which are estimated to exceed $2 billion,” Dar said on Tuesday.
“In recent times, Saudi Arabia has remained rock solid in helping us navigate difficult economic challenges,” he continued, adding the Kingdom’s support had been critical in enabling Pakistan to stand on its own feet.
“The two countries are on a path to forge ever closer strategic cooperation between people of the two countries,” he said.
Dar emphasized the need for both countries to maintain the current momentum in their bilateral relations to achieve the vision of their leaders, where both nations grow together into stronger and more prosperous states.
“On behalf of the people and the government of Pakistan, I extend my deep and sincere gratitude to the Kingdom of Saudi Arabia for its continued support and assistance to Pakistan in good times as well as in difficult phases,” he said.
Pakistan and Saudi Arabia have been working closely in recent months to increase bilateral trade and investment deals, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment earlier this year to expedite a $5 billion investment package for the South Asian country.
Pakistan has been seeking closer cooperation in trade, defense, energy and other sectors with regional allies as it aims to recover from a prolonged economic crisis that has drained its foreign exchange reserves and weakened its currency.