Pakistan seeks $32 billion investment from Saudi Arabia

Pakistan seeks $32 billion investment from Saudi Arabia

The Government of Pakistan has extended an enticing offer to Saudi Arabia, presenting a comprehensive portfolio of 25 projects with the aim of securing a substantial $32 billion investment. These projects span across diverse sectors, encompassing infrastructure, tourism, energy, and technology, showcasing Pakistan's eagerness to bolster economic ties with the kingdom.

A notable proposal put forth during the discussions in Islamabad was the ambitious $2 billion railway project designed to connect major mining sites with the strategic port city of Gwadar. Additionally, Pakistan showcased its commitment to key infrastructure initiatives, such as the Diamer Bhasha Dam project, where an equity investment of $1.2 billion was offered. Moreover, plans for a luxury five-star hotel in the capital city of Islamabad were also tabled, signaling Pakistan's readiness to embrace lucrative ventures.

In outlining Pakistan's economic landscape, particular emphasis was placed on recent achievements, including the successful negotiation of an IMF agreement under the Standby Arrangement (SBA). Furthermore, Pakistan highlighted improvements in the investment climate and the notable trajectory of private sector-led growth, underscoring the nation's attractiveness for foreign investment.

Progress on addressing concerns raised by Saudi investors was shared, with significant advancements noted on four out of six identified issues. These included resolving matters pertaining to Karachi Electric/Aljomaih, Makhdoom Logistics, ACWA Power, and the pending profits for Saudi companies, reflecting Pakistan's commitment to fostering a conducive environment for investment.

Both Pakistan and Saudi Arabia reiterated their dedication to fortifying economic cooperation, with discussions centering on bilateral investments and regional dynamics. Following the deliberations, Saudi Foreign Minister Faisal bin Farhan Al Saud commended Pakistan's proactive stance and expressed optimism regarding the potential for further collaboration.

In response, Pakistani officials underscored the enduring significance of the bilateral relationship and stressed the importance of expeditiously implementing investments under the proposed arrangement. Mechanisms to facilitate investment implementation were explored, alongside endeavors to identify opportunities for mutual growth and prosperity.

Overall, the meetings culminated with a positive outlook on the deepening economic ties between Pakistan and Saudi Arabia. Plans for continued engagement and collaboration in various sectors were outlined, signaling a promising trajectory for bilateral relations and economic development.