$500 Million Saudi Support To Help Develop Infrastructure, Hydropower Projects In Pakistan: SAARC CCI

President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik on Tuesday said that the kingdom of Saudi Arabia's commitment for provision of $500 million funds will help develop infrastructure, hydropower projects and water resources in Pakistan

ISLAMABAD, (UrduPoint / Pakistan Point News - 11th May, 2021 ) :President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik on Tuesday said that the kingdom of Saudi Arabia's commitment for provision of $500 million funds will help develop infrastructure, hydropower projects and water resources in Pakistan.

Talking to a delegation of women entrepreneurs led by Dr Ayesha Tahir, comprising Ms Mehwish and Ms Rea Haeen, he said that under one of the 7 MOUs signed between two Muslim brotherly countries Saudi Arabia will finance energy, infrastructure,water,transportation and communication projects in Pakistan, said in a press release issued here.

He said as a result of successful visit of Prime Minister Imran Khan, Saudi Arabia also decided to allocate major chunk of 10 millions workers to hire from Pakistan it needed for the next 10 years in the light of Saudia Arabia's vision 2030 which he added will help prove ample job opportunities to Pakistanis besides earning foreign exchange.

He said this decision is a major breakthrough for unemployed skilled and unskilled Pakistani youths.

He said Pakistan always affirmed its everlasting strong durable ties with Saudi Arabia as its most "important and bilateral partnership "working and seeking to develop closer and deep relations with Saudi Arabia, the largest country on the Arabian peninsula.

Iftikhar Ali Malik said bilateral trade between Pakistan and Saudi Arabia is on the rise for last few years and balance of trade is in favour of Saudi Arabia as Pakistan imports its most of oil from this country.

He lamented that India Saudi Arabia bilateral trade stands at approximately more than $30 b annually compared to Pakistan $1.79 billion in 2019 which is negligible and that needs to be improved considerably with active role of Pakistan private sector.

He said Saudi Crown Prince Muhammad bin Salman is keen to further strengthen exiting relations between two countries besides broadening economic cooperation.

He said Pak private sector must cash the Prime Minister Imran Khan visit and net all opportunities offered to Pakistan.