https://arab.news/y43a2
- Visit comes days after Pakistan, Saudi Arabia reaffirmed commitment to expedite $5 billion investment
- Pakistan state media on Sunday said Saudi Arabia would invest $1 billion in Reko Diq mining project
ISLAMABAD: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan will arrive in Pakistan on Monday on a two-day visit aimed at enhancing bilateral economic cooperation between the two countries, the Pakistani foreign office said.
The Saudi foreign minister’s visit comes a week after Crown Prince Mohammed bin Salman met Pakistani Prime Minister Shehbaz Sharif in Saudi Arabia and reaffirmed the Kingdom’s commitment to expedite an investment package worth $5 billion.
“The visit takes place essentially to expedite follow up on the understanding reached between Prime Minister Muhammad Shehbaz Sharif and HRH Mohammad bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia during their recent meeting in Makkah Al Mukarramah to enhance bilateral economic cooperation,” the foreign office said in a statement.
“This visit is aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership.”
The Saudi delegation comprises the foreign minister, minister of water and agriculture, minister of industry and mineral resources, deputy minister of investment, and senior officials from the Saudi energy ministry and the Saudi Fund for General Investments, according to the Pakistani foreign office.
The Saudi delegation is expected to hold meetings with the Pakistani president, the prime minister, the foreign minister and counterpart ministers, as well as the army chief and members of the apex committee of the Special Investment Facilitation Council, set up last year to oversee all foreign investments.
The Saudi government has not yet commented on the visit or its agenda.
Cash-strapped Pakistan desperately needs to shore up its foreign reserves and signal to the International Monetary Fund (IMF) that it can continue to meet requirements for foreign financing that has been a key demand in previous bailout packages.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
Saudi Arabia has also often come to cash-strapped Pakistan’s aid by regularly providing it oil on deferred payment and offering direct financial support to help stabilize its economy and shore up its forex reserves.
On Sunday, Pakistani state media reported Saudi Arabia was likely to invest $1 billion in the Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan province.