Today, a high-profile Saudi business delegation landed in Islamabad with the aim of enhancing economic relations between Pakistan and Saudi Arabia. Led by leaders from over thirty prominent Saudi companies spanning diverse sectors, including agriculture, technology, retail, and corporate, the delegation seeks to foster strong partnerships and bolster investments in Pakistan’s growing economy.
Federal Ministers Musadik Malik and Jam Kamal Khan warmly welcomed the delegation, marking a significant step following Prime Minister Shehbaz Sharif’s recent diplomatic mission to Saudi Arabia, which laid the groundwork for expanded economic cooperation.
Anticipation is high for the signing of crucial agreements and Memorandums of Understanding (MoUs) during the visit, aimed at promoting mutually beneficial ventures across key sectors.
A significant Saudi delegation, comprising representatives from nearly 30 companies, arrived in Pakistan today (Sunday), signaling a potential $10 billion investment. This investment is expected to generate new job opportunities and contribute to economic growth.
Federal Minister for Petroleum, Musadik Malik, expressed optimism about the journey ahead, stating, “This time around, a journey of development will start instead of aid.”
In April, Planning Minister Ahsan Iqbal revealed that Saudi Arabia was considering investing $5 billion in Pakistan. Addressing a Business Summit in Islamabad, Iqbal highlighted the significance of Prime Minister Shehbaz Sharif’s upcoming visit to Saudi Arabia and the potential for enhanced economic collaboration.
Iqbal stressed the importance of expanding investment and exports, emphasizing the need for political stability to drive economic growth. He envisioned Pakistan becoming a $2 trillion economy by 2047 with sustained seven percent growth.
Additionally, Iqbal discussed ongoing discussions with China to accelerate the second phase of the China-Pakistan Economic Corridor (CPEC), as well as negotiations with the United Arab Emirates (UAE), Kuwait, and Qatar for further investment opportunities, demonstrating Pakistan’s commitment to fostering economic prosperity through international partnerships.
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