A high-level Saudi delegation, led by Minister of Investment Khalid Al-Falih, arrived in Islamabad to finalize 26 contracts totaling $2.2 billion. These agreements will span various sectors such as energy, IT, agriculture, and construction. The delegation, consisting of 135 members including leaders from Saudi banks and authorities, was warmly received by key Pakistani ministers.
Among the most anticipated agreements are joint ventures focused on textile production and large-scale corporate farming. One significant project includes farming on 10,000 acres of land in Khanewal, with the goal of exporting agricultural products to Saudi Arabia. This venture aims to strengthen Pakistan’s agricultural exports while boosting bilateral trade.
In addition to agriculture, both countries are looking into partnerships in pharmaceuticals and human resources. This broader cooperation is expected to enhance trade relations between the two nations, addressing Pakistan’s trade deficit with Saudi Arabia.
The collaboration is seen as a stepping stone towards a potential Free Trade Agreement between Pakistan and the GCC (Gulf Cooperation Council) countries. Such an agreement could further open up trade opportunities, benefiting both economies.
The visit and upcoming contracts reflect the growing economic ties between Saudi Arabia and Pakistan, with both countries working together to foster growth in multiple sectors.
