Saudi Arabia’s investment delegation due today

ISLAMABAD/ LAHORE: A high-level trade delegation from Saudi Arabia is scheduled to arrive in Pakistan today (Sunday) with the aim of exploring investment opportunities in various sectors.

According to Saudi publication ‘Sabq’, the 50-member delegation includes representatives of about 30 companies in the kingdom representing various economic sectors. This includes information technology, communications, energy, aviation, construction, mineral exploration, agriculture and human resource development.

The delegation will also hold discussions on various sectors for the promotion of Pak-Saudi trade and strengthening business ties with local entrepreneurs.

Meanwhile, addressing a press conference here, Federal Minister for Petroleum Musadik Malik said that Saudi Arabia’s deputy minister of investment was coming to Pakistan besides bringing CEOs of 30 to 35 companies. He said that Saudi companies and investors were coming to Pakistan and would sit with Pakistani companies and devise a strategy as to how Pakistani talent could be connected with the investment needed at international level for IT revolution.

“We want that Pakistan companies meet these Saudi companies to achieve desirable results,” he added. He said that certain matters like existing refinery would be decided between the two governments.

He said there had been an electric revolution in the world. “For electric revolution, copper plays a significant role,” he said and added that Pakistan had good cooper reserves. “We are talking with Saudi Arabia to cooperate with Pakistan on mining side as well.”

Malik said that water and power generation was also being discussed. He said Pakistan and Saudi Arabia both wanted to promote religious tourism. Interaction between governments and private sectors of both sides would help increase jobs and export opportunities.

Prime Minister Shehbaz Sharif had prepared a plan under which youngsters would get jobs after completing their degrees and they would be able to create employment opportunities for others as well. “To implement this plan, we need some changes in the system and support from other countries in the form of investment.

“Imbalance in the country’s exports and imports is also creating challenges,” he said and stressed the need for paying special attention to boosting exports of the country. The federal government wanted to increase GDP and to boost productivity.

Malik said the government was bringing economic changes in the country and approaching other countries to ensure sustainable development.

He said there was a need to end the atmosphere of polarisation in the society and sense of respect and morality should be promoted. The minister said the government wanted to promote such a society in which Islamic and family values should be of prime importance, besides overcoming the problem of discrimination.

The recent talks with Saudi Arabia were aimed at progress and development of Pakistan and arrival of their delegations was part of such efforts. During the first visit of Saudi high-powered delegation to Pakistan, the prime minister briefed them about the direction Pakistan wanted to work with Saudi Arabia. Pakistan shared proposals with Saudi Arabia through which they could make investment and share profits.

Meetings were held with Saudi Arabia’s minister of energy, minister of industry, minister of commerce, minister of agriculture, water and food security. He said that a meeting with the chief executive officers of big Saudi companies was also held. The CEO of Aramco and CEO of Salic were part of the meeting, he added.

Malik said that during these meetings, two types of investment opportunities were highlighted.

One investment opportunity was between government to government (G2G) and the other in which private sector could play a more significant role as the prime minister wanted the private sector to play a role in development.

Solar energy, transmission lines, food security and many other things came under discussion during various meetings, he added.