The Pakistani government is on the point of finalizing a massive $10 billion agreement with Saudi Arabia for the construction of a refinery in Balochistan’s Hub area, with hopes that this historic deal will be inked later this year. The partnership is set to be established between the Pakistani government and Saudi Arabia’s Aramco, a global oil industry leader.
This mega investment agreement underscores the commitment of both nations to develop their economic ties and strengthen cooperation in the energy sector.
The refinery project in Balochistan’s Hub area represents a significant step forward in Pakistan’s quest for energy security and self-sufficiency.
In addition to this transformative deal, the Special Investment Facilitation Council (SIFC) is actively working on attracting approximately $7 billion in investments from Saudi Arabia. This initiative is pitched toward providing Saudi Arabia with stakes in the Reko Diq project, a substantial mining and minerals endeavor in Pakistan.
Furthermore, the Pakistani government is moving forward to launch the Agriculture Corporate Farm Lease Initiative. Under this program, around 85,000 acres of land will be made available for lease to foreign investors, providing an opportunity to boost agricultural productivity and modernize the sector.
To diversify and expand the scope of foreign investments, the government is engaging in discussions with governments of other countries. These discussions are centered on attracting investments in key sectors such as energy, minerals, agriculture, and information technology. The implementation of the Framework for Inter-Governmental Commercial Transactions has been pivotal in facilitating these discussions and fostering economic cooperation.
As part of these government-to-government (G2G) arrangements, the first transaction has already been executed between the Karachi Port Trust (KPT) and AD Ports, UAE. This transaction involves the development of a container terminal in Karachi, Pakistan’s southern port city, marking the initiation of collaborative projects under the G2G framework. These developments underscore Pakistan’s commitment to fostering economic growth, attracting foreign investments, and strengthening its economic ties with countries like Saudi Arabia and the UAE. With transformative projects on the horizon, Pakistan is positioning itself as an attractive destination for foreign investments across various sectors.
