Pak-Saudi Business Conference: Business leaders hail MoUs worth $20 billion as 'historic'

It is only due to the charismatic personality of Prime Minister Imran Khan that Crown Prince Muhammad Bin Salman has termed himself as the ambassador of Pakistan in Saudi Arabia. "It is an unprecedented tribute ever paid to Pakistan," said Syed Zia Alumdar Hussain who participated in the Pak-Saudi Business Conference hosted for the Crown Prince MBS and his entourage by Prime Minister Imran Khan.
He said the signing of MoUs with a huge portfolio of $20 billion is a historic event which will usher into a new era of progress and prosperity in addition to converting our friendship into a strategic partnership. Alumdar said these MoUs would not only enhance the economic strength of Saudi Arabia in Middle East but also make Pakistan as most lucrative country for investment in South Asia.
He told that after the mega infrastructure project of "China-Pakistan Economic Corridor (CPEC), FDI (Foreign Direct Investment) was imperative to harvest the ultimate benefits. He said Saudi investment has not only dragged out Pakistan from the critical economic situation but also paved way for sustained development in this region. He specifically mentioned the proposed oil refinery which would be established with an investment of 10 billion dollars and told that it would not only trim the import oil bill of Pakistan but also help this region to meet its growing needs of oil in near future. He told that Saudi Arab would also invest in renewable energy sector which will gradually decrease Pakistan's dependence on hydrocarbon fuels
Continuing, Syed Zia Alumdar Hussain said China had initiated a new process to make this region a hub of economic activities through enhanced connectivity and now Saudi investment has further strengthened this gesture.
He told that although Pakistan and Saudi Arabia are enjoying cordial relations since its inception but probably this is for the first time that a powerful Saudi monarch has visited Pakistan along with his team to make strategic decisions for future investment.
From Faisalabad former president Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Muhammad Idrees, Zafar Iqbal Sarwar and Hajji Muhammad Ameen were also invited to attend this business conference.