February 18, 2019 (MLN): The arrival of Crown Prince of Saudi Arabia has opened way to various new avenues for Pakistan as the country looks forwards to an overall investment worth $21 billion in future.
According to the sources Saudi Arabia is to invest $7 billion in the short term (1-2 Years), of which $4 billion is allocated for 2 RLNG plants, $2 billion for ACWA Power and $1 billion goes to the Saudi Fund for Pakistan.
The mid-term (2-3 years) investment offered to Pakistan totals at $2 billion, of which $1 billion goes for Petro-chemical projects and $1 billion goes into Food & Agriculture projects.
In addition to this, a sum of $12 billion will be invested for long-term (3-5 years), $10 billion of which will be assigned for Aramco Oil Refinery and $2 billion apportioned for Mineral Development.
At the sidelines of the Investors’ Conference being held in Islamabad, Saudi Minister of Commerce and Investment, Majid Bin Abdullah Al Qasabi said that Pakistan and Saudi Arabia have huge potentials required for attracting global investments into their respective countries. “Pakistan has all the ingredients for the recipe of success,” he said, listing down natural resources, agricultural resource and human resource that could be exploited for investments.
He said that the formation of Pak-Saudi Supreme Council would take the partnership to new levels and promote economic and political ties and help improve communication, participation and partnership. The Councils would also help addresses the issues and challenges and eliminate all the obstacles, he added.
The minister said investments of $21 billion by Saudi Arabia in Pakistan indicate that there were clear opportunities that would benefit both the brotherly countries.
“We would invest in downstream industries and I hope that such partnership would enhance investment and create more businesses and enhance economic environment in Pakistan and benefit both the countries,” he remarked
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