Saudi Arabia, Pakistan likely to sign $10 billion worth MoU

Saudi Arabia and Pakistan are set likely to sign $10 billion worth memoranda of understanding (MoU) this month, according to news reports on Thursday.

According to Dawn, Board of Investment (BoI) Chairman Haroon Sharif said Saudi Arabia was interested in Pakistan’s four sectors — oil refinery, petrochemicals, renewable energy, and mining.

Sharif said: “We are expecting $10bn plus Saudi investment and the MoUs to be signed in this regard will not be common or vague but concrete agreements.”

Also, signed $6 billion worth bailout package to Islamabad during Pakistan’s Prime Minister Imran Khan’s official visit to Saudi Arabia last year.

Sharif said: “According to a survey, 65 percent of the investments will take place in the country’s commercial hub Karachi and 35pc in Lahore. Therefore, better law and order situation and ease-of-doing-business opportunities were prerequisites for foreign investment.”

Sharif told Dawn he had visited China and has signed MoUs on industrial cooperation under the CPECP (China-Pakistan Economic Corridor).

Sharif said the United Arab Emirates (UAE) was interested in Pakistan’s housing, agriculture, and several other sectors.

An official press release issued by the Prime Minister Office said: “Briefing the meeting about various positive developments with regards to investment facilitation, it was informed that a MoU on industrial cooperation has been signed with China last month. The MoU with the Kingdom of Saudi Arabia is expected to be signed this month whereas investment framework MoU with the UAE is expected in February 2019.”

The meeting was attended by Sharif, PM’s adviser Dr Ishrat Hussain, the finance minister, and Adviser to the PM on Commerce Abdul Razak Dawood.

Sharif has said: “We have clubbed together many taxes to facilitate the business community.”

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