February 13, 2019: Board of Investment (BOI) Chairman Haroon Sharif here on Wednesday said the upcoming visit of Saudi Crown Prince Muhammad Bin Salman to Pakistan was expected to bring investments up to $15 billion in different sectors, particularly energy.
“This would be a historical and highest-ever foreign investment in the country” he said.
He said that four agreements would be signed between the governments of Pakistan and Saudi Arabia during the visit of Saudi Crown Prince, scheduled on Saturday, February 16.
These include up to $10 billion agreement on establishment of Oil Refinery in coastal city Gwadar, $4 billion agreement for development of alternate energy and agreement for development of mineral and mines sector in Balochistan province, Haroon added.
The Chairman BOI said that $3 billion agreement related to importing oil on differed payment would also be signed during the visit, which he said would provide relief on current account side and help development of country’s economy.
He said that Saudi Arabia was also interested to invest in different potential sector of hospitality, Agro industry and Informational Technology to enhance the economic relations and promote trade ties between the two countries.
In addition, around forty business and investment groups are scheduled to come with Crown Prince and interact with local business community including Federation of Pakistan Chamber of Commerce (FPCCI) to negotiate different mutual opportunities in trade and investment.
He said that the Gwadar port has been offering huge opportunities in terms of regional and global connectivity and it was due to this that Pakistan has become an attractive destination for whole world.
Haroon was of the view that China Pakistan Economic Corridor (CPEC) that connects Gwadar with China and Central Asian Countries as part of One Belt One Road (OBOR) has improved connectivity and provided easy access to reach potential markets.
Hence, investors outside wanted to cash this opportunity and invest in different sectors of Pakistan economy, which would provide win-win situation for them as well as Pakistan, he added.
Chairman BOI said it was one of the top priorities of Prime Minister Imran Khan to bring foreign investment into the country and enhances trade ties with all potential regions including the Middle Eastern countries.