A high-level Saudi Arabian delegation, led by Foreign Minister Prince Faisal bin Farhan bin Abdullah, will commence a two-day official visit to Pakistan on Monday. This significant engagement follows discussions between Crown Prince Mohammed bin Salman Al Saud and Prime Minister Shehbaz Sharif, underscoring Riyadh’s enduring commitment to Islamabad.
Scheduled from April 15 to 16, the visit aims to bolster bilateral cooperation and foster a mutually beneficial economic partnership between the two nations. The Saudi delegation, comprising key figures such as Engineer Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, and Deputy Minister of Investment Badr AlBadr, among others, will engage in discussions to advance various sectors of collaboration.
According to Foreign Office spokesperson Mumtaz Zahra Baloch, this visit is a proactive step towards realizing the agreements made between PM Shehbaz and Crown Prince Mohammed bin Salman in Makkah, focusing on enhancing economic ties.
Throughout their stay, the Saudi delegation is anticipated to hold meetings with President Asif Ali Zardari, PM Shehbaz, Chief of Army Staff (COAS) General Syed Asim Munir, and other key officials, further solidifying the bond between the two nations.
Meanwhile, Saudi Arabia is poised to inject a substantial $1 billion into the Reko Diq Copper-Gold Project nestled in the scenic Chagai District of Balochistan Province, Pakistan. This investment, scheduled for next month pending clearance by the Special Investment Facilitation Council (SIFC), marks a significant milestone in bilateral economic cooperation.
To ensure a seamless process for Saudi Arabia’s investment, the Prime Minister intends to establish a dedicated committee within the Ministry of Finance. This committee will bring together all relevant stakeholders from Pakistan, fostering a collaborative approach to facilitate the investment.
This milestone highlights the effective efforts of the Special Investment Facilitation Council (SIFC) in fostering an enabling environment for foreign investment within the nation. The injection of such a substantial amount of capital is expected not only to pave the way for further foreign investments but also to align with SIFC’s mandate to spur economic growth.
Following this significant investment, Pakistan and Saudi Arabia are expected to solidify their economic ties by signing agreements aimed at strengthening investment within the mining sector. This move signifies a deeper level of commitment to mutual economic prosperity and partnership between the two nations.
The Reko Diq Copper-Gold Project holds immense potential for both Pakistan and Saudi Arabia, with promising prospects for economic development and job creation. By investing in this project, Saudi Arabia demonstrates its confidence in Pakistan’s investment climate and its commitment to contributing to the country’s economic advancement.
Overall, this injection of capital into the Reko Diq project represents a significant step forward in the economic partnership between Pakistan and Saudi Arabia, with far-reaching implications for both nations’ economies and bilateral relations.
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