High-level Saudi business delegation arrives in Pakistan on three-day visit

A high-level delegation of Saudi investors, led by Minister of Investment Khalid bin Abdulaziz Al-Falih, arrived in Pakistan on Wednesday on a three-day visit, amid Islamabad’s expectations that the two countries will sign bilateral agreements worth $2 billion.

Federal Ministers Musadik Malik, Jam Kamal Khan, and Abdul Aleem received the delegation at the Noor Khan Airbase.

The Foreign Office (FO) announced on Monday that Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih would visit Pakistan with a high-level delegation from October 9 till 11.

In her weekly press briefing, FO Spokesperson Mumtaz Zahra Baloch said the three-day visit would aim to lend positive impetus to enhance bilateral cooperation and mutually rewarding economic partnership between the two countries.

She further said the investment minister would also hold meetings with President Asif Ali Zardari and Prime Minister Shehbaz Sharif.

On Tuesday, PM Shehbaz Sharif said Pakistan was scheduled to sign agreements worth around $2 billion with the visiting delegation.

The visit of Saudi business delegation comes days before the two-day Shanghai Cooperation Organisation (SCO) that is scheduled to be held in Pakistan from October 15.

Business Recorder reported earlier today that six Saudi companies had indicated interest in energy sector, adding that a memorandum of understanding (MoU) was expected to be signed between Islamabad and Riyadh.

Issues including the Bilateral Investment Treaty (BIT), pending since long due to differences on investment protection issues, may also come under discussion.

According to sources, Saudi Arabia has shown interest in investing in hotel industry, renewable energy projects especially solar projects in South Punjab, Reko Diq, and petrochemical refinery.