Islamabad, Saudi Arabia plans to invest up to $1 billion in the Reko Diq Copper Gold project in the Chagai district of Balochistan, a move that is set to significantly boost the region's mining sector. This investment is part of a broader initiative to enhance bilateral trade and economic relations between Pakistan and Saudi Arabia.

According to Zameen.Com, the investment is being facilitated by the Special Investment Facilitation Council (SIFC), which is actively working to overcome any barriers to the Saudi investment. Prime Minister Shehbaz Sharif has announced the formation of a committee that includes all relevant stakeholders to ensure the smooth implementation of this and future Saudi investments.

The decision follows a recent meeting on April 7, 2024, between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammad bin Salman at Al-Safa Palace in Makkah Al-Mukarramah. The leaders affirmed their commitment to expedite the first phase of a broader $5 billion investment package, emphasizing the importance of strengthening fraternal ties and expanding cooperation across various sectors.

A joint statement from the meeting highlighted the Kingdom's role in supporting Pakistan's economic development and expressed a mutual interest in deepening trade and investment links between the two countries. Additional agreements related to mining investments are expected to be signed soon, following this significant capital infusion.