Visit to begin on 5th: PM sets up panel to facilitate private sector team from KSA

ISLAMABAD: Prime Minister Shehbaz Sharif has constituted a 16-member Inter-Ministerial Committee headed by Federal Minister for Petroleum and Natural Resources, Dr. Musadik Masood Malik to facilitate Saudi private sector delegation, scheduled to visit Pakistan from May 5-7, 2024, sources in the Petroleum Division told Business Recorder.

Musadik Malik, whose ministry deals with Reko Diq, OGDCL and other natural resource entities, accompanied the Prime Minister during his recent visit to Saudi Arabia to attend World Economic Forum.

The top bosses of Saudi gold refinery Manara, basic chemical industries, Sufraa Najd, MISA, ELM, CyberCave, International System, Rawabit Energy, Al Jomaih Energy and Water, Fawaz Al Hokair Group, Red Sea Gate, Riyadh Air, Tammi Global Co. Ltd, IFC, NAdec, Hasela Najad, Leen Alkhair, Tawal by Sto, Al Otaishan Holding, Alkifiah Holding, etc. are expected to be part of visiting delegation.

Saudis informed about SIFC’s proactive role

Pakistan is eyeing an investment of up to $15-20 billion from Saudi Arabia in different sectors/ fields including purchase of public sector entities or share purchases to deal with its financial woes.

The Committee will comprise of; (i) Musadik Malik( Chairman); (ii) Minister for Commerce, Jam Kamal Khan; (iii) Minister for Privatisation/BoI, Aleem Khan; (iv) Minister for Power, Sardar Awais Ahmad Khan Leghari; (v) Minister for Industries and Production, Rana Tanveer Hussain; (vi) Minister for Information Technology and Telecommunication, Shiza Khawaja; (vii) Deputy Chairman Planning Commission, Dr. Jehanzeb Khan; (viii) Secretary Power; (ix) Secretary Petroleum; (x) Secretary Interior; (xi) Secretary IT& Telecommunication; (xii) Secretary Board of Investment; (xiii) Secretary Commerce(Secretary); (xiv) Pakistan’s ambassador to KSA;(xv) Secretary SIFC; and (xv) Chief of Protocol, Ministry of Foreign Affairs.

The Terms and Reference of the Committee shall be as follows: (i) make necessary arrangements for arrival, protocol, business meetings and security of Saudi delegation; (ii) finalize business delegation from Pakistan side to match the visiting delegation ;(iii) conduct matchmaking exercise among the companies from the two countries part of their respective delegations ; and (iv) ensure follow up B2B meetings.

Saudi Arabia is interested to invest in hotel industry, renewable energy projects especially solar projects in South Punjab, Rekodiq and petrochemical refinery. Federal Government also offered two plots to Saudi Arabia for hotels in key locations of Islamabad.

The Petroleum Division, sources said, has finalized draft of a new policy framework to facilitate investment from Saudi Arabia’s energy giant M/s Aramco, which has now shown interest in establishment of petrochemical refinery instead of oil refinery, as a joint venture with China’s Sinopec

Dr. Majid Al-Kassabi, Saudi Commerce Minister, underscored the importance of strengthening business and trade relations between the two countries.

He offered his Ministry’s support for connecting Pakistani businesses with the right Saudi partners to encourage frequent exchange of visits between the private sector companies from both sides.

Saudi Commerce Minister held a meeting with Prime Minister Shahbaz Sharif during his recent visit and discussed different avenues of cooperation in the private sector.

The sources said, GCC countries including Saudi Arabia want special treatment for investing in Pakistan at the B2B level instead of trade. Government has already shown its consent to amendment of Bilateral Investment Treaty (BIT) as per the proposals of GCC countries.

Prime Minister Sharif while addressing the World Economic Forum said that Pakistan’s debt trap has become a “death trap” but that the incumbent government will use all its energies to come out of this mess.

Copyright Business Recorder, 2024