Pakistan eyeing billions of dollars in investment after visit of large Saudi delegation

• Saudi delegation impressed by Pakistan’s preparations: Prime Minister.
• “We must ensure the completion of this investment in Pakistan.”
• Pakistan has proposed 25 projects with a potential investment of $32 billion.

A day after Saudi Foreign Minister Prince Faisal bin Farhan wrapped up his two-day visit to Islamabad, Prime Minister Shehbaz Sharif hinted that the kingdom is investing billions of dollars in Pakistan.

Chairing a meeting of the federal cabinet in the federal capital on Wednesday, the prime minister said billions of dollars in investment were expected as a result of the recent visit of the high-level Saudi delegation.

Praising the efforts of the federal cabinet and relevant authorities for the successful visit, he said the Saudi delegation was impressed by the preparations of Pakistani ministers and officials.

Addressing a joint press conference with his Pakistani counterpart Ishaq Dar, Saudi Foreign Minister Prince Faisal said on Tuesday that he described his visit to Pakistan to discuss investments as positive, saying he was extremely impressed by the proactive attitude of the Pakistani government.

Saudi Arabia’s foreign minister said there are several avenues for the kingdom to increase its investment in Pakistan.

The prime minister, in today’s cabinet meeting, also thanked Saudi Crown Prince Mohammed bin Salman for his special interest in Pakistan, which led to a successful visit by the Saudi delegation.

“We must ensure the completion of this investment in Pakistan with the same spirit and commitment,” he added.

The prime minister warned that no hurdles or obstacles will be allowed in this matter.

He also reiterated his commitment to work day and night for the progress and prosperity of Pakistan as promised to the people. “If we continue to work hard, we will soon achieve Pakistan’s growth, prosperity and economic stability.”

According The newsPakistan has launched 25 projects with an estimated desired potential investment of over $32 billion before a high-powered visiting delegation from the Kingdom of Saudi Arabia, including a rail link linking major mining sites and Gwadar with an investment of $2 billion.

Islamabad also identified the long-awaited Diamer Bhasha Dam with an equity investment of $1.2 billion. Pakistan has also sought an investment to carry out the feasibility of a five-star luxury hotel for which land is available with the Capital Development Authority (CDA).

The Special Investment Facilitation Council (SIFC), which is run jointly by military and civilian sides, on Tuesday made a detailed presentation before the KSA delegation and briefed them on the evolving economic landscape of the country where Islamabad entered into an agreement with the IMF in under the Standby Arrangement (SBA programme), increase in repatriation of overseas earnings, expected reduction in inflation in the next financial period 2024-25, adoption of market-based exchange rate, improved investment climate in the wake of SIFC initiatives and private sector growth with particular emphasis on privatization, public-private partnership and reduced government footprints.