High-level Saudi delegation lands in Pakistan for investment talks

• Delegation visiting Pakistan on special directives of MBS.
• Delegation to hold discussions for promotion of Pak-Saudi trade.
• 76 Pakistani business companies to engage with delegation.
  

ISLAMABAD: A trade delegation comprising various Saudi investors touched down in Islamabad on Sunday, with an aim to explore investment opportunities in various sectors in Pakistan.

The 50-member delegation, comprising representatives of about 30 companies, was received by Federal Minister for Petroleum Musadik Malik and Minister for Commerce Jam Kamal in the federal capital.

The delegation is visiting Pakistan on special directives of Saudi Crown Prince Mohammed Bin Salman.

It will also hold discussions regarding various sectors for the promotion of Pak-Saudi trade and strengthening business ties with local entrepreneurs.

On the occassion, Kamal said that the purpose of this visit was the promotion of bilateral trade, in which agriculture, mining and human resources sectors will be focused.

Moreover, sectors of energy and maritime and others will also be targeted. The Pakistani companies will share their recommendations with Saudi investors.

Pak-Saudi investment conference

Two day Pakistan-Saudi Arabia investment conference will begin tomorrow (Monday) to promote bilateral trade and investment, besides fostering a new era of growth and prosperity for the people of both the countries.

The companies which are part of the delegation represent different economic sectors, including information technology, telecoms, energy, aviation, construction, mining exploration, agriculture and human resource development.

An official from the Ministry of Commerce said that a large number of Pakistani companies in the respective sectors whose officials would have business-to-business meetings with their Saudi counterparts, and would hopefully enter into business and investment deals.

He said that Saudi Arabia was an oil-based economy with strong government controls over major economic activities, however, it was now undergoing a transformation to reduce oil dependence, diversify income sources and enhance competitiveness under the Vision 2030.

Earlier, Malik had said that 76 Pakistani business companies had been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels.

He said that talks will take place on the federal level regarding petroleum, electricity and oil refining sectors, adding that about eight to 10 projects worth $8-10 billion will also come under discussion.

"Projects from $500 million to $1 billion will also be included in the discussions," the minister had said.

He added that the discussions would also include modernisation of the refinery.