Daily Times

Pakistan will ensure all possible support for Saudi Arabia’s investment in various projects of the country, Privatization Minister Abdul Aleem Khan said on Monday, as he held a follow-up meeting with the kingdom’s Assistant Minister of Investment Ibrahim AlMubarak regarding the various agreements signed between the two countries this month.

Pakistan and Saudi Arabia this month signed over $2 billion in agreements and memorandums of understanding (MoUs) between the businesses of both countries. The agreements were signed during the visit of Saudi Investment Minister Khalid bin Abdulaziz Al-Falih to Islamabad earlier this month, who arrived leading a high-level delegation of Saudi businesspersons.

Khan held a follow-up meeting with AlMubarak via video link to discuss the agreements signed between the two countries, Khan’s ministry said. Both sides also discussed Pak-Saudi joint ventures and MoUs in various fields.

“We will ensure all possible support for Saudi Arabia’s investment in Pakistan,” Khan was quoted as saying by his ministry. “This investment will reach its completion in the light of Saudi Investment Minister Khalid bin Abdulaziz Al-Falih’s visit.”

The privatization ministry said Saudi officials agreed to continue follow-up meetings on the agreements between the two countries and expressed the desire to yield “practical results” from them. The Saudi officials also invited Khan to attend Saudi Arabia’s expo scheduled to be held from Nov. 25-26, the ministry added.

During his visit, Falih reiterated the kingdom’s commitment to increasing its investment portfolio in Pakistan, particularly in mining, agriculture, food security and infrastructure development.

Pakistan has increasingly sought in recent months to strengthen trade and investment ties with friendly nations, particularly the kingdom, whose leadership reaffirmed its commitment this year to expedite a $5 billion investment package for Islamabad.