Islamabad: Saudi Arabia is expected to invest up to $1 billion in the Reko Diq Copper Gold project located in Balochistan’s Chagai district, as reported by Radio Pakistan on Sunday. Efforts led by the Special Investment Facilitation Council (SIFC) are currently underway to address any obstacles hindering this investment.
To ensure a smooth execution of Saudi investments, Prime Minister Shehbaz Sharif will establish a committee comprising all stakeholders. Additionally, Pakistan and Saudi Arabia are poised to sign agreements for further mining investments following this significant infusion of capital.
The commitment to expedite the first phase of an investment package worth $5 billion was affirmed by both countries during an official meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammad bin Salman at Al-Safa Palace in Makkah Al-Mukarramah on April 7, 2024. Their discussions primarily focused on strengthening the fraternal relations between the two nations and exploring avenues for enhanced collaboration across various sectors.
The joint statement emphasized the Kingdom’s supportive role in Pakistan’s economy and the mutual desire to strengthen trade and investment ties. Both parties reiterated their dedication to expediting the initial $5 billion investment package, as previously discussed.
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