The Government of Pakistan has extended an enticing offer to Saudi Arabia,presenting a comprehensive portfolio of 25 projects with the aim ofsecuring a substantial $32 billion investment. These projects span acrossdiverse sectors, encompassing infrastructure, tourism, energy, andtechnology, showcasing Pakistan’s eagerness to bolster economic ties withthe kingdom.
A notable proposal put forth during the discussions in Islamabad was theambitious $2 billion railway project designed to connect major mining siteswith the strategic port city of Gwadar. Additionally, Pakistan showcasedits commitment to key infrastructure initiatives, such as the Diamer BhashaDam project, where an equity investment of $1.2 billion was offered.Moreover, plans for a luxury five-star hotel in the capital city ofIslamabad were also tabled, signaling Pakistan’s readiness to embracelucrative ventures.
In outlining Pakistan’s economic landscape, particular emphasis was placedon recent achievements, including the successful negotiation of an IMFagreement under the Standby Arrangement (SBA). Furthermore, Pakistanhighlighted improvements in the investment climate and the notabletrajectory of private sector-led growth, underscoring the nation’sattractiveness for foreign investment.
Progress on addressing concerns raised by Saudi investors was shared, withsignificant advancements noted on four out of six identified issues. Theseincluded resolving matters pertaining to Karachi Electric/Aljomaih,Makhdoom Logistics, ACWA Power, and the pending profits for Saudicompanies, reflecting Pakistan’s commitment to fostering a conduciveenvironment for investment.
Both Pakistan and Saudi Arabia reiterated their dedication to fortifyingeconomic cooperation, with discussions centering on bilateral investmentsand regional dynamics. Following the deliberations, Saudi Foreign MinisterFaisal bin Farhan Al Saud commended Pakistan’s proactive stance andexpressed optimism regarding the potential for further collaboration.
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In response, Pakistani officials underscored the enduring significance ofthe bilateral relationship and stressed the importance of expeditiouslyimplementing investments under the proposed arrangement. Mechanisms tofacilitate investment implementation were explored, alongside endeavors toidentify opportunities for mutual growth and prosperity.
Overall, the meetings culminated with a positive outlook on the deepeningeconomic ties between Pakistan and Saudi Arabia. Plans for continuedengagement and collaboration in various sectors were outlined, signaling apromising trajectory for bilateral relations and economic development.