Saudi Arabia will invest $1bn in Reko Diq project

ISLAMABAD: A Saudi investment of up to one billion dollars is likely next month in the Reko Diq Copper Gold project located in Chagai district in Balochistan.

Special Investment Facilitation Council is trying to remove obstacles in this regard.

In order to ensure the smooth completion of Saudi investments, the Prime Minister will constitute a committee of Finance Ministry, comprising all stakeholders of country.

Following this investment, Pakistan and Saudi Arabia will sign agreements for further investment in the mining sector.

Meanwhile, SAARC Chamber of Commerce and Industry’s former president Iftikhar Ali Malik has advocated the cause of achieving durable peace in the region, a prerequisite to economic growth, prosperity and development for all countries of South Asia.

Talking to a delegation of traders led by Muslim Khan Buneri from KP here Sunday, he said South Asia has long been plagued by instability and conflicts that have hindered the region’s progress and potential. One of the major concerns contributing to this instability has been the presence of terrorist sanctuaries on Afghan soil, which have posed a severe threat not only to Afghanistan but to neighboring countries including Pakistan, he added.

He said counterterrorism cooperation and  collaboration closely with regional and international stakeholders, especially Pakistan, to eliminate terrorist sanctuaries can help eradicate the breeding grounds for extremist elements and bring about much-needed stability.

About economic integration, he said, “We must embrace economic integration initiatives within the South Asian region and enhanced  economic cooperation can create an environment conducive to peace, prosperity, and development for all.”

He believed that by taking these steps, the Afghan government can play a pivotal role in shaping a more secure and prosperous South Asia ,as this in turn, will foster economic growth, improve living standards, and create a brighter future for all nations in the region. Iftikhar Ali Malik said, “We are committed to supporting any positive efforts towards peace and development in South Asia.”