Saudi Arabia Bringing Massive Investment To Pakistan As A Part Of CPEC:
A high-level delegation from Saudi Arabia arrived Pakistan On Sunday to discuss about the trade & security concerns under CPEC. The Minister for Information, Fawad Chaudhry, said that Saudi Arabia bringing more investment to Pakistan which will help the country’s economic growth. Three major agreements were signed between both countries, However, the amount of total investment from Saudi Arabia is not declared yet.
He further quoted that, establishing oil refineries in the port city of Gwadar will be the major agreement among the three agreements.
An important meeting between the Government officials and the Saudi delegation took place on Monday in Islamabad.
The agenda of the meeting is to enhance the bilateral relationship between both countries. The issue of giving a loan to Pakistan for enhancing its financial condition was also discussed during the meeting.
Saudi Arabia agreed to provide oil to Pakistan on credit for 2 years. Also, more investment in CPEC projects is expected from Saudi Arabia.
Advisor to the Prime Minister on Commerce, Textile, Industry and Investment Abdul Razaq Dawood met the foreign delegation at a private hotel.
During the meeting, matters pertaining to strengthening the bilateral trade ties were discussed. The issue to increase job quota for Pakistanis in the Kingdom was also raised by Dawood. Reported By Geo News
Meeting between Finance Minister Asad Umar, Petroleum Minister Ghulam Sarwar Khan and a high-level delegation from Saudi Arabia is expected to be held in coming 1 or 2 days.
According to sources, the Saudi delegation will be briefed on imports and exports. The representatives of both sides will discuss the possibility of increasing Pakistan’s exports.
Further, The Saudi delegation will visit Gwadar port and a massive investment in setting up oil refineries, Balochistan Reko Diq gold, copper mines, and Liquefied Natural Gas (LNG) power plants is expected. Confirmed by the sources.