Saudi Delegation to visit Pakistan in October, investments on agenda

Karachi : A delegation from Saudi Arabia, including Saudi Minister for Finance and Energy, is to visit Pakistan during the first week of October, said Information Minister Fawad Chaudhry, following Prime Minister Imran Khan’s first foreign visit to any country since taking office.

The visit shall lay down a “foundation for a very big partnership” said the Minister for Information after Prime Minister Imran Khan’s remarks on Sunday assuring the nation of Saudi Arabia’s continued support to the nation in difficult times, and the desire of Pakistan to stand by it.

On Thursday, Islamabad had invited Saudi Arabia to become the third partner in the Beijing-funded Belt and Road corridor of major infrastructure projects inside Pakistan.

“Saudi Arabia is the first country whom we have invited as the third country partner in CPEC,” said Information Minister Chaudhry, while referring to the CPEC, the Pakistan leg of China’s vast Belt and Road infrastructure initiative.

Against media reports that Riyadh would “invest $10 billion in Pakistan,” Federal Finance Minister Asad Umar on Sunday cleared that misconception, informing the local media that Pakistan and Saudi Arabia will determine the details regarding the amount and areas of investments in the meeting scheduled in Islamabad during the first week of October.

Among other things, Umer said that the PM’s visit to Saudi Arabia and the United Arab Emirates addressed measures for trade intensification and investments in the country, which will help meet the country’s external financing gaps and mitigate its balance of payments crisis.