Saudi delegation led by FM Prince Faisal bin Farhan lands in Pakistan
A Saudi delegation, led by Foreign Minister Prince Faisal bin Farhan Al Saud, landed in Pakistan on Monday for a two-day visit.
The delegation landed at Rawalpindi’s Nur Khan Airbase and was received by Foreign Minister Ishaq Dar.
The delegation consists of Saudi Minister of Water and Agriculture Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim Al Khorayef, Deputy Minister of Investment Badr Al Badr, the head of Saudi Special Committee, Mohammad Mazyed Al Towaijri and senior officials from Ministry of Energy and Saudi Fund for General Investments.
The visit is taking place to expedite action on the understanding reached between Prime Minister Shehbaz Sharif and Saudi Crown Prince and Prime Minister Mohammad bin Salman, during their recent meeting in Makkah to enhance bilateral economic cooperation.
The two had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan.
The Saudi team is expected to hold meetings with the president, the prime minister, the foreign minister, counterpart ministers, the army chief and the Special Investment Facilitation Council. The two leaders had held a meeting a day ago during the prime minister’s visit to Saudi Arabia in his first foreign trip since his election.
In January last year, the crown prince had directed the Saudi Development Fund (SDF) to study increasing the deposit amount in the State of Bank of Pakistan (SBP) to $5bn.
The move, according to the Saudi Press Agency, confirmed Saudi Arabia’s position on supporting the economy of Pakistan and its “sisterly people”.
In September 2023, then-caretaker prime minister Anwaarul Haq Kakar had said Saudi Arabia would invest up to $25 billion in Pakistan over the next two to five years in various sectors.
Kakar, speaking to journalists at his official residence, said Saudi Arabia’s investment would come in the mining, agriculture and information technology sectors, and was part of a push to increase foreign direct investment in Pakistan.
A joint statement issued today said that the premier and the crown prince’s discussions had centred on fortifying the fraternal relations between the two nations and exploring avenues for enhanced collaboration across various sectors.
“Emphasis was placed on the kingdom’s supportive role in Pakistan’s economy and the mutual desire to strengthen trade and investment ties. Both parties affirmed their commitment to expediting the first wave of [an] investment package worth $5bn which was discussed previously,” it said.
It said that both leaders also exchanged views on regional and global developments of mutual interest, including the situation in Gaza.
PM Shehbaz and the Saudi crown prince called for international efforts to halt Israeli military operations in Gaza and mitigate the humanitarian impact.