TN Media News | Islamabad – November 15
$2 Billion in Agreements Expected During High-Level Visit:
Saudi Arabia’s Investment Minister, Khalid Al-Falih, has announced that Pakistan will be a key partner in the Kingdom’s expanding construction sector. Speaking at the Pak-Saudi Business Forum 2024 in Islamabad, Al-Falih stated that $2 billion worth of business agreements are expected to be signed during his three-day visit.
He highlighted that Saudi Arabia is currently the world’s largest construction site, with projected annual procurement contracts reaching $200 billion. Over the next few years, the total construction output is expected to approach $1.8 trillion.
Construction Growth Offers Key Opportunities:
Al-Falih cited a Knight Frank report indicating that Saudi Arabia’s construction output in 2024 is valued at $180 billion, with growth projected to reach $181.5 billion by 2028. A significant portion of the required inputs will be imported.
“Pakistan is well-positioned to benefit from this demand,” Al-Falih noted. He emphasized the importance of reliable partners in sectors such as construction, mining, energy, and tourism, all central to the Vision 2030 economic diversification plan.
Strengthening Bilateral Economic Ties:
This announcement follows Saudi Arabia’s earlier pledge of a $5 billion investment package for Pakistan. That commitment was reaffirmed by Crown Prince Mohammed bin Salman earlier this year.
According to the President of Pakistan’s Office, the current visit will see the signing of 25 agreements, covering construction, infrastructure, mining, agriculture, and IT. These developments mark a major milestone in the two countries’ economic cooperation.
High-Level Delegations and Private Sector Involvement:
Al-Falih is accompanied by a 130-member delegation representing various industries, including energy, agriculture, and tourism. The delegation is engaging with top Pakistani officials and private-sector leaders.
Abdul Aleem Khan, Pakistan’s Minister for Privatization and Investment, welcomed the growing partnership. He stated that Pakistani companies are eager to collaborate and contribute to Saudi Arabia’s infrastructure ambitions.
A Boost Amid Economic Reform:
This visit comes as Pakistan undergoes economic restructuring under a $7 billion IMF bailout. With reforms underway, foreign investment has become vital for economic recovery and growth.
Saudi Arabia’s expanding investments are expected to play a pivotal role in stabilizing Pakistan’s economy and promoting long-term development.
Conclusion: A New Era of Cooperation:
The deepening partnership between Pakistan and Saudi Arabia signals a new era of strategic economic cooperation. With vast construction plans and billions in contracts on offer, Pakistani industries stand to gain from one of the world’s most dynamic markets.
Source: TN Media News
