Islamabad, April 15, 2024 – A high-level Saudi delegation, led by Foreign Minister Prince Faisal bin Farhan bin Abdullah, touched down in Pakistan on Monday, marking a significant milestone in bilateral relations between the two nations.
The delegation, comprising key Saudi officials including Minister of Water and Agriculture Engineer Abdul Rahman Abdul Mohsen Al-Fadley and Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, arrived with the primary objective of accelerating the implementation of agreements reached between Prime Minister Muhammad Shehbaz Sharif and HRH Mohammad bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia during their recent meeting in Makkah Al Mukarramah.
In a statement released earlier, Pakistan’s foreign office highlighted the visit’s focus on enhancing bilateral economic cooperation. “The visit takes place essentially to expedite follow-up on the understanding reached between Prime Minister Muhammad Shehbaz Sharif and HRH Mohammad bin Salman,” the statement read.
The Saudi delegation is slated to engage in a series of high-level meetings during their stay, including discussions with the President, Prime Minister, Foreign and Counterpart Ministers, Chief of Army Staff (COAS), and the apex committee of the Special Investment Facilitation Council (SIFC).
Last week, Prime Minister Shehbaz Sharif held talks with the Crown Prince, emphasizing the urgency of expediting a planned $5 billion investment package. This investment is critical for Pakistan, which is grappling with a significant current account deficit and seeks to demonstrate its ability to meet foreign financing requirements, a crucial aspect of previous bailout packages from the International Monetary Fund (IMF).
As part of the investment package, Saudi Arabia is expected to inject up to $1 billion into the Reko Diq Copper Gold project in Balochistan’s Chagai district next month. Prime Minister Shehbaz Sharif has pledged to establish a committee comprising all stakeholders to facilitate the smooth implementation of Saudi investments.
Furthermore, Pakistan and Saudi Arabia are anticipated to sign agreements for additional mining investments, building upon the momentum generated by the forthcoming investment in the Reko Diq project.
In recent times, Pakistan has actively sought Saudi investment across various sectors, including agriculture, mining, minerals, and aviation. The strategic partnership between the two countries is poised to deepen further, with mutual economic interests driving collaboration and fostering closer ties.
As the high-level Saudi delegation engages in discussions with Pakistani officials, both nations are optimistic about the prospects of strengthening their economic cooperation and realizing the full potential of their partnership for the benefit of their respective peoples.
