Press Release

Prime Minister’s visit to Saudi Arabia results in significant understandings

between Pakistan and Saudi Arabia

At the invitation of the Custodian of the Two Holy Mosques, His Majesty,
King Salman bin Abdulaziz, the Prime Minister of the Islamic Republic of Pakistan,
Mr. Imran Khan visited Saudi Arabia to participate in the Future Investment
Initiative (FII) Conference on 22-23 October 2018.

During the visit, the Prime Minister had detailed bilateral discussions with His
Majesty, King Salman bin Abdul Aziz, and His Royal Highness, Crown Prince
Muhammad bin Salman. The Crown Prince agreed to the Prime Minister’s
suggestion to reduce visa fee for Pakistani workers, which is a significant step
towards enhancing Pakistan’s workforce in Saudi Arabia, as well as facilitating
travel of people from both countries.

Far-reaching decisions on bilateral economic and financial cooperation were

also agreed. These included:

a. A MoU was signed between the Finance Minister Asad Umar and the Saudi
Finance Minister, Muhammad Abdullah Al-Jadaan. It was agreed Saudi
Arabia will place a deposit of USD 3 Billion for a period of one year as
balance of payment support.

b. It was also agreed that a one year deferred payment facility for import of oil,
up to USD 3 Billion, will be provided by Saudi Arabia. This arrangement will
be in place for three years, which will be reviewed thereafter.

c. The earlier visit of the Saudi delegation had evaluated the possibility of
investing in a petroleum refinery in Pakistan. Saudi Arabia confirmed its
interest in this project, and a MoU will be signed after obtaining cabinet
approval.

d. Saudi Arabia expressed interest in development of mineral resources in

Pakistan. For this purpose, the Federal Government and the Government of
Balochistan will consult, following which a delegation of the Kingdom will
be invited to visit Pakistan.
 On 23 October, after the inauguration of the FII Conference, a Pakistan-
specific session was organized, in which the Prime Minister underlined Pakistan’s
priorities towards optimizing the economy and attracting foreign investment.
Stressing the focus of his government on human resource development, he
highlighted the potential of Pakistan’s youth, identified lucrative investment
opportunities in the tourism sector, minerals, coal and gas exploration, and
Information Technology. He mentioned the successes of Pakistan in the fight against
terrorism, which has brought peace and stability to the country and elaborated the
significance of China Pakistan Economic Corridor (CPEC), including the
investment opportunities in the Special Economic Zones. The Prime Minister also
took several questions from the audience comprising hundreds of business
entrepreneurs.

The Prime Minister arrived in Medina on 22 October, where he was received

by Governor, Prince Faisal bin Salman. After Ziarat-e-Khas at Masjid –e- Nabwi,
the Prime Minister proceeded to Riyadh. Where he was received by Prince Faisal
bin Bandar bin Abdul Aziz, Governor of Riyadh.

During the visit, the Prime Minister was accompanied by the Minister for
Foreign Affairs, Makhdoom Shah Mehmood Qureshi, Minister for Finance, Mr.
Asad Umar, Minister for Information, Mr. Fawad Ahmed, and Advisor to the Prime
Minister on Commerce, Mr. Abdul Razaq Dawood, and Chairman BOI Mr. Haroon
Sharif.

Riyadh
23rd October 2018