close
Tuesday May 21, 2024

PM Shehbaz sees multibillion-dollar Saudi investment after Prince Faisal visit

Saudi delegation was impressed by the preparations of Pakistani ministers and officials, says premier

By APP & Web Desk
April 17, 2024
Prime Minister Shehbaz Sharif hosts a banquet in honour of Saudi Foreign Minister Prince Faisal-led delegation on April 16, 2024. — APP
Prime Minister Shehbaz Sharif hosts a banquet in honour of Saudi Foreign Minister Prince Faisal-led delegation on April 16, 2024. — APP

Pakistan is eyeing billions of dollars in investment from Saudi Arabia a day after a Foreign Minister Prince Faisal bin Farhan-led high-powered delegation held investment talks with authorities in Islamabad during the two-day visit.

Presiding over a federal cabinet meeting in Islamabad on Wednesday, Prime Minister Shehbaz Sharif said that billions of dollars’ worth of investment was expected as a result of the recent visit by the high-level Saudi delegation.

Commending the efforts of the federal cabinet and relevant authorities for the successful visit, he said the Saudi delegation was impressed by the preparations of Pakistani ministers and officials.

Addressing a joint press conference along with his Pakistani counterpart Ishaq Dar, Saudi FM Prince Faisal said on Tuesday described his visit to Pakistan to discuss investments as positive saying he was extremely impressed by the proactive attitude of the Pakistani government.

The Saudi foreign minister there are various avenues for kingdom to increase its investment in Pakistan.

The prime minister, in today’s cabinet meeting, also thanked Saudi Crown Prince Mohammed bin Salman for his special interest in Pakistan, which led to a successful visit by the Saudi delegation.

“We must ensure the completion of this investment in Pakistan with the same spirit and dedication,” he added.

The premier warned that no obstacles or hindrances in this regard will be allowed.

He also reiterated his commitment to working day and night for Pakistan’s progress and prosperity, as promised to the people. “If we continue to work hard, we will soon achieve Pakistan’s development, prosperity, and economic stability.”

According to The News, Pakistan has pitched 25 projects with estimated desired potential investments of over $32 billion before a high-powered visiting delegation of the Kingdom of Saudi Arabia, including a rail link connecting major mining sites and Gwadar with an investment of $2 billion.

Islamabad also identified the much-awaited Diamer Bhasha Dam with an equity investment of $1.2 billion. Pakistan has also sought an investment for conducting the feasibility of a luxury five-star hotel for which the land is available with the Capital Development Authority (CDA).

The Special Investment Facilitation Council (SIFC), jointly run by the military and civilian sides, on Tuesday made a detailed presentation before the KSA delegation and apprised them about the evolving economic landscape of the country where Islamabad struck an IMF agreement under the Standby Arrangement (SBA) programme, growth in repatriation of profits abroad, expected decline in inflation in next fiscal 2024-25, adoption of market-based exchange rate, improved investment climate in the wake of SIFC initiatives and private sector-led growth with special focus on privatisation, public-private partnership and reduced state footprints.