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Pakistan, Saudi Arabia Likely To Sign MoUs Worth More Than $10bn

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

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Imran Khan, taliban
Pakistan Decides To Shelve Major CPEC Power Project. VOA

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.

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Imran Khan, wikimedia commons

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).

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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. (IANS)

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Pakistan Decides To Shelve Major CPEC Power Project

A leading business tycoon had proposed the project and was expected to be one of its key sponsors

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Imran Khan, taliban
Pakistan Decides To Shelve Major CPEC Power Project. VOA

The Pakistan government has decided to shelve a major power project under the China-Pakistan Economic Corridor (CPEC) that was pushed by former Prime Minister Nawaz Sharif’s regime, the media reported on Monday.

Background discussions with government officials suggest that Islamabad has officially conveyed to Beijing that it was no more interested in the 1,320MW Rahim Yar Khan power project in view of sufficient generation capacity already lined up for the next few years, Dawn news reported.

It has requested China to formally delete the project from the CPEC list.

During the 8th Joint Coordination Committee (JCC) meeting held last month, a Pakistani delegation led by Minister for Planning and Development Makhdoom Khusro Bakhtyar “proposed to remove the Rahim Yar Khan imported fuel power plant (1,320MW) from the CPEC list, in order to provide structure optimisation space for the subsequent power market of Pakistan”, a government official said.

Imran Khan, Sikh
Pakistan’s Prime Minister Imran Khan is seen during talks in Beijing, China. VOA

The project was originally pushed as an imported coal-based plant by Quaid-i-Azam Thermal Company of the Punjab government led by former Chief Minister Shahbaz Sharif.

A leading business tycoon had proposed the project and was expected to be one of its key sponsors.

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The official said Prime Minister Imran Khan’s government has also decided to remove almost 400 “politically motivated” Public Sector Development Programme (PSDP) projects as part of a comprehensive mid-year review later this month.

“We are reviewing all such schemes in detail; we do not want to waste public funds where lien has been created or sufficient progress achieved, but we definitely don’t like to throw good money after bad,” a cabinet member told Dawn. (IANS)