Islamabad, 5 September 2023 (TDI): In a significant development, Saudi Arabia has announced plans to invest up to $25 billion in Pakistan over the next two to five years.
Pakistan’s caretaker Prime Minister, Anwaar-ul-Haq Kakar confirmed this major investment. This substantial investment underscores the vital role of increasing foreign direct investment (FDI) in Pakistan’s economic growth.
🟢Saudi Arabia pledges a monumental $2️⃣5️⃣ billion investment in Pakistan's mining, agriculture, and IT sectors over the next 2-5 years.
— External Publicity Wing (@epwing_official) September 5, 2023
Speaking to journalists at his official residence, Kakar said that the Saudi investment would come in the mining, agriculture, and information technology sectors. Moreover, it was a part of the push to increase foreign direct investment (FDI) in the country.
“I can confirm it,” Kakar said in response to a question about whether Pakistan would receive investments of $25 billion each from the Kingdom and the UAE under the Special Investment Facilitation Council (SIFC).
This substantial investment arrives at a critical juncture as Pakistan seeks to navigate a challenging path towards economic recovery. It aims to bolster foreign direct investment (FDI), a crucial component of Pakistan’s economic resurgence.
This initiative follows the approval of a $3 billion loan program by the International Monetary Fund (IMF) in July, which effectively prevented a looming sovereign debt default.
One potential area of collaboration between Pakistan and Saudi Arabia could be the Reko Diq gold and copper mine, regarded as one of the world’s largest underdeveloped copper-gold regions.
With Pakistan’s mineral deposits conservatively valued at around $6 trillion, this partnership holds immense economic potential.