A delegation of 50 members from Saudi Arabia is scheduled to visit Pakistan on Sunday, May 5th, to explore investment opportunities across various sectors.
The discussions will center on trade agreements and joint venture investments spanning Pakistan’s economy, with a focus on advancing government-to-business (G2B) and government-to-government (G2G) arrangements. Prime Minister Shehbaz Sharif has assembled a 16-member committee to receive the Saudi delegation. This committee comprises federal ministers and senior officials tasked with coordinating business meetings and ensuring the delegation’s security.
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The visit builds on talks held in April 2024 led by Saudi Foreign Minister Faisal Bin Farhan Al Saud, where Pakistan proposed several investment projects. These include modernizing Pakistan Refinery Limited and the Petrochemical Complex, initiatives in the power sector like the Thar-Matiria-Rahim Yar Khan electricity transmission line, and potential investments in the Diamer-Bhasha Dam.
The upcoming discussions aim to further the engagements between Pakistani and Saudi businesses.
Furthermore, Pakistan aims to tackle its trade deficit with Saudi Arabia, which amounted to $4.7 billion in FY22, by boosting exports through expanded business-to-business (B2B) trade. Efforts are underway to finalize a formal free trade agreement with Saudi Arabia and other GCC member countries. Earlier today, Prime Minister Shahbaz Sharif chaired a review meeting on Saudi Arabia’s investments and projects in Pakistan.
He instructed to extend warm hospitality to the high-level Saudi delegation arriving in the next few days. Emphasizing the enduring ties between Pakistan and Saudi Arabia, the Prime Minister mentioned the keen interest of Saudi leadership, particularly Crown Prince Muhammad bin Salman, in boosting investments and supporting Pakistan’s development.
Shehbaz briefly reflected on his recent trip to Riyadh and the progress made in investment discussions with the Saudi government and business community during his visit.
