Is Saudi Arabia going to invest $1billion in Balochistan mines?

Prime Minister Shehbaz Sharif has said on Tuesday that the current visit of Saudi Foreign Minister Prince Faisal bin Farhan to Islamabad will mark the beginning of a fresh era of strategic and commercial partnerships between the two long-standing allies.

The Saudi foreign minister came to Islamabad for a two-day visit to boost economic cooperation between the two countries and advance investment deals that were agreed upon earlier.

“The visit is the beginning of a new era of strategic and commercial partnership between Pakistan and Saudi Arabia,” Sharif was quoted as saying in a statement from his office after he met Prince Faisal. “Pakistan wants to further promote cooperation in the fields of trade and investment between the two countries.”

The PM stated that Pakistan is actively promoting foreign investment and making partnerships mutually beneficial for allies. He added that Islamabad appreciates the Saudi leadership for increasing investment.

In a statement shared with media on Monday, the Pakistan information ministry said the Saudi delegation would consult with Pakistani officials “on the next stages of investment and implementation issues.”

The ministry announced that they would discuss Saudi Arabia’s planned investment in the Reko Diq gold and copper mining project during the visit. The development comes after the media reported that Saudi Arabia is likely to invest $1 billion in the mine project in Balochistan.
The investment will reportedly focus on energy, IT, minerals, defence, and agriculture sectors.