Islamabad, October 9, 2024 – Saudi Arabia and Pakistan are set to sign investment agreements worth $2 billion, with a framework already prepared for further collaboration. According to sources from the Ministry of Commerce, Saudi Arabia plans to invest more than $5 billion in Pakistan by 2027.
The agreements, covering various sectors, will involve the signing of nearly 30 contracts between the two nations. A delegation of around 40 companies from both public and private sectors will arrive in Pakistan to explore investment opportunities.
Key areas of investment will include agriculture, information technology, and construction materials. The Saudi delegation is also expected to sign agreements in the petroleum and power sectors, as well as in food security, meat exports, and the export of Pakistani rice.
Sources further revealed that progress on previously agreed deals in mining, oil refining, and railways will also be reviewed. The investment framework is designed to facilitate the smooth implementation of these agreements, with the initial $2 billion agreements expected to be finalized soon.
In the first phase, Saudi Arabia’s private sector is expected to invest approximately $1 billion in Pakistan, with plans to expand investments through local representatives. The Saudi government will also engage in discussions under the Saudi Fund for Development to finalize key development projects.
Both government and private sector officials will meet with their Pakistani counterparts to discuss regulatory approvals, no-objection certificates (NOCs), and other formalities. It is anticipated that regulatory processes will be expedited to facilitate swift implementation.
Prime Minister Shehbaz Sharif recently stated that Pakistan is on track to sign over $2 billion worth of agreements with the Saudi delegation by the end of this week.
