Pakistan, Saudi Arabia likely to sign MoUs worth $10bn

Islamabad: Pakistan and Saudi Arabia are likely to sign memoranda of understanding (MoU) worth more than $10 billion this month, the media reported on Thursday. The announcement was made at the second meeting on ease of doing business (EoDB) presided over by Prime Minister Imran Khan on Wednesday.

Speaking to Dawn news after the meeting, Finance Minister Asad Umar said Saudi Prince Mohammad bin Salman bin Abdulaziz would visit Pakistan next month and most of the MoUs were expected to be signed during his trip. Board of Investment (BoI) Chairman Haroon Sharif said Saudi Arabia was interested in Pakistan`s four sectors - oil refinery, petrochemicals, renewable energy and mining.

"According to a survey, 65 per cent of the investments will take place in the country`s commercial hub Karachi and 35 per cent in Lahore," he added. The $10 billion investment will be in addition to the $6 billion bailout package given by Riyadh to Islamabad during Khan`s visit to Saudi Arabia in October 2018.

Similarly, Pakistan will also sign MoUs with China, the United Arab Emirates (UAE) and Malaysia over the next two months. Sharif told Dawn that he had recently visited China and signed MoUs on industrial cooperation under the China-Pakistan Economic Corridor (CEPC).

The BoI chief said the UAE was interested in agriculture, housing and other sectors. He said that four Malaysian firms were also due this month and would invest in four sectors - halal meat, gemstone, information technology and hi-tech education.