The upcoming visit of the high-level Saudi delegation, led by Foreign Minister Faisal bin Farhan bin Abdullah, underscores the commitment of both Saudi Arabia and Pakistan to strengthening their bilateral ties and fostering economic cooperation. The delegation’s visit, scheduled for April 15 to 16, 2024, follows recent discussions between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammad bin Salman, during which they agreed to enhance economic collaboration between the two countries.
One of the key highlights of the visit is Saudi Arabia’s decision to increase its deposits in the State Bank of Pakistan from $3 billion to $5 billion, demonstrating its continued support for Pakistan’s economy. Additionally, discussions are expected to focus on further investment initiatives, including the proposed $21 billion investment plan, which encompasses projects such as the development of a $7 billion copper mine and a $14 billion oil refinery.
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Notably, reports suggest that Saudi Arabia is considering investing up to $1 billion in the Reko Diq gold and copper mine, indicating its interest in contributing to Pakistan’s mining sector. As part of this agreement, Saudi Arabia is also expected to acquire shares in key Pakistani entities involved in the Reko Diq project.
During their visit, the Saudi delegation is scheduled to hold meetings with various Pakistani dignitaries, including the President, the Prime Minister, the Foreign Minister, counterpart Ministers, the Chief of Army Staff (COAS), and members of the Apex Committee of the Saudi Investment Forum in Pakistan. These engagements aim to facilitate productive discussions and pave the way for the implementation of bilateral agreements that will benefit both countries.
Overall, the visit of the Saudi delegation is anticipated to inject positive momentum into the existing economic partnership between Saudi Arabia and Pakistan, laying the foundation for deeper cooperation and mutual prosperity in the years to come.
