Saudi ambassador, Pakistani power minister discuss ‘investment potential’

ISLAMABAD: Saudi Arabia’s Ambassador to Pakistan Nawaf bin Saeed Al-Malki called on Pakistani Minister for Power Sardar Awais Ahmad Khan Leghari on Monday and discussed investment potential and opportunities, state-run Radio Pakistan reported on Tuesday.

Relations have been historically close and friendly between Pakistan and Saudi Arabia, with the two nations having deep commercial, cultural, religious, political, and strategic ties. Saudi Arabia is the largest source of petroleum for Pakistan and also supplies extensive financial aid to Pakistan. Remittances from Pakistani migrants in Saudi Arabia are a major source of foreign currency.

In recent years, both countries have exchanged high-level delegations and developed plans to expand bilateral cooperation in trade, education, real estate, tourism, information technology, communications and agriculture.

“During the meeting, the Minister acknowledged the firm support of the brotherly country in all difficult situations,” Radio Pakistan said about the meeting between the Saudi ambassador and Minister Leghari.

“He highlighted different investment opportunities in Pakistan, especially in the transmission sector … assured investor-friendly policies under current government.”

The statement said the Saudi envoy “pledged support for Saudi businesses to explore Pakistan’s investment potential.”

In February 2019, Saudi Arabia’s Saudi Aramco and SABIC announced to set up a $10 billion oil refinery and petrochemical industry in Pakistan’s deepwater port of Gwadar, Balochistan.

Riyadh is also in talks with Pakistan to buy a stake in a multi-billion-dollar mine project at Reko Diq, one of the world’s largest underdeveloped copper-gold areas, in which Canadian Miner Barrick Gold Corporation is investing $10 billion.

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