Saudi Arabia says Pakistan is "very suitable country" for investment

Deputy Investment Minister of Saudi Arabia, Ibrahim Almubarak, lauded Islamabad's effort to secure foreign financing, saying Pakistan is a "very suitable country" for investment.

His remakrs came during Pakistan-Saudi Arabia investment conference, which began in the federal capital on Monday.

A 50-member high-level Saudi trade delegation led by Ibrahim Almubarak, landed in Islamabad on a three-day visit on Sunday with an aim to explore investment opportunities in various sectors in Pakistan. 

Speaking to the event, Almubarak said that the Kingdom's companies think Pakistan is very suitable country for investment.

He further said the trade delegation's visit will boster trade relations between the two brotherly countries.

"Our visit to Pakistan is a continuation of the previous visit [...] Saudi government and companies are giving preference to Pakistan for investment," the minister added.

According to the commerce ministry, several Pakistani companies will hold business-to-business (B2B) meetings with the Saudi investors.

The ministry added that “leading” Pakistani companies would collaborate with at least 30 Saudi companies across different sectors.

Commerce Minister Jam Kamal said that the B2B meetings will target sectors, such as agriculture, mining, human resource, energy, chemicals, maritime, IT, religious tourism, telecom, aviation, construction, water and power generation.

The Saudi delegation's visit came after prime minister Shehbaz Sharif last week visited the Kingdom for a special meeting of the World Economic Forum (WEF). 

During the meeting, the Saudi Arabia's leadership has termed the premier a "Man of Action" in order to applaud his efforts in reviving Pakistan's depleting economy.

Saudi Crown Prince Muhammad Bin Salman is also expected to visit Pakistan next week, according to sources.