Pakistan is expected to finalise investment agreements worth $2 billion with Saudi Arabia. According to sources in the Ministry of Commerce, Saudi Arabia is set to invest over $5 billion by 2027, with signing of nearly 30 agreements across various sectors. A delegation of approximately 40 companies from both the government and private sectors will arrive in Pakistan for investment discussions. The agreements with Saudi Arabia will focus on sectors such as agriculture, information technology, and construction. The Saudi delegation will also sign contracts related to the petroleum and power sectors, as well as agreements for food security, meat exports, and Pakistani rice exports. Sources indicated that progress on established agreements in mining, oil refining, and railways will also be reviewed. The Ministry of Commerce has developed a framework for investment agreements with Saudi Arabia, projecting total investments exceeding $5 billion by 2027, with initial agreements of $2 billion expected soon.

In the first phase, the private sector from Saudi Arabia is expected to invest around $1 billion in Pakistan, with plans to enhance investment through local representatives. The majority of investments from Saudi Arabia are anticipated to come from the private sector. The official Saudi delegation will engage in discussions regarding projects under the Saudi Fund for Development. Meetings with both public and private sector officials in Pakistan are scheduled, with regulatory approvals and NOCs being reviewed at the governmental level. Notably, Prime Minister Shahbaz Sharif mentioned yesterday that Pakistan will sign agreements worth over $2 billion with the Saudi delegation arriving later this week.

Credit: Independent News Pakistan