The governments of Pakistan and the Kingdom of Saudi Arabia (KSA) are likely to sign several agreements, most notably the Bilateral Investment Treaty (BIT), during the upcoming visit of Saudi Crown Prince and Prime Minister Mohammed Bin Salman to Pakistan.
A national daily, quoting sources, has reported that Finance Minister Ishaq Dar and Saudi Minister for Energy Prince Abdulaziz bin Salman held a virtual meeting in the last week of October to discuss the proposed agreements during the visit of Prince Mohammad Bin Salman.
The notable projects likely to be signed during the visit include the construction of the Mohmand Dam, Neelum–Jhelum Hydropower project, Jamshoro power project, Abbottabad to Muzaffarabad road project, two tunnels at Kohori/Kamer and ChellaPani, a section of Neelum Valley road, Jagran-IV Hydropower project, Shounter Hydropower project, and King Salman Hospital Tarlai.
Both sides will also discussion an extension in the agreement on financing and supplying crude oil and petroleum products to Pakistan, signed between the Saudi Fund for Development (SFD) and the government of Pakistan. The supply of LNG to Pakistan will also be deliberated.
Pakistan has also shown interest in joint energy initiatives with KSA which could potentially be under consideration during the upcoming visit. During a recent meeting between Minister of State for Petroleum Dr. Musadik Malik and Prince Abdulaziz bin Salman, Pakistan sought the establishment of an oil refinery by KSA.
The two sides are also expected to finalize the projects related to other sectors including information communication technology, tourism, mining, aviation, and maritime during the high-level visit.
Foreign direct investment is thing which is direly needed to dollar strapped Pakistan in the shape of generous help extended by time tested friend Saudi Arabia who never lag behind when we are in trouble.