ISLAMABAD: Pakistan expects to sign investment agreements with Saudi Arabiaand the United Arab Emirates in the coming weeks, the prime minister’soffice said, as Islamabad builds on its ties with states that have recentlylent it billions of dollars.
A memorandum of understanding was expected with Saudi Arabia this month,with an investment framework accord set to be signed with the UAE inFebruary, Prime Minister Imran Khan’s office said in a statement followinga meeting on Wednesday.
The MoUs follow a similar agreement signed last month with China, it said.
The statement gave no details, but the daily Dawn newspaper quoted Board ofInvestment Chairman Haroon Sharif, as saying the investments were likely tobe in the oil refining, petrochemicals, renewable energy and mining sectors.
“We are expecting $10-billion-plus Saudi investments and the MoUs to besigned in this regard will not be common or vague but concrete agreements,”Dawn quoted him as saying, adding that Saudi Aramco would invest in an oilrefinery and also set up its own refinery in Pakistan.
Read Top Stories
Sharif said the UAE was interested in agriculture and housing investmentsand four Malaysian firms were interested in investments in the areas ofhalal meat, gemstones, information technology and hi-tech education.
The investments would be in addition to a $6-billion package provided toPakistan by Saudi Arabia and a similar-sized package, made up of loans andan oil payment credit facility, offered by the UAE.
The agreements come as Pakistan has sought to strengthen its publicfinances and reduce its current account deficit, which a report from theInternational Monetary Fund in November estimated to stand at 5.9 percentof gross domestic product in 2018.
