Pakistan, Saudi Arabia discuss mining, agriculture investment

ISLAMABAD: Pakistan and Saudi Arabia have discussed expanding economic cooperation in agriculture, minerals, mining and other sectors with investment potential as Islamabad seeks to attract more Saudi capital and strengthen bilateral trade.

The discussions took place during a meeting between Finance Minister Muhammad Aurangzeb and Saudi Ambassador to Pakistan Dr Rajeh Tami Albugamy, who visited the minister on Thursday. Both sides stressed the need to turn shared economic priorities into practical investment projects and stronger commercial partnerships.

Aurangzeb reaffirmed Pakistan’s longstanding friendship with Saudi Arabia and appreciated Riyadh’s continued support. He said closer economic ties could create new opportunities for investment, trade and sustainable growth.

The finance minister also briefed the ambassador on Pakistan’s recent economic progress, highlighting improvements in foreign exchange reserves and inflation, along with upgrades from international credit-rating agencies.

He pointed to Pakistan’s return to international capital markets through a $3 billion Eurobond issuance and its access to China’s capital market. Aurangzeb said the government aimed to build on these developments by strengthening investor confidence and maintaining a stable, predictable business environment.

He reiterated the government’s commitment to structural reforms and policies designed to encourage both domestic and foreign investment.

The Saudi ambassador described the relationship between the two countries as one built on shared faith, history, trust and mutual respect. He emphasised that stronger business-to-business links could deepen people-to-people relations while generating economic benefits for both countries.

The meeting also covered Pakistan’s geographical position and its potential to become a regional trade and transit hub. Both sides discussed how improved connectivity could support wider commercial cooperation.

They also exchanged views on the regional situation and ongoing conflict, stressing the importance of peace, stability and continued cooperation to address emerging challenges and protect economic prospects.

Pakistan has been pursuing Saudi investment across several major sectors. In February, Saudi delegation Kyan presented proposals involving energy, mining, information technology, agriculture and livestock, with individual projects estimated to require at least $200 million.

In June, Pakistan renewed efforts to attract Saudi investment in a proposed $10 billion oil refinery in Gwadar, alongside port terminals and petrochemical projects. Saudi Arabia also expressed interest in acquiring a 15% stake in the Reko Diq copper and gold project, while concerns over inconsistent policies and bureaucratic hurdles have remained among the challenges facing foreign investors.

In July, Saudi-based Falcon Vision Group expressed interest in investing up to $10 billion in Pakistan, with potential opportunities in infrastructure, technology, construction and other industries.

The latest talks reflect Islamabad’s efforts to turn its close relationship with Riyadh into concrete investment commitments. Agriculture, mining and minerals remain among the sectors being considered as both countries seek to expand commercial ties and support long-term economic growth.