Pakistan- Saudi Arabia might be inking a memorandum of understanding for more than $10billion Saudi investment in Pakistan this month.
Pakistan is also expected to sign similar kind of MoUs with the United Arab Emirates China and Malaysia in the span of next two months.
These details were shared in a meeting led by the prime minister regarding the ease of doing business. It is expected that the MoU on investment framework with the UAE might happen next month.
Asad Umar—the finance minister after the meeting while conversing with Dawn News said that the Saudi Prince Mohammad Bin Salman bin Abdulaziz would be paying a visit to Pakistan in the month of February and most of the MoUs would most likely be signed during that visit.
Haroon Sharif—the Board of Investment (BoI) Chairman when approached said that the Kingdom of Saudi Arabia is majorly interested in four sectors of Pakistan which are petrochemicals, oil refinery, mining, and renewable energy. He added that a $10billion plus investment is expected and the MoUs that are expected to be signed with the Kingdom in this regard are not light or vague.
The BoI chairman added that this investment would be other than the $6billion bailout package that has already been given by Riyadh to Islamabad upon the visit of the Prime minister to Saudi Arabia. He added that as per survey 65 per cent of the investments would be placed in Karachi while 35 per cent would be invested on Lahore. Hence, better law and order situation and ease of doing business opportunities were the pre-requirements for foreign investment.
He added that the government has made it a must for the foreign companies to invest in joint ventures with the Pakistani firms so that the local companies could also get a boost and could deal well with the local issues.