Achi news desk-
- Delegation visits Pakistan on special directives of MBS.
- The delegation to hold talks on promoting Pak-Saudi trade.
- 76 Pakistani business companies to engage in outsourcing.
ISLAMABAD: A trade delegation comprising various Saudi investors touched down in Islamabad on Sunday, with the aim of exploring investment opportunities in various sectors in Pakistan.
The 50-member delegation, which includes representatives of about 30 companies, was received by Federal Minister for Petroleum Musadik Malik and Commerce Minister Jam Kamal in the federal capital.
The delegation is visiting Pakistan on the special directives of Saudi Crown Prince Mohammed Bin Salman.
He will also hold discussions regarding various sectors for promoting Pak-Saudi trade and strengthening business ties with local entrepreneurs.
On the occasion, Kamal said that the purpose of this visit was to promote bilateral trade, on which agriculture, mining and human resources sectors will focus.
Furthermore, energy and marine and other sectors will also be targeted. The Pakistani companies will share their recommendations with the Saudi investors.
Pak-Saudi investment conference
A two-day investment conference between Pakistan and Saudi Arabia will begin tomorrow (Monday) to promote bilateral trade and investment, as well as foster a new era of growth and prosperity for the people of both countries.
The companies that are part of the delegation represent different economic sectors, including information technology, telecommunications, energy, aviation, construction, mining exploration, agriculture and human resource development.
An official from the Ministry of Commerce said that there would be a large number of Pakistani companies in the respective sectors whose officials would hold business-to-business meetings with their counterparts in Saudi Arabia, and hopefully they would enter into business and investment agreements.
He said Saudi Arabia was an oil-based economy with strong government controls over major economic activities, however, it was now being transformed to reduce dependence on oil, diversify sources of income and improve competitiveness under Vision 2030.
Earlier, Malik had said that 76 Pakistani business firms have been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will increase at the government and private levels.
He said that discussions will be held at the federal level regarding petroleum, electricity and oil sectors, adding that about eight to 10 projects worth $8-10 billion will also be discussed.
“Projects from $500 million to $1 billion will also be included in the discussions,” said the minister.
He added that the discussions would also include the modernization of the refinery.
