F.P. Report
ISLAMABAD: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan arrived in Pakistan on Monday on a two-day visit aimed at enhancing bilateral economic cooperation, with local media widely showing footage of him being received by Pakistani Foreign Minister Ishaq Dar.
The Saudi foreign minister’s visit comes a little over a week after Crown Prince Mohammed bin Salman met Pakistani Prime Minister Shehbaz Sharif in Makkah and reaffirmed the Kingdom’s commitment to expedite an investment package worth $5 billion that was previously discussed.
On his arrival at the Nur Khan air base in the garrison town of Rawalpindi, the Saudi foreign minister, who is leading a high-level delegation comprising several top ministers, was given a red-carpet welcome by Pakistani officials.
“A week after Prime Minister Shahbaz Sharif’s visit to Saudi Arabia (April 6-8), a high-level delegation of Saudi Arabia is coming to Pakistan,” the Pakistani Information Ministry said in a statement. “The Saudi delegation will consult on the next stages of investment and implementation issues,” the statement added, saying Saudi Arabia’s planned investment in the Reko Diq gold and copper mining project would also be discussed during the visit.
State media reported that Saudi Arabia was likely to invest $1 billion in the mine project in Pakistan’s southwestern Balochistan province, one of the world’s largest underdeveloped copper-gold areas. Riyadh was also interested in investing in agriculture, trade, energy, minerals, IT, transport and other sectors in Pakistan, the statement said.
“As a result of this visit, Pakistan’s export capacity will increase, joint ventures will be launched and new opportunities will be paved.” The Pakistani foreign office said last week that the Saudi delegation would comprise the foreign minister, minister of water and agriculture, minister of industry and mineral resources and deputy minister of investment, as well as senior officials from the Saudi energy ministry. The Saudi delegation is expected to hold meetings with the Pakistani president, the prime minister, the foreign minister and other ministers, as well as the army chief and members of the apex committee of Pakistan’s Special Investment Facilitation Council, set up last year to oversee all foreign funding.
