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  • Pakistan briefs Saudi envoy on investment opportunities

    Pakistan briefs Saudi envoy on investment opportunities

    ISLAMABAD: A state minister on Thursday briefed Saudi envoy about investment opportunities in Pakistan.

    Minister of State and Chairman Board of Investment (BOI), Muhammad Azfar Ahsan highlighted the investment opportunities at a meeting with the Ambassador of Kingdom of Saudi Arabia to Pakistan, Nawaf bin Said Al-Malki.

    Both sides shed light on the cordial relations between the two countries and deliberated on ways to further enhance and promote bilateral relations, said a press release issued here.

    READ MORE: Pakistan, Saudi Fund sign debt service suspension pacts

    Chairman BOI briefed the ambassador about the lucrative investment opportunities available in Pakistan with special mention of incentivized priority sectors.

    He stressed that Board of Investment under the leadership of Prime Minister Imran Khan is committed to facilitate and encourage investment in the country.

    Azfar Ahsan expounded that Pakistan has ample untapped opportunities waiting to be explored in various sectors of the economy. He added that Pak-Saudi relations are moving in an upward trajectory and Pakistan is really looking forward to facilitate Saudi investors in the country.

    READ MORE: SBP signs $3bn deposit agreement with Saudi Fund

    Ambassador Malki agreed with the Chairman about Pakistan’s massive investment potential. Highlighting the recent positive developments in Pak-Saudi bilateral relations, the ambassador stated that he was confident about substantial economic cooperation between KSA and Pakistan in coming future.

    The ambassador underscored that there is room for collaboration between the two countries in areas of trade and investment.

    READ MORE: Saudi oil facility for Pakistan to start soon

    He shared that Saudi investors are taking keen interest in investing in several sectors of Pakistan including energy & petroleum, technology, infrastructure etc.

    Chairman BOI apprised the ambassador on an upcoming investors’ meet-up being organized by BOI and requested the ambassador for participation from the Saudi side.

    READ MORE: KSA extends oil on deferred payments to Pakistan

    Ambassador Malki warmly accepted the invitation and assured of maximum assistance from his side.

    He also mentioned that a group of Saudi investors will soon visit the Board of Investment to formally discuss project proposals and to take this meeting to the next level.

  • Pakistan, Saudi Fund sign debt service suspension pacts

    Pakistan, Saudi Fund sign debt service suspension pacts

    ISLAMABAD: Pakistan and Saudi Fund for Development (SFD) have signed debt service suspension agreements amounting $846 million, a statement said on Thursday.

    The agreements have been signed under the G-20 Debt Service Suspension Initiative (DSSI) Framework.

    Nawaf bin Saeed Al-Malkiy, Ambassador of the Kingdom of Saudi Arabia to Pakistan witnessed the signing ceremony held in Islamabad.

    READ MORE: SBP signs $3bn deposit agreement with Saudi Fund

    Dr. Saud Ayid R. Alshammari, Director General for Asia represented the SFD in the signing ceremony.

    This amount which was due to be paid during the testing period from May 2020 to December 2021 will now be repaid over a period of six years starting from 2022 in semi-annual installments.

    READ MORE: Saudi oil facility for Pakistan to start soon

    Due to the support extended by the Saudi Fund for Development – one of the major bilateral development partners of Pakistan – along with other bilateral creditor countries, the G-20 DSSI has provided the fiscal space which was necessary to deal with the urgent health and socioeconomic needs of the Islamic Republic of Pakistan.

    The total amount of debt that has been suspended and rescheduled under the DSSI framework, covering the period from May 2020 to December 2021, is $ 3,688 million.

    READ MORE: KSA extends oil on deferred payments to Pakistan

    Pakistan has already concluded and signed 80 agreements with 21 bilateral creditors for the rescheduling of its debts under the G-20 DSSI framework, amounting to rescheduling of $ 2,088 million.

    The signing of agreements with the Saudi Fund for Development brings the total rescheduled amount to $ 2,934 million while negotiations for the remaining $ 754 million are underway.

    The agreements for this amount are expected to be signed with respective bilateral development partners within the current fiscal year.

    READ MORE: PM Imran thanks Saudi assistance; dollar retreats

  • Saudi oil facility for Pakistan to start soon

    Saudi oil facility for Pakistan to start soon

    ISLAMABAD: Saudi Arabia to operationalize soon the oil facility to Pakistan, it was agreed at a meeting on Thursday.

    Ambassador of the Kingdom of Saudi Arabia in Islamabad Nawaf bin Saeed Al-Malkiy called on the Federal Minister for Economic Affairs Omar Ayub Khan in his office on Thursday.

    READ MORE: KSA extends oil on deferred payments to Pakistan

    During the meeting, it was agreed to operationalize the Saudi Oil Facility at the earliest.

    The Financing Agreement worth $ 1.2 billion for import for petroleum products was signed on November 29, 2021 between the Saudi Fund for Development (SFD) and Economic Affairs Division (EAD), Pakistan.

    As per Financing Agreement, the SFD will extend financing facility up to $100 million per month for one-year for purchase of petroleum products on deferred payment basis.

    Both the sides discussed ongoing development projects and new initiatives.

    READ MORE: SBP signs $3bn deposit agreement with Saudi Fund

    The Minister for Economic Affairs appreciated the Saudi support in the priority development areas, said a press release received here today.

    They also discussed the remaining work of development projects in the earthquake affected areas of Azad Jammu & Kashmir (AJK) and Khyber Pakhtunkhwa (KP).

    Saudi Fund for Development (SFD) is providing financial assistance for various development projects in the areas of Energy, Health, Education and Infrastructure.

    Most recently, the SFD has committed to provide financing for Mohmand Dam Project, Shounter Hydropower Project, Jagran-IV Hydropower Project, Gravity Flow Water Scheme Mansehra, and Abbottabad- Muzaffarabad Road Project.

    The Saudi Ambassador assured of continued support at all level to further strengthen the bilateral economic cooperation between the two brotherly countries.

    The Saudi Ambassador expressed that the Kingdom of Saudi Arabia is committed to play a much stronger role in the socioeconomic development of Pakistan.

  • Pakistan, Saudi Arabia sign agreement for employment

    Pakistan, Saudi Arabia sign agreement for employment

    ISLAMABAD: A deal has been signed on Sunday by Pakistan and Saudi Arabia for certification and employment of Pakistani skilled workforce through Takamol and NAVTTC.

    The agreement was signed by Minister for Federal Education and Professional Training, Shafqat Mahmood from the Pakistan side, and Dr. Ahmad Jabbar Al Yamni, from Saudia Arabia Takamol side.

    The Agreement signing ceremony took place at the Ministry of Human Resources and Social Development, Saudi Arabia and it was witnessed by senior officials of both countries.

    READ MORE: Saudi Arabia allows direct entry from Pakistan

    This important cooperation between both countries has a far-reaching impact for enhancing the employment opportunities for the skilled Pakistani workforce by joint certification and testing by Takamol Saudi Arabi and NAVTTC National Vocational and Technical Training Commission Pakistan.

    This will also safeguard the existing Pakistani workforce in Saudi Arabia. In order to facilitate the Pakistani expatriate workforce, NAVTTC under the leadership of Shafqat Mahmood, Minister for Federal Education and Professional Training, Chairman NAVTTC Syed Javed Hassan and Executive Director NAVTTC Sajid Baloch worked hard to achieve this hallmark far-reaching Agreement between NAVTTC and Takamol.

    It is expected that millions of Pakistani skilled workers will get gainful employment opportunities with higher earning as a result of the efforts of the Government of Pakistan.

    READ MORE: Saudi Arabia places $3bn with Pakistan’s central bank

    Under this partnership, NAVTTC, National Vocational and Technical Training Commission Pakistan and Takamol, a subsidiary of the Government of Saudi Arabia are establishing the testing regime under the Skills Verification Program, by exchanging the NOS (National Occupational Standards) and facilitating skill verification of candidates through competency-based assessment (Theory & Practical) at exam Centers in Pakistan for candidates desirous of working in the Kingdom of Saudi Arabia.

    This will enable the Pakistani skill workforce to have authentic and internationally recognized joint certification by both Takamol Saudi Arabia and NAVTTC Pakistan, through the Recognition of Prior Learning (RPL) assessment.

    READ MORE: Pakistan, Saudi Arabia agree to strengthen economic ties

    The Ministry of Human Resource and Social Development of the Kingdom of Saudi Arabia (KSA) has introduced Skill Verification Program (SVP) implemented from July 2021 in order to regulate its labor market. After the implementation of SVP in KSA, skill verification has become necessary for the Pakistani skilled workers, who intend to have employment in Saudi Arabia.

    It is important to note that the largest number of Pakistani expatriate workforce is based in Saudi Arabia, who contribute substantially to Pakistan’s economy through foreign remittances.

    Most of the present Pakistani workforce in KSA fall in the category of un-skilled or semi-skilled labor, which means reduced remunerations and it also impacts remittances negatively.

    Moreover, in the changing scenario of labour laws and dynamics of the labor market overseas, a large number of Pakistani skill workforce require skills certification as presently they face non-recognition of their qualifications, skills and certification.

    This cooperation will help a large number of these workers, also leading to national productivity and development.

    Pakistan, Saudi Arabia agree to enhance duty, tax cooperation
  • Envoy for removal of Saudi-Pak trade barriers

    Envoy for removal of Saudi-Pak trade barriers

    ISLAMABAD: Nawaf bin Said Al-Malki, Ambassador of Saudi Arabia in Pakistan, has stressed the need to remove barriers in trade between Saudi Arabia and Pakistan.

    While welcoming a delegation from Federation of Pakistan Chambers of Commerce and Industry (FPCCI) led by its president Mian Nasser Hyatt Maggo at Saudi Embassy Islamabad, Al-Malki underscored the need of the removal of trade barriers and the promotion of trade through the direct route.

    He stated that Pakistan and Saudi Arabia both possess huge natural resources which can be utilized for enhancement of bilateral trade relations.

    The envoy also informed that there is huge potential in rice, textile, sea food, sports goods, agro-based products and there is a need of direct interaction between the traders of both countries in these commodities.

    He said that Saudi Arabia wanted to see Pakistan as a growing economy as it is a very important country for the whole Muslim Ummah.

    The ambassador said that Pakistan has lots of potential for speedy economic growth that should be highlighted more effectively to attract foreign investors.

    Al-Malki urged that the media should focus on projecting the positive things of Pakistan to change wrong perception about it.

    He said that wrong perceptions about Pakistan in foreign world needed to be changed to unlock its real economic potential.

    President FPCCI Mian Nasser Hyatt Maggo said that Pakistan desired to further strengthen its trade ties with Saudi Arabia as both countries have great scope to promote trade in many areas.

    Read More: Pakistan, Saudi Arabia agree to strengthen bilateral economic ties

    Pakistan has strong strategic, diplomatic and economic relations with Saudi Arabia and cannot forget the financial assistance of Saudi Arabia in the form of oil on credit, construction of educational institutions and on Kashmir cause.

    Maggo while quoting the statistics, he informed that the share of Pakistan in Saudi Arabia’s trade is just one per cent; while in Pakistan’s trade is approximately 7 per cent stated that Saudi Arabia is an important trading partner of Pakistan and the joint business council between the national chambers of both countries can play a vital role in enhancing the trade and business activities.

    He urged on accelerated efforts for activation of trade and economic promotional activities through this platform. Maggo also underlined the need of exchange of trade delegations, holding of B2B meetings, trade exhibitions and business forums etc.

    Read more: Pakistan, Saudi Arabia agree to enhance duty, tax cooperation

    The President FPCCI further highlighted various potential areas for investment in special economic zones of Pakistan under CPEC project. He invited the investors of Saudi Arabia to explore Joint venturesin these special zones. Pakistan will facilitate Saudi investors by providing them one window operation.

    Qurban Ali, Chairman Capital Office & Mirza Abdul Rehman Chief Coordinator FPCCI also emphasized on the enhancement of bilateral trades and investment and suggested opening of Saudi Arabia EXIM bank branch in Pakistan for trade facilitation. Mirza Abdul Rehman &Qurban Ali highlighted the potentials of bilateral trade in different sectors and also requested multiple entry visa to the genuine businessmen on the recommendation of FPCCI within shortest possible time.

    Saudi Arabia places $3bn with Pakistan’s central bank
  • KSA extends oil on deferred payments to Pakistan

    KSA extends oil on deferred payments to Pakistan

    ISLAMABAD: The Kingdom of Saudi Arabia (KSA) has signed an agreement to extend an oil facility of $100 million per month for one year to Pakistan on deferred payments.

    Sultan bin Abdulrahman Al-Marshad, CEO of Saudi Fund for Development (SFD) exchanged the Financing Agreement with Omer Ayub Khan, Minister for Economic Affairs for the Import of Saudi Goods on Monday.

    Talking on the occasion, Minister for Economic Affairs stated that Pakistan values the bilateral and brotherly relations with the Kingdom of Saudi Arabia and thanked KSA for extending support for implementing the infrastructure and energy projects in Pakistan.

    KSA helped Pakistan generously during the earthquake of 2005. Both the countries signed projects worth $500 million during the visit of the Prime Minister of Pakistan to the Kingdom in May this year. As per the Financing Agreement, the SFD will extend the financing facility up to $100 million per month for one year for the import of crude oil and petroleum products from Saudi Arabia, which will be extended for another year.

    The CEO, SFD stated that Saudi Arabia holds relations with Pakistan in the highest esteem and assured to extend full support for the implementation of development projects in Pakistan. Both sides expressed their strong commitment to enhancing bilateral economic relations in the future.

    SBP signs $3bn deposit agreement with Saudi Fund
  • SBP signs $3bn deposit agreement with Saudi Fund

    SBP signs $3bn deposit agreement with Saudi Fund

    KARACHI: State Bank of Pakistan (SBP) on Monday signed an agreement for a deposit of $3 billion from Saudi Fund for Development (SFD).

    The SBP in a statement said that a deposit agreement between the Kingdom of Saudi Arabia, represented by the Saudi Fund for Development (SFD), and the Government of the Islamic Republic of Pakistan, represented by the State Bank of Pakistan (SBP), was signed on Monday by the Chief Executive Officer of SFD, H.E. Sultan Bin AbdulRahman Al-Marshad and the Governor SBP, Dr. Reza Baqir at the State Bank of Pakistan in Karachi, Pakistan.

    Under this deposit agreement, SFD shall place a deposit of USD 3.0 billion with SBP.

    Saudi Arabia places $3bn with Pakistan’s central bank

    The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves. It will help support Pakistan’s foreign currency reservesand contribute towards resolving the adverse effects of the COVID-19 pandemic.

    The deposit agreement reflects the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly countries, the SBP said.

    PM Imran thanks Saudi assistance; dollar retreats
    Pakistan’s forex reserves fall by $776 mn in one week
  • Saudi Arabia allows direct entry from Pakistan

    Saudi Arabia allows direct entry from Pakistan

    ISLAMABAD: Saudi Arabia has allowed direct entry from Pakistan with effect from December 01, 2021, according to a report.

    The nationals of Pakistan are now eligible for direct entry without spending 14-day quarantine in a third country.

    According to Saudi Press Agency report quoting an official source at the ministry of interior, the directive will come into force from next Wednesday, December 01, 2021.

    Saudi Arabia along with Pakistan also allowed direct entry from Indonesia, India, and Egypt. Brazil and Vietnam are the other countries that are included in the new list of countries allowed direct entry into the Kingdom.

    Turkey eases COVID restriction for Pak travelers
  • Saudi financial assistance to Pakistan in few days: envoy

    Saudi financial assistance to Pakistan in few days: envoy

    ISLAMABAD: Saudi Arabia will disburse cash deposits to Pakistan under assistance package pledged on October 26, 2021, Saudi diplomat said on Thursday.

    While talking to the Pakistan’s state media Saudi Ambassador Nawaf Bin Said Al-Malki said Saudi Arabia will disburse cash deposits under the pledged financial assistance after approval of the Royal Court and signing of a Memorandum of Understanding (MoU) in a few days.

    “This will be soon InshaAllah. There will be the agreement from the Royal Court and the MoU will be signed in a few days for the payment, and also for the deferred oil payment [facility],” the Saudi envoy said in an exclusive interview with APP, during his visit to the headquarters.

    Saudi Arabia had recently announced to provide Pakistan $3 billion as a cash deposit with the State Bank to address its balance-of-payments crisis. Also, the Kingdom had pledged a one-year deferred payment facility for the import of oil, worth up to another $1.2 billion.

    Ambassador Al-Malki said the government of Saudi Arabia considered Pakistan as “a dear country” with a very deep and strong relationship.

    He said Saudia Arabia always stood with Pakistan and extended support to it on multiple occasions, adding that the relationship with Pakistan was regardless of any government in power.

    “Our connection is with the Pakistani flag and we consider it our brotherly country,” he said, adding that he saw a “very bright future of Pakistan”.

    The Saudi ambassador mentioned the camaraderie between the Saudi Crown Prince Mohammed Bin Salman and Prime Minister Imran Khan and expressed confidence that the relationship would strengthen in the future.

    In three years, the six visits of PM Imran Khan to the Kingdom reflect the level of relationship, he added.

    The Saudi envoy said Pakistani people loved the Kingdom of Saudi Arabia from the core of their hearts and held in high esteem the Custodian of the holy mosques.

    Saudi Arabia places $3bn with Pakistan’s central bank
  • Pakistan, Saudi Arabia agree to strengthen economic ties

    Pakistan, Saudi Arabia agree to strengthen economic ties

    Pakistan and Saudi Arabia have agreed to strengthen economic ties, marking a significant step in the long-standing bilateral partnership between the two countries.

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