A cohort of Saudi Arabian entrepreneurs arrived in Pakistan this past Sunday, eager to identify potential investment avenues within a multitude of sectors, signaling the prospect of multi-billion-dollar inflows to the financially constrained nation.
The group, consisting of around 50 individuals from nearly 30 firms, was welcomed by Pakistan’s Petroleum Minister Musadik Malik and Commerce Minister Jam Kamal Khan. The delegation’s trip, prompted by the orders of Crown Prince Mohammed Bin Salman, is spearheaded by Saudi Arabia’s Deputy Investment Minister Ibrahim Almubarak.
This assembly of Saudi businessmen is set to participate in a two-day Pakistan-Saudi Arabia investment summit starting on Monday. The conference aims to enhance trade relations and joint ventures, fostering a new chapter of economic development and mutual prosperity for both countries.
During their visit, the Saudi delegation is anticipated to engage in dialogues across various industries, aiming to amplify Pak-Saudi commerce and fortify connections with Pakistani business figures.
Representatives from the Saudi side hail from diverse fields such as information technology, telecommunications, energy, aviation, construction, mining, agriculture, and human resource development. Minister Jam Kamal Khan has underscored that the visit focuses on nurturing bilateral trade, with an emphasis on agriculture, mining, and human resourcing, while also targeting the energy and maritime sectors. He noted that Pakistani enterprises will present their proposals to the Saudi investors during one-on-one meetings.
An official from Pakistan’s Ministry of Commerce, as reported by Geo News, mentioned that Saudi Arabia is pivoting away from its traditional oil-reliant economy towards a more diversified and competitive landscape under their Vision 2030 initiative.
Minister Malik highlighted that high-level discussions would revolve around the energy sector, including petroleum, electricity, and oil refining. Additionally, several projects ranging from $500 million to $1 billion are set to be deliberated, with the modernization of refineries also on the agenda.
The Saudi delegation’s arrival coincides with ongoing discussions about Saudi investments in Pakistan, following Prime Minister Shehbaz Sharif’s recent visit to the Kingdom.