Prime Minister Shehbaz Sharif meets Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad on Tuesday, April 16, 2024. — PMO

Islamabad, Riyadh need to expedite first phase of Saudi investments: PM Shehbaz

by Pakistan News
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  • Saudi delegation led by foreign minister visits Pakistan.
  • PM expresses deep appreciation for KSA leadership.
  • He informs delegation about SIFC and its initiatives.

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Tuesday said that Islamabad and Riyadh needed to work closely to expedite the first phase of Saudi investments under the new arrangement.

The premier made these comments as he met with a high-level Saudi delegation, led by its Foreign Minister Prince Faisal bin Farhan Al Saud, who are in Pakistan on an official visit.

The two-day visit comes soon after PM Shehbaz visited Saudi Arabia, during which the Kingdom had doubled down on its pledge to speed up the initial phase of their $5 billion investment in Pakistan.

Earlier this month, Geo News also learnt via sources that Saudi Arabia was expected to invest $1 billion in the Reko Diq project.

During the meeting today, PM Shehbaz expressed his deep appreciation for the leadership of KSA and conveyed his sincerest wishes to the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz Al Saud and Crown Prince Mohammed bin Salman. 

The prime minister also underscored the significance accorded by Pakistan to its longstanding fraternal, economic and strategic relations with Saudi Arabia. He said both countries had always stood together at all times.

While recalling his warm and productive meeting with Crown Prince Mohammed bin Salman in Makkah earlier this month, the PM stated that the visit of the Saudi delegation was a manifestation of the strong commitment of both countries to the strengthening of bilateral relations focused on mutually beneficial economic cooperation.

PM Shehbaz also informed the delegation about the Special Investment Facilitation Council (SIFC) and its initiatives to promote investment in Pakistan.

He also highlighted the key role of Chief of the Army Staff General Asim Munir and the cooperation of all institutions for the promotion of investment in the country through SIFC.

On the other hand, the Saudi foreign minister expressed gratitude for the warm welcome accorded to his delegation and highlighted that the Kingdom attached high importance to its strong and close ties with Pakistan. 

The foreign minister conveyed the KSA’s commitment to an enhanced strategic and economic partnership with Pakistan. The two sides also discussed the escalating situation in Palestine. 

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