Islamabad and Riyadh agree to facilitate investments in key sectors

Pakistan and Saudi Arabia have renewed their commitment to further consolidate mutually beneficial economic ties, promote investment in key sectors and enhance bilateral trade.

The development was seen in a meeting between Finance Minister Muhammad Aurangzeb and Saudi Finance Minister Mohammed Al-Jadaan on the sidelines of the annual meetings of the World Bank and the IMF in Washington DC.

The financial czars appreciated the historical and fraternal ties between Islamabad and Riyadh.

Aljadaan shared his experience of reforms in the energy sector. Both sides agreed to advance cooperation in areas of mutual interest, the finance ministry said in a release to X.

Aurangzeb is leading a Pakistani delegation to the annual meetings of the WB-IMF, which will be held in Washington DC from October 21 to 26 on a state-wide basis. app informed

Other delegates include the Finance Secretary, Imdad Ullah Bosal; Economic Affairs Secretary Dr Kazim Niaz and State Bank of Pakistan (SBP) Governor Jameel Ahmad.

It is noteworthy here that Pakistan and Saudi Arabia had signed several memorandums of understanding (MoU) for bilateral investment deals worth $2 billion during the visit of Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih to Islamabad last month

The delegation led by Khalid consisted of Saudi companies from various sectors including construction, engineering, financial services, IT, hospitality, agriculture, food, energy and oil, form part of the visiting delegation.

The deals included a $70 million investment in the agricultural sector, the establishment of advanced semiconductor chip manufacturing in Saudi Arabia, the establishment of a textile industry, a white pipeline project, a memorandum of understanding to explore investment opportunities, a hybrid energy project, the development of transformer manufacturing facilities in the two countries, cyber security measures for customers and businesses, and export of spices and vegetables from Pakistan.

In addition, the agreements outline the establishment of a surgical and dental equipment manufacturing facility and collaboration in the federal government’s digitization and E-Taaleem programs.

Cooperation Pakistan, Turkey

On the sidelines of the WB-IMF annual meetings, FinMin Aurangzeb also held a meeting with Turkey’s Minister of Treasury and Finance, Mehmet Şimşek.

Recalling the historic and brotherly ties and multi-faceted cooperation between Pakistan and Turkey, the Finance Minister stated that there was great potential to increase the current volume of bilateral trade.

He said Pakistan could learn from Turkey’s experience in power sector reforms and invited Turkish companies to enter into mutually beneficial joint ventures with their Pakistani counterparts.

US Treasury official briefed on tax measures

The Finance Minister met with the US Treasury Department’s Assistant Secretary for International Finance, Brent Neiman.

He briefed Neiman on measures to broaden the tax base, align provincial AIT (Agricultural Income Tax) regimes with federal personal and corporate income tax rates and streamline subsidies.

Aurangzeb also briefed him on the government’s steps to introduce reform in the energy sector and overhaul state-owned enterprises.

In addition, the incumbent government’s measures to build climate resilience through the effective implementation of the Public Investment Management Assessment Action Plan (C-PIMA) and enhanced investments in adaptation to the climate.

He thanked the US government for its support in getting the IMF Expanded Fund for Pakistan.