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Saturday May 18, 2024

Saudi trade delegation arrives in Pakistan to discuss investment

Trade delegation aims to explore investment opportunities in various sectors in Pakistan

By Web Desk
May 05, 2024
Federal Minister for Petroleum Musadik Malik receives Saudi delegation in Islamabad on May 5, 2024. — PID
Federal Minister for Petroleum Musadik Malik receives Saudi delegation in Islamabad on May 5, 2024. — PID

ISLAMABAD: A high-level delegation comprising various Saudi investors landed in Islamabad on Sunday to hold talks on trade and investment in Pakistan, as directed by Crown Prince Mohammed Bin Salman. 

Federal Minister for Petroleum Musadik Malik and Minister for Commerce Jam Kamal received the 50-member delegation comprising representatives of about 30 companies. 

The delegation is set to hold discussions with Pakistani officials regarding various investment in diverse sectors for the promotion of bilateral trade and strengthening business ties with local entrepreneurs.

On the occassion, Kamal said that the purpose of this visit was the promotion of bilateral trade, in which agriculture, mining and human resources sectors will be focused.

Moreover, sectors of energy and maritime and others will also be targeted. The Pakistani companies will share their recommendations with Saudi investors.

Pak-Saudi investment conference

Two day Pakistan-Saudi Arabia investment conference will begin tomorrow (Monday) to promote bilateral trade and investment, besides fostering a new era of growth and prosperity for the people of both the countries.

The companies which are part of the delegation represent different economic sectors, including information technology, telecoms, energy, aviation, construction, mining exploration, agriculture and human resource development.

An official from the Ministry of Commerce said that a large number of Pakistani companies in the respective sectors whose officials would have business-to-business meetings with their Saudi counterparts, and would hopefully enter into business and investment deals.

He said that Saudi Arabia was an oil-based economy with strong government controls over major economic activities, however, it was now undergoing a transformation to reduce oil dependence, diversify income sources and enhance competitiveness under the Vision 2030.

Earlier, Malik had said that 76 Pakistani business companies had been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels.

He said that talks will take place on the federal level regarding petroleum, electricity and oil refining sectors, adding that about eight to 10 projects worth $8-10 billion will also come under discussion.

"Projects from $500 million to $1 billion will also be included in the discussions," the minister had said.

He added that the discussions would also include modernisation of the refinery.