ISLAMABAD, May 6: A large delegation of businessmen from Saudi Arabia landed in Pakistan to explore investment opportunities in various sectors amidst high hopes of billions of dollars in investment coming to the cash-strapped country.
The 50-member delegation, comprising representatives of about 30 companies, visiting Pakistan on special directives of Crown Prince Mohammed Bin Salman, was received by Minister for Petroleum Musadik Malik and Minister for Commerce Jam Kamal Khan.
The trade delegation is led by Deputy Investment Minister of Saudi Arabia Ibrahim Almubarak.
The Saudi businessmen would attend the two-day Pakistan-Saudi Arabia investment conference beginning Monday (tomorrow) to promote bilateral trade and investment, besides fostering a new era of growth and prosperity for the people of both countries.
Officials said that the delegation would hold discussions regarding various sectors for the promotion of Pak-Saudi trade and strengthening business ties with local entrepreneurs.
They said that the Saudi companies, which are part of the delegation, represent different sectors, including information technology, telecoms, energy, aviation, construction, mining exploration, agriculture, and human resource development.
Jam Kamal Khan said on the occasion that the purpose of this visit was the promotion of bilateral trade with a focus on agriculture, mining and human resource development.
He added that sectors of energy, maritime, and others will also be targeted.
The commerce minister said that Pakistani companies will share their recommendations with Saudi investors during bilateral interactions.
Geo News, quoting an official from the Ministry of Commerce, said that Saudi Arabia was an oil-based economy with strong government controls over major economic activities. However, it is now undergoing a transformation to reduce oil dependence, diversify income sources, and enhance competitiveness under Vision 2030.
Earlier, Malik 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 USD 8-10 billion will also come under discussion.
“Projects from USD 500 million to USD 1 billion will also be included in the discussions,” the minister said, adding that the discussions would also include modernization of the refinery.
The delegation arrived as Pakistan and Saudi Arabia have been discussing Saudi investment in the country since Prime Minister Shehbaz Sharif visited the Gulf Kingdom last month. (PTI)
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