A 50-member delegation from Saudi Arabia will visit Pakistan on Sunday, May 5th, to discuss investment opportunities in various sectors.
These talks will focus on trade deals and investments in joint ventures across various sectors of the economy, with expectations of progress on G2B and G2G agreements.
Prime Minister Shehbaz Sharif has formed a 16-member committee to welcome the Saudi side. The committee, which includes federal ministers and high-ranking officials, has been tasked with organizing business meetings and ensuring security arrangements for the Saudi delegation.
The visit follows discussions in April 2024 led by Saudi Foreign Minister Faisal Bin Farhan Al Saud, during which Pakistan presented various projects for investment, including upgrades to Pakistan Refinery Limited and the Petrochemical Complex, as well as initiatives in the power sector such as the Thar-Matiria-Rahim Yar Khan electricity transmission line, and potential investments in the Diamer-Bhasha Dam.
The upcoming visit will focus on advancing previous engagements between Pakistani businesses and their Saudi counterparts.
Additionally, Pakistan aims to address its trade deficit with Saudi Arabia, which stood at $4.7 billion in FY22, by increasing exports through enhanced B2B trade. Efforts are underway to finalize a formal free trade agreement with Saudi Arabia and other GCC member countries.
Earlier today, Prime Minister Shahbaz Sharif chaired a review meeting on Saudi Arabia’s investments and projects in Pakistan.
He directed for extending warm hospitality to the 50-member high-level Saudi delegation visiting Pakistan in the next few days.
Highlighting the enduring ties between Pakistan and Saudi Arabia, the Prime Minister claimed that the top Saudi leadership, particularly Crown Prince Muhammad bin Salman was interested in enhancing investments and fostering Pakistan’s growth.
Shehbaz briefly recalled his recent trip to Riyadh and progress on investment talks with the Saudi government and business people during his stay.
