Pakistan is set to sign agreements worth approximately $2 billion with Saudi Arabia, as announced by Prime Minister Shehbaz Sharif. This significant development is expected to occur during the visit of a high-level Saudi delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, from October 9 to 11, 2024. The delegation's visit comes ahead of the Shanghai Cooperation Organisation (SCO) summit that Pakistan will host on October 15-16.
Key Highlights
- Agreements Overview: The agreements are aimed at strengthening economic ties between Pakistan and Saudi Arabia, involving both government and private sector representatives. Discussions will likely cover various sectors, including energy investments and infrastructure development.
- Saudi Delegation Composition: The delegation includes representatives from 32 leading Saudi firms, indicating a robust interest in exploring multi-billion dollar investments in Pakistan.
- Economic Context: This collaboration is part of broader efforts by Pakistan to enhance its economic stability, particularly following the successful negotiation of an IMF loan facility, supported by Saudi Arabia, China, and the UAE.
- Future Prospects: The agreements are expected to pave the way for increased trade and investment flows between the two nations, further solidifying their bilateral relationship.
