50-member Saudi trade delegation to reach Pakistan today

• Delegation aims to explore investment opportunities.
• Includes representatives of about 30 Saudi companies.
• Seeks to strengthen business ties with local entrepreneurs.

RIYADH: A high-level trade delegation from Saudi Arabia is scheduled to arrive in Pakistan on Sunday (tomorrow) with the aim of exploring investment opportunities in various sectors.

According to Saudi publication, Sabq, the 50-member delegation includes representatives of about 30 companies in the Kingdom representing various economic sectors. 

This includes information technology, communications, energy, aviation, construction, mineral exploration, agriculture, and human resource development.

The delegation will also hold discussions regarding various sectors for the promotion of Pak-Saudi trade and strengthening business ties with local entrepreneurs.

Federal Minister of Petroleum Musadik Malik also confirmed regarding the arrival of a business delegation to Pakistan.

The minister said 76 Pakistani business companies have been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels.

Malik said that talks will place on the federal level regarding petroleum, electricity and oil refining sectors, adding that about eight to 10 projects worth $8-10 billion will also come under discussion.

"Projects from $500 million to $1 billion will also be included in the discussions," said the minister. He added that the discussions will also include modernisation of the refinery.

Malik said investment on Diamer-Bhasha Dam will also take place.

The delegation's arrival in Pakistan is followed by Prime Minister Shehbaz Sharif's visit to Saudi Arabia to attend the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy.

During his visit, the premier also met Saudi Crown Prince Mohammed bin Salman to discuss cooperation in various sectors and also held a meeting with Saudi Minister of Commerce Dr Majid bin Abdullah Al-Qasabi.

In his meeting with the minister, PM Shehbaz said that the economic ties between Islamabad and Riyadh had entered a new era as both countries were set to take concrete measures to boost the volume of bilateral trade.

The Saudi minister said that the Kingdom was prioritising trade and investment in Pakistan, adding that a delegation of Saudi businessmen, traders and investors would soon visit the country. 

Last month, a high-level delegation from Saudi Arabia led by Foreign Minister Prince Faisal bin Farhan bin Abdullah had also visited Islamabad on a two-day visit aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership.

The delegation consisted of Saudi Minister of Water and Agriculture Engineer Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, Deputy Minister of Investment Badr AlBadr, Head of Saudi Special Committee Mohammad Mazyed Al Towaijri, and senior officials from Ministry of Energy and Saudi Fund for General Investments.