Saudi Arabian delegation led by finance minister arrives in Islamabad

ISLAMABAD: A high-level Saudi Arabian delegation on Sunday arrived in Pakistan to hold bilateral trade talks between the two countries.

The delegation is being led by Saudi Arabian Finance Minister Mohammed bin Abdullah Al-Jadaan.

It will hold meetings with different high-level officials during its stay. It will also hold talks on promotion of bilateral ties and economic and trade cooperation.

Though this could not be confirmed but Federal Information Minister Fawad Chaudhry had earlier said the delegation will include the Saudi Arabian investment head, minister for petroleum and minister for energy.

Read More: Saudi Arabia to invest for upliftment of basic infrastructure in Pakistan: Fawad

The visit has been in line with the previous announcement by the  government pertaining to Islamabad’s invitation to Riyadh for making investments in China-Pakistan Economic Corridor (CPEC) as well as other infrastructure projects countrywide.

The delegation is expected to sign five important Memorandums of Understanding (MoUs) with the government and prospect of setting up oil refineries in Gwadar will come under discussion as well, as per the sources.

During its six-day visit to Pakistan, the delegation will also sign an MoU to make investments in the Balochistan Reko Diq gold and copper mines, the sources further informed that agreements to privatise two Liquefied Natural Gas (LNG) power plants and sale of phosphate-containing fertilisers to Pakistan are also expected to be signed.

Few days earlier, during a press conference, Fawad Chuadhry said, “The kingdom has expressed interest in investing with us for CPEC projects as well as infrastructure development and to that end is bringing major investments here.”

Pakistan and Saudi Arabia have lately signed three MoUs for grant projects in Azad Jammu and Kashmir and Khyber Pakhtunkhwa for the health and education sectors.

Secretary Economic Affairs Division Syed Ghazanfar Abbas Jilani and the chief executive officer Saudi Fund for Development (SFD) signed the MoUs on behalf of their respective governments.