$500 Mln Saudi Support To Help Develop Infrastructure, Hydropower Projects In Pakistan

(@FahadShabbir)

$500 mln Saudi support to help develop infrastructure, hydropower projects in Pakistan

The kingdom of Saudi Arabia's commitment for provision of $500 (Rs 75.50 b) million funds will help develop infrastructure,hydropower projects and water resources in Pakistan

LAHORE, (UrduPoint / Pakistan Point News - 11th May, 2021 ) :The kingdom of Saudi Arabia's commitment for provision of $500 (Rs 75.50 b) 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 Mehwish and Rea Haeen, President SAARC Chamber and Commerce Iftikhar Ali Malik said here on Tuesday that under one of the seven MOUs signed between two Muslim brotherly countries Saudi Arabia will finance energy,infrastructure,water,transportation and communication projects in Pakistan.

He said as a result of successful visit of Prime Minister Imran Khan, Saudi Arabia 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 was 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 was on the rise for last few years and balance of trade was in favour of Saudi Arabia as Pakistan imports its most of oil from this country.He lamented that India Saudi Arabia bilateral trade stood at approximately more than $30 b annually compared to Pakistan $1.79 b in 2019 which was negligible and that needed to be improved considerably with active role of Pakistan private sector.

He said Pak private sector should take benefit from Prime Minister Imran Khan visit and net all opportunities offered to Pakistan.