Saudi delegation arrives in Pakistan to boost trade, investments

By Aamir Latif

KARACHI, Pakistan (AA) - A high-level delegation from Saudi Arabia arrived in the Pakistani capital Islamabad on a two-day visit on Sunday to explore investment opportunities in various economic sectors in the South Asian nuclear country.

The delegation led by the kingdom's deputy investment minister comprised representatives from more than 30 Saudi companies, according to Federal Minister for Petroleum Musadik Malik, who received the delegation.

This is the second visit of a Saudi delegation to Pakistan in less than three weeks amid a $5 billion investment package promised by Riyadh to prop up Islamabad's faltering economy.

According to the state-run Pakistan Television, several agreements worth "billions of dollars" are expected to be inked during the much-awaited visit.

In April, Saudi Foreign Minister Prince Faisal bin Farhan visited Islamabad, days before Prime Minister Shehbaz Sharif’s two-day trip to the kingdom to attend a World Economic Forum meeting where he also met top Saudi officials.

Farhan had told a news conference in Islamabad that Riyadh would be "moving ahead significantly" to invest in projects in Pakistan.

Last month, Islamabad announced that the oil-rich kingdom had pledged to expedite $5 billion in investment.

At a news conference in the northeastern city of Lahore on Saturday, Malik, also the focal person for Saudi-Pak bilateral collaboration, said the two countries had already discussed a new refinery project that would be used for export purposes to earn foreign revenue.

Food security and agriculture are other sectors where the Saudi investment is expected, he added.

According to local media, a three-day Pakistan-Saudi Arabia investment conference will begin in Islamabad on Monday.

Riyadh, in November last year, extended the term of a $3 billion deposit for yet another year to help Pakistan's depleting foreign reserves.

The $3-billion financial support was extended by Saudi Arabia in November 2021 under an agreement with the State Bank of Pakistan.