Pakistan to sign agreements worth over $2 billion with Saudis later this week — PM

ISLAMABAD: Pakistan will sign agreements worth over $2 billion with an incoming delegation from Saudi Arabia later this week, Prime Minister Shehbaz Sharif said on Tuesday, vowing that his government will not let the opposition derail the country from its path to economic progress. 

Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih is scheduled to visit Pakistan with a high-level delegation from Oct. 9-11, Pakistan’s foreign office confirmed on Monday. The Saudi delegation will arrive in Islamabad ahead of the Shanghai Cooperation Organization (SCO) summit scheduled to be held in the capital from Oct. 15-16. Pakistan’s foreign office said the Saudi delegation’s visit is aimed at boosting economic cooperation between the two countries. 

Addressing his cabinet members, Sharif took aim at former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, saying that its protests last week were aimed at hurting the country’s current economic gains. 

“And now that a Saudi delegation is coming and we are to sign agreements or MoUs worth more than $2 billion with them, to sabotage all these efforts is the biggest enmity against Pakistan,” the prime minister said during his televised address. 

“We will not allow this, we will not tolerate this and under no circumstances this will be allowed. Under any rate, under any cost,” he added. 

Pakistan and Saudi Arabia have been closely working in recent months to increase bilateral trade and investment deals, with Crown Prince Mohammed bin Salman reaffirming the Kingdom’s commitment to expedite an investment package of $5 billion to the South Asian country earlier this year.

Pakistan has been eyeing closer cooperation in trade, defense, energy and other sectors of the economy with regional allies as it seeks to escape a prolonged economic crisis that has drained its foreign exchange reserves and weakened its currency. 

The South Asian country formed the Special Investment Facilitation Council (SIFC), a hybrid civil-military body, last year to fast-track decisions related to investment. The SIFC seeks to attract foreign investment, particularly from Gulf countries, for its viral economic sectors. 

‘UNBREACHABLE SECURITY’

The Pakistani prime minister also spoke about the Karachi blast on Sunday night that killed three people, including two Chinese nationals. The separatist Balochistan Liberation Army (BLA), which routinely targets Chinese interests in Pakistan, had claimed responsibility for the incident.

Sharif said when a suicide bomber killed five Chinese engineers working on a hydropower project in Pakistan during March this year, the Chinese government sent Pakistan a “concerning” message, asking Islamabad to strengthen security measures for its citizens. 

The Pakistani prime minister said he had informed Chinese officials that Pakistan regretted the incident and was embarrassed by it. 

“But this does not mean that we will let go of matters. Our spirits are higher than they were before,” Sharif said. “And we will not spare any effort in strengthening these matters and to make security unbreachable [for Chinese nationals],” he added. 

The Pakistani prime minister said he had informed China’s ambassador in Islamabad regarding the security measures being taken by Pakistan ahead of the SCO summit. 

China is a major ally and investor in Pakistan, having pledged over $65 billion in road, infrastructure and development projects in Pakistan under the China-Pakistan Economic Corridor (CPEC), a part of Beijing’s Belt and Road Initiative, that aims to connect China to the Arabian Sea and help Islamabad expand and modernize its economy.