He said that a 'coordination council' of the two countries is being set up to give practical shape to the MoUs, adding that from Saudi side the Crown Prince himself will head the council while from Pakistan's side Prime Minister Imran Khan will oversee the progress on the MoUs. He said that all relevant ministries will have representation in the coordination council and they will follow up the MoUs to ensure their practical implementation.
"One thing which I must share with you is that the volume of investment that we are going to bring from a single country [Saudi Arabia] will be more than the two previous governments of PML-N and PPP brought together in their entire 10 years from across the world," he said. He stated that the Crown Prince did not wish to visit Pakistan just to hold discussions, but homework was done, and a Saudi team visited Pakistan in the last few days to assess the investment potential in various sectors of the country on the directives of the Crown Prince.
He said that Saudi Arabia is Pakistan's close and trustworthy friend and the bilateral relations with the visit of Crown Prince will improve further. He said that back-to-back visits of Prime Minister Imran Khan to Saudi Arabia have improved the relations which declined in the tenure of previous government, adding that Pakistan-Saudi relations are entering a new era, as the relationship is now turning into an economic partnership.
He said that the Crown Prince will bring along with him a high-powered delegation including ministers, businessmen, heads of various Saudi companies and his close friends during the visit. He further said that Pakistan would welcome Saudi and the UAE investment in the Special Economic Zones (SEZs) under China-Pakistan Economic Corridor (CPEC).
To a question, he stated that the Saudi investment in the country should not be looked as a "conspiracy", adding that the earlier US $ 9.6 billion Saudi economic package and the upcoming investment have no conditionality attached. "Those who have concerns that Pakistan will be pushed into the Yemen conflict should clear their minds that it will not happen and there is no such conditionality," Qureshi explained.
To another query, he said that Commander-In-Chief of Islamic Military Alliance against Terrorism General Raheel Sharif (retd), who just concluded his visit to the country, stated very categorically that coalition is not against any country, sect or any region. The foreign minister said he is leaving for Germany today (Thursday) to attend Munich Conference on Afghan issue where he would also hold meetings with Afghan President Ashraf Ghani and other world leaders to bring peace in Afghanistan.
He said that he would also hold meetings with 19 Congressmen of the US, as he claimed that the differences between Pakistan and the US have been removed following recent engagements. Speaking on the occasion, Razak Dawood said that a huge investment is coming from Saudi Arabia in next few years, adding that the government is expecting $ 7 billion in coming two years, as Saudi Arabia has shown interest in areas such as petrochemicals, tourism, mine and minerals, hospitality services, oil refinery, and renewable energy, besides buying power plants.
He said that $2 billion is expected to come in renewable energy projects in Sindh and Balochistan. He further said that Saudi Arabia is also keen to make investment in an oil refinery. However, he said that there will be a feasibility study to be conducted in 12 to 15 months about investment in refinery. Besides, he added that Pakistan also expects $ 2 billion Saudi investment in food and agriculture sector.
The Foreign Office also issued the schedule of the visit of the Saudi Crown Prince on Wednesday, saying at the invitation of Prime Minister Imran Khan, the Crown Prince Mohammad bin Salman will visit Pakistan on 16-17 February 2019. The Crown Prince will be accompanied by a high-powered delegation including members of the Saudi Royal family, key ministers and leading businessmen. During the visit, he will call on President Dr Arif Ali and also meet Prime Minister Imran Khan and Chief of Army Staff General Qamar Javed Bajwa.
"During his stay, Pakistan and Saudi Arabia will be signing a number of agreements and MoUs related to diverse sectors, including investment, finance, power, renewable energy, internal security, media, culture and sports," said the Foreign Office statement, adding the two countries will also discuss ways and means to develop a robust follow-up mechanism to ensure effective implementation and quick progress on tangible areas of cooperation. A delegation of Pakistan's Senate will also call on the Crown Prince to discuss ways to enhance parliamentary cooperation between the two countries.
The Saudi ministers accompanying the Crown Prince will meet their counterparts to discuss bilateral cooperation in their respective fields. On the sidelines of the visit, businessmen of the two countries will also meet to discuss opportunities of collaboration in the private sector. This will be his first state-level visit to Pakistan since his elevation to the position of the Crown Prince in April 2017. "The visit of Crown Prince Mohammad bin Salman is expected to significantly enhance bilateral ties between the two countries in all spheres of cooperation," it stated.
The Crown Prince holds important portfolios in the Kingdom's government, including that of the Vice President of the Council of Ministers and the Defense Minister.
AFP adds: Pakistan is preparing to welcome Saudi Arabian Crown Prince Mohammed bin Salman for a state visit over the weekend, the foreign ministry confirmed Wednesday, as Islamabad hopes to sign various investment deals to prop up its slumping economy. The two-day visit will kick off on February 16 and include a raft of high-level talks with Prime Minister Imran Khan along with military chief.
"During his stay, Pakistan and Saudi Arabia will be signing a number of agreements ... related to diverse sectors," Pakistan's foreign ministry said in a statement. "The two countries will also discuss ways and means to develop a robust follow-up mechanism to ensure effective implementation and quick progress on tangible areas of cooperation." Two five-star hotels have been fully booked by the Saudi delegation while the Kingdom's elite royal guards arrived in Pakistan earlier this week to assist with security arrangements, according to a municipal official in Islamabad.
Riyadh and Islamabad - decades-old allies - have been involved for months in talks to iron out details of the deals in time for the crown prince's visit.
Saudi Arabia is reportedly preparing to sign a record investment package with Pakistan, aiming to provide welcome relief for its cash-strapped Muslim ally. At the heart of the investment is a reported $10-billion refinery and oil complex in the strategic Gwadar Port on the Arabian Sea, the ultimate destination for the massive multi-billion dollar China Pakistan Economic Corridor.
The visit comes just weeks after Pakistan rolled out the red carpet for Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed Al-Nahyan, shortly after the emirate pledged to provide $3 billion to support Pakistan's battered economy. The Wall Street Journal reported last month that both Saudi Arabia and the United Arab Emirates - Islamabad's biggest trading partner in the Middle East - have offered Prime Minister Imran Khan some $30 billion in investment and loans. Pakistan has been courting its Gulf allies for months as Khan's new government desperately seeks to stave off an ongoing balance of payments crisis and reduce the size of any potential bailout from the International Monetary Fund.