Saudi business delegation due today for investment talks

MG News | May 05, 2024 at 05:37 PM GMT+05:00

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May 05, 2024 (MLN): A business and official delegation from the Kingdom of Saudi Arabia (KSA) will arrive in Pakistan today to hold business-to-business (B2B) meetings, said an official government post on X today.

The meetings will focus on trade deals and investment in joint ventures with Pakistani entrepreneurs, it added.

Talks are scheduled in various sectors of economy, and some progress is also expected on government-to-business (G2B) and government-to-government (G2G) deals, said the statement.

“Key sectors like IT, energy, and agriculture are set for ground-breaking B2B discussions," it added.

Earlier, Prime Minister Shehbaz Sharif had established a steering committee to gear up for strategic business talks with Saudi Arabia.

To note, Saudi Arabia Foreign Minister Prince Faisal Bin Farhan Al Saud, heading a delegation, arrived on a two-day visit in Pakistan on April 16-17.

He had expressed great significance and interest in the improving investment ecosystem in Pakistan.

The Saudi side had appreciated Special Investment Facilitation Council’s (SIFC) role in amicable resolution of KSA's legacy investment/business-related issues and had shown keen interest in investing in key sectors of Pakistan.

The Pakistan side had assured the Saudi side of maximum support and facilitation in fast-tracking the Kingdom's prospective multibillion dollars investments in Pakistan.

The two sides had also finalized a bilateral implementation mechanism to closely coordinate and execute investment related matters at the functional level to turn the sovereign commitments into tangible economic outcomes.

Saudi Foreign Minister had explained how Pakistan through the SIFC platform aimed to streamline investment processes and ensure rapid decision-making, fostering a flourishing investment-friendly environment in Pakistan.

He showcased Pakistan's abundant opportunities in agriculture, IT, and mining sectors, inviting Saudi investors to engage in mutually beneficial partnerships.

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