Pakistan eyes billions of dollars investment after high-powered Saudi delegation visit

• Saudi delegation impressed by preparations of Pakistan: PM. 
• “We must ensure completion of this investment in Pakistan."
• Pakistan pitched 25 projects with potential investments of $32bn.

A day after a Saudi Foreign Minister Prince Faisal bin Farhan concluded his two-day visit to Islamabad, Prime Minister Shehbaz Sharif has hinted at the kingdom investing billions of dollars in Pakistan.

Chairing a meeting of the federal cabinet in the federal capital on Wednesday, the premier said that billions of dollars’ worth of investment was expected as a result of the recent visit by the high-level Saudi delegation.

Commending the efforts of the federal cabinet and relevant authorities for the successful visit, he said the Saudi delegation was impressed by the preparations of Pakistani ministers and officials.

Addressing a joint press conference along with his Pakistani counterpart Ishaq Dar, Saudi FM Prince Faisal said on Tuesday described his visit to Pakistan to discuss investments as positive saying he was extremely impressed by the proactive attitude of the Pakistani government.

The Saudi foreign minister there are various avenues for kingdom to increase its investment in Pakistan.

The prime minister, in today’s cabinet meeting, also thanked Saudi Crown Prince Mohammed bin Salman for his special interest in Pakistan, which led to a successful visit by the Saudi delegation.

“We must ensure the completion of this investment in Pakistan with the same spirit and dedication,” he added.

The premier warned that no obstacles or hindrances in this regard will be allowed.

He also reiterated his commitment to working day and night for Pakistan’s progress and prosperity, as promised to the people. “If we continue to work hard, we will soon achieve Pakistan’s development, prosperity, and economic stability.”

According to The News, Pakistan has pitched 25 projects with estimated desired potential investments of over $32 billion before a high-powered visiting delegation of the Kingdom of Saudi Arabia, including a rail link connecting major mining sites and Gwadar with an investment of $2 billion.

Islamabad also identified the much-awaited Diamer Bhasha Dam with an equity investment of $1.2 billion. Pakistan has also sought an investment for conducting the feasibility of a luxury five-star hotel for which the land is available with the Capital Development Authority (CDA).

The Special Investment Facilitation Council (SIFC), jointly run by the military and civilian sides, on Tuesday made a detailed presentation before the KSA delegation and apprised them about the evolving economic landscape of the country where Islamabad struck an IMF agreement under the Standby Arrangement (SBA) programme, growth in repatriation of profits abroad, expected decline in inflation in next fiscal 2024-25, adoption of market-based exchange rate, improved investment climate in the wake of SIFC initiatives and private sector-led growth with special focus on privatisation, public-private partnership and reduced state footprints.