PM Shehbaz stresses need to fast-track first phase of Saudi investments

Prime Minister Shehbaz Sharif said on Tuesday that Pakistan and Saudi Arabia needed to work closely to expedite the first phase of Saudi investments in the country.

As per a press release by the Prime Minister’s Office (PMO), the premier stated this in a meeting with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, Radio Pakistan reported.

“The visit of the Saudi delegation marks the beginning of a new era of strategic and commercial partnership between our two countries,” the PM said.

The development comes days after the two countries vowed to fast-track an investment package worth $5 billion.

The PM also informed the Saudi delegation about the Special Investment Facilitation Council (SIFC) and its initiatives to promote investment in Pakistan.

He highlighted the key role of Chief of Army Staff (COAS) General Syed Asim Munir and the cooperation of all institutions for the promotion of investment in the country through SIFC, as per the statement.

Saudi Arabia likely to invest up to $1bn in Reko Diq Copper-Gold project

The PM expressed his gratitude to the Saudi leadership for increasing their investment footprint in Pakistan and highlighted the steps being taken by the government to promote foreign investment and achieve mutually beneficial partnerships with brotherly countries.

During the meeting, the Saudi FM expressed gratitude at the welcome given to the delegation and highlighted that the kingdom attached high importance to its strong and close ties with Islamabad.

“The foreign minister also conveyed the kingdom’s commitment to an enhanced strategic and economic partnership with Pakistan,” the press release said.

Last week, Pakistan and Saudi Arabia had affirmed their commitment to expediting the first wave of an investment package worth $5 billion and also emphasised the Kingdom’s supportive role in Pakistan’s economy and the mutual desire to strengthen trade and investment ties.

The understanding was reached during an official meeting of PM Shehbaz with Saudi Crown Prince Mohammad bin Salman that took place at Al-Safa Palace in Makkah Al-Mukarramah on April 7, according to a joint statement.

It stated that the discussions centred on fortifying the fraternal relations between the two brotherly nations and exploring avenues for enhanced collaboration across various sectors.

“Emphasis was placed on the Kingdom’s supportive role in Pakistan’s economy and the mutual desire to strengthen trade and investment ties. Both parties affirmed their commitment to expediting the first wave of investment package worth $5 billion which was discussed previously,” read the statement.