50-member Saudi trade delegation arrives

ISLAMABAD: A special flight carrying a 50-member Saudi trade delegation touched down here on Sunday.

Federal Minister for Petroleum Musadik Malik and Minister for Commerce Jam Kamal received the delegation comprising representatives of about 30 companies.

The delegation is visiting Pakistan on the special directives of Saudi Crown Prince Mohammed Bin Salman, reports Geo News.

The delegation will also hold discussions on various sectors for promotion of Pak-Saudi trade and strengthening business ties with local entrepreneurs.

Kamal said the purpose of the visit was promotion of bilateral trade in which agriculture, mining and human resources sectors will be focused.

Moreover, energy, maritime and other sectors will also be targeted. The Pakistani companies will share their recommendations with the Saudi investors.

A two-day Pakistan-Saudi Arabia investment conference will begin on Monday (today) to promote bilateral trade and investment, besides fostering a new era of growth and prosperity for the people of both the countries.

The companies, which are part of the delegation, represent different economic sectors, including information technology, telecoms, energy, aviation, construction, mining exploration, agriculture and human resource development.

An official from the Ministry of Commerce said a large number of Pakistani companies in the respective sectors, whose officials would have business-to-business meetings with their Saudi counterparts, would hopefully enter into business and investment deals.

He said Saudi Arabia was an oil-based economy with strong government controls over major economic activities; however, it was now undergoing transformation to reduce oil dependence, diversify income sources and enhancing competitiveness under the Vision 2030.

Earlier, Malik said 76 Pakistani business companies had been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels. He said talks will take place at the federal level regarding petroleum, electricity and oil refining sectors, adding that about eight to 10 projects of $8-10 billion will also come under discussion.

“Projects from $500 million to $1 billion will also be included in the discussions,” the minister said. He said discussions would also include modernisation of refineries.