A high-level Saudi Arabian delegation arrived in Islamabad for bilateral trade talks.
Led by Saudi Arabian Finance Minister Mohammed bin Abdullah Al-Jadaan, the delegation is expected to sign five important memorandums of understanding with Pakistan. According to the sources, the prospects of setting up oil refineries in Gwadar would also come under discussion.
The delegation will hold meetings at different high-level offices during its stay. “It will also hold talks on promotion of bilateral ties and economic and trade cooperation,” the sources said.
During its six-day visit to Pakistan, the delegation will also sign a MoU to make investments in Balochistan’s Reko Diq gold and copper mines. The sources said that agreements to privatize two liquefied natural gas (LNG) power plants and sale of phosphate-containing fertilizers to Pakistan by Saudi Arabia are also expected to be signed.
Pakistan and Saudi Arabia have lately signed three MoUs for grant projects in Azad Jammu and Kashmir and Khyber Pakhtunkhwa in health and education sectors. Secretary Economic Affairs Division Syed Ghazanfar Abbas Jilani and CEO Saudi Fund for Development signed the MoUs on behalf of their respective governments.
Parliamentary Secretary for Information, Jaweria Zafar Ahaheer said that Saudi Arabia’s plan to invest billions of dollars in Pakistan was ample proof of Saudi Government’s trust in the dynamic leadership of Prime Minister Imran Khan. Pakistan would play a mediator role between Iran and Saudi Arabia and dialogue are the solution of all problems, she said.
According to a senior government official, Pakistan is rapidly becoming the best destination for investment with improved security and favorable business environment backed by strong macro-economic indicators.
As per reports, the Saudi Arabian officials are also expected to sign an agreement to sell petroleum products to Pakistan on deferred payments.