Saudi investment of $12bn : Govt seeks fresh petroleum policy to facilitate investment

ISLAMABAD: The government has directed the relevant authorities to approve a fresh petroleum policy in a bid to materialise the upcoming potential investment of $10 to $12 billion from the Kingdom of Saudi Arabia for the construction of a petrochemical complex in Gwadar.

Now the KSA will be involved in the China Pakistan Economic Corridor (CPEC). The petroleum policy will provide the basis for luring multi-billion-dollar investments. On Wednesday, different ministries held consultations for finalising draft agreements, which are expected to be signed during the upcoming visit of Saudi Crown Prince Mohammad Bin Salman (MBS).

The Ministry of Finance on Thursday announced that Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a virtual meeting on the First Joint Economic Sub Committee of the Saudi-Pakistan Supreme Coordination Council with Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, Kingdom of Saudi Arabia.

The Federal Minister for Board of Investment (BOI) Chaudhry Salik Hussain, Minister of State for Petroleum Dr. Musadik Masood Malik, SAPM on Finance Tariq Bajwa and other senior officers from Finance, BOI, Maritime, Aviation, IT & Telecommunication, NFS&R, Petroleum and Power Division attended the meeting.

The Saudi prince welcomed the Pakistani delegation and highlighted the depth of relations between the two friendly countries in all fields. It was also shared that both countries enjoy long-standing strong mutual historic, religious and cultural ties.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar expressed his thanks to the government of Kingdom of Saudi Arabia for commitment and dedication towards the government of Pakistan and highlighted the deep-rooted ties between both countries in various fields. He further reiterated that both countries have exceptional relationship based on social, political, religious and cultural fronts and the need of the hour was to strengthen mutual trade and investment. Both sides also exchanged views on various measures for achieving greater level of cooperation and for further strengthening the relations.

Prince Abdulaziz bin Salman bin Abdulaziz recalled the recent visit of Prime Minister of Pakistan Muhammad Shehbaz Sharif and mentioned that both sides showed tremendous political will for enhancing the bilateral ties.

In Thursday’s meeting, both sides discussed and reviewed areas of mutual cooperation and collaboration including energy, industry, mineral resources, commerce, finance, investment tourism, communication information and technology, agriculture, food security, transportation, logistics, maritime, and work to increase trade exchange and investment between the two countries.

“The two sides agreed to hold a follow-up meeting next week to ensure the maximum progress is made in bilateral cooperation in these sectors so that significant agreements are signed during the visit of HRH Mohammed Bin Salman, Crown Prince and Prime Minister of Kingdom of Saudi Arabia next month,” the statement concluded.