PM Khan reaches Saudi Arabia to attend investment conference
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Prime Minister Imran Khan travelled to Saudi Arabia on Monday to attend the Future Investment Initiative Conference (FIIC) in Riyadh, Radio Pakistan reported. He is paying the visit on the special invitation of King Salman Bin Abdel Aziz.
The premier is accompanied by Foreign Minister Shah Mehmood Qureshi, Finance Minister Asad Umar, Information Minister Fawad Chaudhry and Adviser to Prime Minister on Commerce and Industry Abdul Razzak Dawood.
The conference, which will host businessmen and "representatives of hi-tech industry" from around the world, will serve as an "opportunity to interact with important business leaders who are interested in investing in Pakistan", the statement said.
"Prime Minister Imran Khan’s participation in the first day of the conference is aimed at projecting Pakistan’s economic and investment potential and the [premier's] vision of the country in the five years to come," the press release read.
The prime minister's participation in the conference signifies Pakistan's "solidarity with the Kingdom in its efforts to become emerging hub of international business and investment", the press statement said, even as dozens of executives, media powerhouses and business leaders opted out of the event in the wake of the killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul.
On Saturday, the organisers said that more than 120 speakers and moderators will participate. Last Monday, they had listed more than 150 speakers. The summit organisers have now removed the list of speakers from its website.
The FIIC has already been boycotted by the United Kingdom, the United States, and France.
Pakistan briefly weighed in on the Khashoggi incident earlier this month, calling on Turkey and Saudi Arabia “to jointly address the matter”.
It will be PM Khan's second visit to Saudi Arabia in just a little over a month. The tour comes as Pakistan continues to court “friendly” nations in search of billions of dollars to shore up its deteriorating finances as it faces a balance of payment crisis and upcoming talks with the International Monetary Fund (IMF) over a potential bailout.
PM Khan's government has sought loans from allies such as China and Saudi Arabia, promised to recover funds stolen by corrupt officials, and embarked on a series of high-profile populist austerity measures.
But help has been in short supply and economists' warnings have grown increasingly urgent.
The visit also comes as Pakistan's central bank warned this week that inflation would likely double in the coming year — hitting 7.5 per cent — while the country's growth target rate of 6.2 per cent would likely be missed.
PM Khan will also meet King Salman and Crown Prince Mohammed bin Salman during his visit to discuss "matters of mutual interest".
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On DawnNews
Comments (59) Closed
Oct 22, 2018 04:17pm
Hope for the best to tide over the situation..
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Oct 22, 2018 04:24pm
Good luck PM
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Oct 22, 2018 04:25pm
Wish him & Pakistan Good Luck..
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Oct 22, 2018 04:27pm
Apparently, the PM is going with certain reassurances. Pakistan WILL go to the IMF for their monitoring programme that will send a global signal worldwide, but they want to go for less than 12 bill. The higher the money you need, the more stringent the conditions, which Pakistan wants to avoid. Also, according to the informed sources, with the import bill going down, Pakistan would need around 7-8 bill and not the 12 bill.
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Oct 22, 2018 04:28pm
Great work. But sad for Khashoggi. Our PMIK will hopefully raise the issue
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Oct 22, 2018 04:34pm
Is he invited?
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Oct 22, 2018 04:43pm
@Mohan - "Is he invited?"
Read before you jump to comment.
It says, special invitation from Saudis.
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Oct 22, 2018 04:45pm
What does Pakistan have to
invest ???
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Oct 22, 2018 04:46pm
Try to earn money through business Mr. PM selected..
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Oct 22, 2018 04:47pm
Charity Box will be placed inside conference Hall with clear marking
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Oct 22, 2018 04:48pm
Mr. Khan you should know better than to meet with MBS. The entire world is watching and what you are doing is wrong.
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Oct 22, 2018 04:52pm
@Mohan your concern ?
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Oct 22, 2018 05:00pm
@Mohan Just read only 1st three lines of news.
Your comment was just like "Interested" which people usually use in Linkedin instead of reading the post.. Good Luck
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Oct 22, 2018 05:01pm
How much Pakistan is going to invest?
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Oct 22, 2018 05:32pm
This man has the charisma to win over the west,middleeast,far east and the world, what a man , proud to be Pakistani today.
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Oct 22, 2018 06:09pm
We need investment and Saudi Arabia is our best friend and we need stability and progress in both the countries.
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Oct 22, 2018 06:12pm
@Jaan Bhittani Please show respect to voter.
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Oct 22, 2018 06:18pm
Hope you come back soon!
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Oct 22, 2018 06:21pm
@Zak -- Did you miss anything?
Sure you do not know him well!
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Oct 22, 2018 06:25pm
@Jaan Bhittani "Try to earn money through business Mr. PM selected.." Did you vote for those who were doing business to earn money? Can we have some names, just to have a good laugh?
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Oct 22, 2018 06:26pm
@Rajesh "What does Pakistan have to invest ?" We know the biggest investor: Modi.
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Oct 22, 2018 06:35pm
hi tech industry and Pakistan have no connect at all
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Oct 22, 2018 06:57pm
While rest of the world is ditching this conference Pakistan apparently has no choice !!
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Oct 22, 2018 06:58pm
The premier's vision of the country in the five years to come, is something that is now hounding, the PM day and night. He has not been able to reconcile with the fact that, he has actually become the PM and has to materialize what he had been hallucinating and forwarding the same to the nation.
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Oct 22, 2018 07:13pm
What he is going to invest their or going to collect leftovers?
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Oct 22, 2018 07:20pm
He will feel quite lonely there.
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Oct 22, 2018 07:20pm
world main investor UK,USA,france is not there then who invest and where
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Oct 22, 2018 07:29pm
Prime minister is seeking to get money, not going on a middle East conquest mission. Ppl should keep their expectations low and understand nothing is free in today's world.
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Oct 22, 2018 07:40pm
Pakistanis were flying high when oil prices were low. India was taking tough measures during this time and were adjusting the pain. Now India is in growth trajectory in spite of oil process high and trade protectionism. When the going gets tough, the tough gets going. Pakistan has a lot to learn from India about handling the economy.
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Oct 22, 2018 07:53pm
Good luck getting attention in a conference with 150 speakers.
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Oct 22, 2018 07:55pm
Win win situation! I wish I am wrong which perhaps I am not. I wish I had old newspapers to prove what I am referring to. Days back it was reported in the news that PM Imran has planned to go to Saudi Arabia for two days before going to China. The news neither said that he is invited to investment conference nor it said that he is going for three days. However at the same time journalist Khashoggi was found missing in Turkey which displeased at least Super Powers if not others and as a consequence USA UK and France showed their annoyance by saying that they will not attend the conference which must have shaken Saudia but how could it convince them not to boycott but attend. Now for face keeping PM Imran must have been invited to grace the conference so that Saudia can proudly boast that not minister but PM (perhaps only PM) attended it. I believe in reciprocation Pakistan will get some money which is very badly needed in any case. Both Saudi Arabia and Pakistan win. Iqbal Hadi Zaidi
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Oct 22, 2018 08:00pm
Can someone please clarify the confusion that I have in my mind. Saudi Arabia is hosting this conference to woo big world investors to invest in Saudi Arabia. Pakistan is running short of about US $ 12 billions to remain solvent and in good shape. What will Imran Khan do: won’t it be odd to ask for billions of dollars while Saudis themselves looking for dollars that can invested in their projects?
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Oct 22, 2018 08:05pm
@Zak Chrisma can only go so far. His government and his team has to perform first. I'm not a PMLN or NS supporter.
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Oct 22, 2018 08:08pm
@Rajesh - "What does Pakistan have to invest ???"
Pakistan and Saudis are sending a manned space mission to Sun - the first of its kind in the history of mankind. You must be wondering wouldn'y they get burned. SUPARCO scientists have come up with an ingenious solution. They will be landing on the Sun at night. Saudis are very pleased, and are ready to invest $200 billion.
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Oct 22, 2018 08:12pm
@blunt - "How much Pakistan is going to invest?"
Somewhere around 30 quadrillion PKR. That comes around 3,000 USD. Read before you jump to comments section.
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Oct 22, 2018 08:16pm
Looks like an employer and employee relationship.
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Oct 22, 2018 08:20pm
@Mohan Yes he was. And for country like pakistan, saudis would consider it an insult if it was turned down. As for west, one has to look at the global picture, i.e. pressure on saudis to make up the oil shortage and keep the price low in face of Iranian sanctions.
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Oct 22, 2018 08:21pm
What could be the rationale, if any, on the part of PM Imran to take Foreign Minister and Information Minister with him to attend Saudi Arabia investment conference? I wonder how and why PM Imran went to attend it when it is purely and basically investment conference hosted by Saudi Arabia telling the foreign potential investors as to what facilities and concessions will be offered by Saudia to the foreign investors? How does Pakistan fit in when we are asking for money from them whereas Saudia on the other hand wants foreign investment? Will someone enlighten me please? Iqbal Hadi Zaidi
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Oct 22, 2018 08:49pm
PMIK failed to cast his charismatic spell on Saudi on his first and only foreign trip last time. Kept my fingers crossed this time. Go IK Go, conquer the world with your dynamic personality.
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Oct 22, 2018 09:01pm
With most of the A-listers from the political and business world having pulled out, IK will get much needed attention. Hope he is charging enough appearance fee. But, even he cannot charge enough to avoid going back to IMF.
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Oct 22, 2018 09:01pm
Apparently he is going there to ask for a loan, not to project pakistan’s Investment potential.
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Oct 22, 2018 09:34pm
Does this English proverb have anything equivalent in urdu ?
" fools rush in where angels fear to tread"
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Oct 22, 2018 09:49pm
@Rajesh He will invest the interest of the loans the Saudis will give him (hopefully)
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Oct 22, 2018 09:50pm
@Zak Honestly , most of the times I feel as if your comments have an underlying sarcastic overtone
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Oct 22, 2018 10:02pm
@Lilly Have you even reading the news or thing everyone is oblivious to the facts as you are.
Helpful Tip, Please visit any indian page to know, how much difficulty india is ALSO facing with Currency Devaluation, Trade Deficit, increasing oil prices and transferring the same to the common people.
We Pakistanis are not the Best Developed nation but atleast we know it and hoping the NEW PM would work to put us on right trajectory.
while the Neighbor only close the eyes to fact and sing the song 56 inch has taught them well for past 4 years, too bad the common people of India are realizing what a sham of a person he is !
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Oct 22, 2018 10:02pm
Good news.
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Oct 22, 2018 10:09pm
Assume if he manages to get investment ...all money will go paying Chinese CPEC and it's a fire fighting ....May be he late to be elected as PM ...
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Oct 22, 2018 10:28pm
@IQBAL HADI ZAIDI I think you need to understand what an investment conference normally. All western countries were to send their top leaders and envoys to this, not because they were going to invest in this project but what they could get out of it. Saudis would be investing hundreds of billions into this project, and the planning, materials, a lot of workforce will come from other countries. That's where these countries will make money from. Right now, Saudis still want this to be portrayed as a global event, and Pakistan's role has become that much important in absence of Western powers.
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Oct 22, 2018 10:32pm
@Pro Bono Publico By the logic, countries like USA, Japan, UK should stop any investment abroad. UK has a debt of almost 1.8 trillion pounds. USA has a debt of almost 100% of GDP, whereas Japan's debt to GDP ratio is somewhere around 175%. Why do you think these countries invest in such projects?
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Oct 22, 2018 10:42pm
My indian friends ' Is something burning?
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Oct 23, 2018 12:14am
@Mohan no Modi is not invited
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Oct 23, 2018 12:44am
I feel sorry for Imran Khan who has to extinguish the fires of the previous governments.
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Oct 23, 2018 05:32am
At this point I wish I had more hands to face palm myself. Why not look within the country? Provide incentive for local businesses and industrialists? Considering what's happening in Saudi Arabia, we must stay away from them especially when it comes to money. We will once again become a escape goat for the rich. Develop locally. You want expertise, then go to the Dutch, a country that has the best canal and dam systems. Go to the Germans for best engineering system. Go to UK and Canada for Medical and health expertise. But it seems like we are busy trying to make Haj and Umrah cheaper for the rich. Spend less on weapons and invest more on infrastructure. Finance projects locally which will strengthen your banking system and other financial intermediaries. This government is no different than the previous governments who only borrowed and borrowed or gave subsidies on everything that made projects and services unsustainable. Poor foreign and economic policies is the reason we fail.
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Oct 23, 2018 05:38am
@Rajesh Pakistan will once again give up their freedom just like Pakistan agreed to participate in Afghan war and many other adventures. We are good at giving up our own sovereignty and I think this is the best investment for any country. I mean, even India would give millions to Pakistan for this. Sadly it's due to our weak policies and burdened economy which has led to this. Previous government did a lot of damage and burden gets inherited by the next and so on and so forth. Pti inherited the most, from declining balance of trade to extreme environmental costs. Repairing it will take years and a lot of money. Sadly, no one has the vision to provide and finance projects locally.
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Oct 23, 2018 05:51am
Good luck PM
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Oct 23, 2018 06:58am
I hope he does not get entangled in some thing that will hurt Pakistan for many years. We have to respect our Neighbors and we do not want to be part of the cruel war in Yemen. Out soldiers should not get killed there and we should not be part of the shameful act in killing Children. I hope Khan keeps his priority straight. Money can not buy every thing especially respect. Saudi Arabia has lost that respect in the World.
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Oct 23, 2018 08:19am
All the best
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Oct 23, 2018 09:34am
@Mohan Rather a shallow comment, and obviously you don't read news: "Imran Khan is undertaking the visit on the special invitation of Saudi King Salman bin Abdul Aziz".
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Oct 23, 2018 10:10am
hope that Pakistan will get out from the financial crisis soon, PM should get the investment rather than financial assistance, if PIT successfully gone through this crises this will be biggest success , we wish them best of luck and lots of prays.
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