Pakistan to sign $2bn accords with visiting Saudi team: PM

ISLAMABAD: Prime Minister Shehbaz Sharif Tuesday said that a Saudi Arabian delegation is visiting Pakistan this month, and agreements and memoranda of understanding (MoUs) of $2 billion would be signed during the visit.

The Saudi delegation is expected in the country before the Shanghai Co-operation Organisation (SCO) meeting that Pakistan is hosting from Oct 15-16, he told the federal cabinet, according to a British wire service.

Saudi Minister for Investment Eng Khalid bin Abdulaziz Al-Falih is scheduled to visit Islamabad on a two-day visit as head of a delegation of mainstream Saudi private sector companies for a number of MoU signings and B2B meetings with Pakistani counterparts.

The meetings and sessions on Oct 10 and 11th are a continuation of the two high-level visits earlier this year to bolster G2G and B2B relations. Minister Engr Khalid bin Abdul Aziz is an ex-minister energy industry and mineral resources, ex-minister Health and ex-chairman ARAMCO.

Top Saudi companies in construction, engineering, financial services, IT, hospitality, agriculture, food energy, petroleum and other sectors are part of the delegation.

A business forum will be held at a local hotel in Islamabad which will be addressed by Saudi minister of investment and will interact with senior leadership of Pakistan private sector. The Saudi minister for investment will hold VVIP meetings with Pakistani leadership as well.

Addressing the cabinet meeting, Prime Minister Shehbaz Sharif Tuesday said that a Saudi Arabian delegation will be visiting Pakistan this month, and agreements and memoranda of understanding (MoUs) of $2 billion would be signed during the visit.

The Saudi delegation is expected in the country before the Shanghai Co-operation Organisation (SCO) meeting that Pakistan is hosting from Oct 15-16, he said according to a British wire service, adding that the Chinese prime minister was also scheduled to pay a bilateral visit.

He regretted that attempts were made to create chaos at a time when the Chinese premier was about to pay the visit and a Saudi delegation was also scheduled to visit Pakistan. “What can be biggest the anti-state act than this but we will not allow this at any cost and we will not tolerate this,” he said.

The prime minister said that a peaceful and secure atmosphere was required to attract investment. He emphatically stated he would not allow the repeat of 2014 acts when the Pakistan Tehreek-e-Insaf (PTI) sit-in caused cancellation of the Chinese president’s visit to Pakistan in September 2014. “I will not allow the repeat of 2014 sit-in which resulted in cancellation of the visit of president of China to the country in September 2014 at any cost; this is my promise to the nation,” the prime minister said while addressing the federal cabinet.

He said that the ongoing protests are a replica of 2014-15 incidents when a sit-in was staged for months and was not called off despite the announcement of Chinese president’s visit to Pakistan without bothering about its impact on the country’s image and national economy. He recalled that the cancellation of the visit of Chinese president also shocked then prime minister Nawaz Sharif as it could have been destructive to the national economy.

Shehbaz pointed out that he also went to visit then Army Chief General Raheel Sharif to seek his support to save the visit. He recalled then Chief of General Staff Lt Gen Ishfaq Nadeem (late) sat with him while General Raheel asked him to wait as he would talk to the Chinese defence minister. “After 15 minutes, General Raheel Sharif returned and told me that he made all-out efforts but could not convince them not to cancel the visit of Chinese president which later took place after seven months,” he said.

He said that the leadership of a party wanted to repeat acts of 2014 and every day the federal capital is invaded.

He said the International Monetary Fund (IMF) programme has been secured with the support of friendly countries like China, the UAE and Saudi Arabia. He thanked China, Saudi Arabia and the UAE for their support and also mentioned last week’s successful visit of Malaysian Prime Minister Anwar Ibrahim when two sides agreed that Pakistan would export Halal meat and rice to Malaysia.

He said consequent to the “finest level” of teamwork, the IMF programme had been approved, inflation was reduced from 32 percent to 6.9 percent, exports, remittances and IT exports were on surge and the stock exchange (index) was skyrocketing. He said sabotaging all these efforts for the sake of their politics would be the biggest conspiracy against the country.

Highlighting his government’s reform agenda, Shehbaz mentioned the doubled number of tax return filers, broadening tax base and digitisation of the Federal Board of Revenue. He said oil prices had been reduced for the fifth time and a Rs50 billion relief package was announced for the power consumers of protected category, apart from the Punjab government’s Rs55 billion package on top of that.

He said, on the one side, the government was making efforts to stabilise the economy and kick-start its home-grown economic programme while, on the other side, the KP chief minister was leading the saboteur gathering consisting of Afghan nationals and also using government officials. The protesters also carried out aerial firing and an official of the Islamabad Police was martyred during the protest.

Thanking the IMF chief for her support in approving the loan facility for Pakistan, he said that she was also appreciative of the reforms introduced by the incumbent and caretaker governments.

He mentioned the martyrdom of a lieutenant colonel and other security personnel, and said the government knew where the terrorists were being funded from.

He again mentioned that exports and remittances were witnessing an increase and the stock market was on the rise, adding that FBR digitisation was being carried out to broaden the tax base. But, he regretted, that was not acceptable to a particular party which did not want Pakistan move forward on the path of development and improvement in the living standards of people.

He said Pakistan was hosting the SCO heads of government meeting and comprehensive arrangements had been made for it. He said the Chinese premier was also coming to Pakistan on a bilateral visit.

He strongly regretted the Karachi incident which claimed the lives of two Chinese nationals, and said Pakistan shares the grief and sorrow of the Chinese people. He apprised the federal cabinet of his telephonic conversation with the Chinese ambassador in Islamabad and also a condolatory visit to the Chinese embassy where he reiterated his government’s assurance to leave no stone unturned to make the security of Chinese national “unreachable”.

Meanwhile, a delegation of Pakistan Peoples Party (PPP) met the prime minister at the PM House. The delegation comprising Syed Naveed Qamar, MNA, and Sindh Minister Sharjeel Inam Memon held discussion with Shehbaz on the national and political issues, a statement issued by the PM media wing said. Deputy Prime Minister Ishaq Dar and Minister for Information and Broadcasting Attaullah Tarar were also present in the meeting.

The official said the role of President Asif Ali Zardari for political stability in the country and in organisation of All Parties Conference on Palestine was appreciated. The meeting also discussed a joint working group with regard to extending relief to Palestinian people.