Pakistan’s Finance minister Shaukat Tarin has urged the government and private sector to tap investment from Saudi Arabia.
The call came after a $20 billion promise from Riyadh in 2019 has largely stalled as Islamabad negotiates an International Monetary Fund package.
In February, Saudi Telecom announced an investment in Pakistani tower company Awal Telecom, but little else has emerged in terms of Saudi-Pakistan deals.
Saudi Arabia has expressed keen interest in investing in Pakistan’s energy, technology and infrastructure sectors, according to Pakistan media reports.
The Saudi ambassador to Islamabad, Nawaf bin Said Al-Malki, and the chairman of Pakistan’s Board of Investment, Muhammad Azfar Ahsan, held talks in the South Asian country’s capital on Thursday.
Terming substantial economic cooperation vital, the envoy said there is more room for collaboration between the two countries in areas of trade and investment.
The meeting followed this week’s postponement of Pakistan’s debt by the Saudi Fund for Development.
Riyadh’s move is in accordance with a G20 initiative to delay repayment of debts owed by the least developed and poorest countries.
The initiative aims to stimulate countries to take advantage of the financial space to increase social, health and economic spending to face the repercussions of the coronavirus pandemic.
In February, Saudi Investment minister Khalid bin Abdulaziz Al-Falih held a virtual meeting with Tarin.
During the meeting, the two sides discussed ways to enhance cooperation and investment in infrastructure, technology, energy, food security and agriculture.
- George Russell
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