Sindh CM Shah Courts Saudi Investment,Unveils 12 Priority Sectors
Karachi,Pakistan – October 9,2024 – Sindh Chief Minister Murad Ali Shah welcomed a Saudi delegation today,outlining 12 key sectors for potential investment and signaling a strengthened economic partnership between Pakistan and Saudi Arabia. The visit underscores growing international confidence in PakistanS economy, with a particular focus on the energy sector.
The Saudi Prince highlighted Karachi’s strategic importance as a port city, noting “great investment opportunities” within the region. CM Shah affirmed Sindh’s commitment to facilitating investment, promising full cooperation with Saudi investors. He emphasized that specific sectors would be prioritized,with investment initiatives designed to attract funding inflows.
“Bilateral relations have gained a new dimension with the Saudi-Pakistan Joint Business Council,” CM Shah stated, adding that ties between Saudi Arabia and Sindh province would also be strengthened. He invited Saudi investors to explore long-term partnerships through public-private partnerships, government-to-business, and business-to-business models, with a focus on innovation, technology transfer, and industrial growth.
the visit culminated in the signing of two Memorandums of Understanding (MoUs). The first outlines the sale and purchase of shares in KES Power Ltd. The second, between K-Electric limited and Trident Energy Ltd, aims to explore strategic cooperation and investment opportunities within Pakistan’s power sector.
A press release from the CM Secretariat stated the agreements “reflect growing international investor confidence in Pakistan’s energy market and a renewed commitment to enhancing power generation, transmission and distribution infrastructure in the country.”
The deepening economic ties build upon a long-standing relationship between the two nations, encompassing economic assistance, energy supplies, and shared cultural heritage.In february,Saudi Arabia signed a $1.2 billion deferred oil facility, providing $100 million monthly until february 2026.Pakistan is also seeking a rollover of $5 billion in Saudi loans – $2 billion maturing in December 2025 and $3 billion in June 2026 – at a concessional four percent interest rate.
Prime Minister Shehbaz Sharif previously described Riyadh as “central to Pakistan’s economy” during a meeting with saudi Crown Prince Mohammed Bin Salman last year. The Pakistani government is currently seeking large investments in state-owned enterprises and the growth of a petrochemicals plant, and Riyadh has also expressed interest in mining opportunities, including potential investment in the Reko Diq copper mine.
