Saudi Arabia’s crown prince, Mohammed bin Salman, is set to make his first state visit to Pakistan on Saturday, where he is expected to announce investment projects worth up to $20 billion, a senior official said.
The government will take up preferential trade agreement and ease of business visas with Saudi Crown Prince who heads a high-profile delegation to hold talks with Prime Minister Imran Khan on Saturday, according to senior officials of the Ministry of Trade in Islamabad.
Pakistan’s Minister for Information and Broadcasting Fawad Chaudhry said both the countries will sign at least eight memorandum of understandings (MoUs) to promote bilateral trade and investment in medium- to long-term period.
“Pakistan is open for business and investment. Prime Minister Imran Khan delivered this message at recent World’s Government Summit in Dubai and exchange of top-level delegations from the UAE and Saudi Arabia shows that we are on right track,” Chaudhry said on Friday.
The Wall Street Journal reported last month that Saudi Arabia and the UAE have offered Pakistan approximately $30 billion in investment and loans. In addition to oil imports worth $6 billion on deferred payments, both the countries have already deposited $3 billion each in Pakistan’s central bank to ease balance of payments crisis and support the rupee.
“The UAE and Saudi Arabia are going to set up mega refineries in Pakistan to cater to the local demand as well as to export surplus products to regional markets,” Chaudhry said.
Last month, Saudi Energy Minister Khalid Al Falih visited Gwadar and inspected the site for the proposed oil refinery and petrochemicals complex that will cost up to $10 billion in five years.
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