PM Khan to attend investment conference in Saudi Arabia next week
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Prime Minister Imran Khan will visit Saudi Arabia to attend the Future Investment Initiative Conference (FIIC) on the "special invitation of King Salman bin Abdul Aziz", according to a Foreign Office (FO) statement issued on Friday.
The premier is expected to travel to Riyadh on October 23 to participate on the first of the two-day conference. 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 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.
PM Khan will also meet King Salman and Crown Prince Mohammed bin Salman during his visit to discuss "matters of mutual interest".
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.
This will be PM Khan's second visit to Saudi Arabia since he assumed office. 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.
Controversial conference
The FIIC, which comes amid the chaos following Saudi journalist Jamal Khashoggi's disappearance, has been boycotted by United Kingdom, United States and France.
Pakistan briefly weighed in on the incident earlier this month, calling on Turkey and Saudi Arabia “to jointly address the matter”.
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On DawnNews
Comments (133) Closed
Oct 19, 2018 12:02pm
Unbelievable. Whole world is expressing outrage and Captain is running to answer call of duty.
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Oct 19, 2018 12:07pm
PMIK in economic conference KSA , really?
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Oct 19, 2018 12:08pm
What is the use of such conferences ??
No government has ever thought about raising the standard of living of common people through safe, legal and small investments.
Without attending any conference one can understand what to do in a country like pakistan, ie legal protection by the government.
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Oct 19, 2018 12:09pm
Good move
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Oct 19, 2018 12:14pm
In present economic conditions Pakistan needs FDI badly. For FDI Peace, incentives, Fair laws, and quality infrastructure needed.so govt should clearly one slighted focus on maintaining peace, humans resources development. stopping unnecessary sumoto of court's. Country will come on development path.its just needed to put in first forward gear. B positive and create atmosphere of being business friendly nation
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Oct 19, 2018 12:25pm
Most of the representatives of hi-tech industry are no longer attending this conference. So this is probably going to be a dud.
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Oct 19, 2018 12:29pm
What is the benefit to attend considering the major players have boycotted? Instead, send the Finance and Commerce Ministers.
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Oct 19, 2018 12:34pm
IK has got this wrong it seems. KSA is hosting the conference to invite investment in KSA and not to give it out.
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Oct 19, 2018 12:47pm
@Hm "Unbelievable. Whole world is expressing outrage and Captain is running to answer call of duty." Whole world is expressing outrage over Pakistan as well, should he stop visiting Pakistan as well??.
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Oct 19, 2018 12:57pm
I think this conference aims to attract investment to Saudi Arabia, not to Pakistan.
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Oct 19, 2018 12:57pm
@Khurram: Mixing apples with oranges. That conference is different where Pakistan is not a party.
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Oct 19, 2018 01:04pm
The aim of the conference is to show case project and investment opportunties in KSA to attract foreign investors and partners. How much is Pakistan going to invest in KSA, when we are begging IMF for a piddly $8 billion loan? Saudis spend more than that on arms and on war in Yemen each month.
I see no reason or benefit for Pakistan in this gathering, No one at this conference will be thinking of offering any investment to Pakistan. Rather, the money on travel and lodgings by IK and his entourage could be better utlitized in Pakistan, than shaking hands with the Saudis who have already shown their true colors in Istanbul, Yemen, Syria and elsewhere. I never considered them our friends or anything else, but uncouth Arabs with the lowest level of sophistication or attiquetes, lacking much education or interpersonal skills.
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Oct 19, 2018 01:05pm
More power to Imran!
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Oct 19, 2018 01:09pm
The developed world is boycotting the meeting, It is a meeting to bring investments to KSA, not the other way around.!!
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Oct 19, 2018 01:11pm
Imran Khan's choice of friends do not look like it will take Pakistan in a different path. There is a saying if we do same thing everyday, the result will be same. Pakistan needs to look out for different friends and relationships if the future has to be different.
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Oct 19, 2018 01:12pm
@JA-Australia "I think this conference aims to attract investment to Saudi Arabia, not to Pakistan." There are different ways you can invest in a country, but one thing is constant, that is the benefit you can get by providing benefit to others.
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Oct 19, 2018 01:13pm
@PK085 "What is the benefit to attend considering the major players have boycotted?" The answer to your question, is in your question.
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Oct 19, 2018 01:24pm
Arab countries should invest in Pakistan rather than Western countries because of cheap labours and Security to their invested money. Pakistanis will not even hesitate to lay their lives whenever Arabs are faced with difficult situation.
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Oct 19, 2018 01:28pm
Whole world is condemning Saudi on human rights and we are ignoring it. When we will wake up?
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Oct 19, 2018 01:29pm
Good news.
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Oct 19, 2018 01:29pm
Demonstrates complete lack of moral compass or direction.
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Oct 19, 2018 01:32pm
Pakistan has nothing to invest in KSA anyways. Sort of pleasure trip then.
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Oct 19, 2018 01:34pm
Pakistan should develop some industrial city close to ports with special ,and supportive laws with adequate infrastructure for export.prmot export oriented industries.coz Pakistan have enough human resources so focus on labour intensive industries. This Will not only generate revenue, foreign exchange, employment.economy will boom.so no more loan only focus on fdi
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Oct 19, 2018 01:38pm
Instead , IK should think of visiting some other country to build trust and get some investment, ,visiting Saudi for their conference like a visitor is real waste of time and money
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Oct 19, 2018 01:39pm
Quite interesting, as the representatives of the hi-tech industry from around the world are boycotting this event.
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Oct 19, 2018 01:46pm
Not sure is this invitation extended before or after western counties cancelled their trip for face saving?
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Oct 19, 2018 01:59pm
Saudi Arabia is sinking ship whoever will be board face same fate.
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Oct 19, 2018 02:10pm
@AKB .our lives are not as cheap as you have imagined to be yours.we will not give our life for them.
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Oct 19, 2018 02:20pm
If IK heard or even knew what some senior Senators and Congressmen are saying about MBS and urging the Kingdom to get rid of him, for his recklessness, toxic policies and blunders with Qatar and war in Yemen, combined with complicity in the murder of Jamal Khasshogi, I would seriously ask him to reconsider the trip, or at least do without being photographed with MBS. He has become a liability for the Kingdom and all those who have cancelled their attendance to this conference, are doing so, so that they will not be seen smiling and shaking hands with those who may become periahas soon, that many many be embarrased to have been photographed with.
Would anyone like proudly display their photos taken with such despots from the past as the Shah of Iran, Saddam Hussain, Kadafi, Bin Laden or Idi Amin? All characters who now have a dubious reputation and none memoralized as a hero to their people. Why would IK risk a political backlash by simply having his photo with MBS, is beyond me.
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Oct 19, 2018 02:21pm
Imran khan's advisers aren't in sync with developments around the globe. This conference is going to be a failure owing to boycott of EU, USA and other Western countries. Target audience of vision 2030 was western world, it wasn't about pk anyway.
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Oct 19, 2018 02:22pm
@Hm his advisers aren't rightly guiding him
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Oct 19, 2018 02:24pm
Every country looks after its own interest. So if PM is going to attend this conference then he will get an opportunity to present Pakistan's current government economic priorities. I don't see western governments actions should always be taken as SOPs. They change horses mid streams when it suits them. So let's stick to our own priorities.
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Oct 19, 2018 02:24pm
What a shame ! Going against human rights for a few dollars.! I was expecting more from him.
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Oct 19, 2018 02:32pm
With all the my personal feelings aside I feel IK is making the right move by going, though major countries are boycotting but those Governments are doing under public pressure and soon they will offer a way out to Saudis as they just can't ignore the major investment Saudis can offer., we have already seen U-Turn statements from Trump.
It is just a matter of time before they will hush hush the Khashoggi's issue.
And Western powers are in the position to do Carrot and Stick Politics, Pakistan is not in that position at-least yet.
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Oct 19, 2018 02:36pm
@Schlegel human rights??? speak for urself... and if u are so caring about human rights raise ur voice openly against isreal and india ... can u ?
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Oct 19, 2018 02:43pm
@sheryaar two wrongs don't make a right. Secondly if ksa was interested in pk, it would have given imran a warm response after his visit.
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Oct 19, 2018 02:57pm
At the time when the nation is under financial distress, PMIK should not splurge on such meaningless conferences.
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Oct 19, 2018 03:02pm
That was an expected decision from IK. So far he has acted opposite to what he used to said before election.
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Oct 19, 2018 03:10pm
@Skeptic A good comment.
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Oct 19, 2018 03:13pm
Several high-profile speakers and sponsors have pulled out of the Future Investment Initiative conference in Riyadh amid outrage over the disappearance of Saudi journalist Jamal Khashoggi.
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Oct 19, 2018 03:18pm
We have little option than to attend for obvious reasons!
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Oct 19, 2018 03:27pm
What can Pakistan invest in KSA, we don't have any technology. Manpower may be!!!
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Oct 19, 2018 03:33pm
Developed countries like US,UK, France has boycotted the conference.
I'm just wondering who will Captain meet in conference.?
I mean from where so called High-tech giants will show up??
China?
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Oct 19, 2018 03:58pm
My advice is not to attend this conference
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Oct 19, 2018 03:59pm
@syed Ahmed why not?
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Oct 19, 2018 04:12pm
Saudis are under pressure, and will be willing to Pakistan's request with open ears, unless Trump has some other agenda. It's all about give and take.
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Oct 19, 2018 04:25pm
@Tariq Abbasi for that pakistan has to arrange invesyment summit in pakistan, so that world leaders attend the summit and if impressed will do investments in pakistan.
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Oct 19, 2018 04:27pm
we dont need to think if europe and USA are attending or not. There can e big opportunities for us. PM IK and Asad Umar are very educated and well aware of such opportunities. Unfortunately none of our other politicians have such vision
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Oct 19, 2018 04:30pm
@Dr.Shams "Developed countries like US,UK, France has boycotted the conference." So by boycotting the conference, will we qualify as developed country?
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Oct 19, 2018 04:32pm
Good move by Pakistan govt to attend and be benefited out of such exposure. Those who are not attending will ultimately surrender. Country’s interests more than one person. Just watch it.
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Oct 19, 2018 04:33pm
@Dr.Shams Singapore, Malaysia, Thailand, Korea are all very advanced in technology.
Doesn't always need the stupid West
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Oct 19, 2018 04:39pm
@Hm IK is not a fool. He understands the realities. Pakistan is not US or France. It is looking for money to survive.
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Oct 19, 2018 04:40pm
When whole of important world leading businesses &Govt functionaries r boycotting the event why IK is going there.They have already paid 100million &&&&&to America to coverup the Kashoggi gruesome murder.
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Oct 19, 2018 04:55pm
@Hm _ The prime minister wants to support the crown prince in his hour of need. He hopes the crown prince will then support Pakistan in it's hour of need.
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Oct 19, 2018 04:56pm
@MA .... It is a chess move.
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Oct 19, 2018 04:58pm
I guess he doesn’t understand macroeconomics well what is the benefit of attending conference abroad when you can’t convince audience about your economy?
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Oct 19, 2018 04:59pm
@Dost ..... The royal family is promoting human resources development in Saudi Arabia. They have found their people are falling behind and can't live on the dole any more.
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Oct 19, 2018 05:03pm
Great step. Before you go please do your home work and design a strategy. Exploit CPEC and Karachi as selling point. Lot of potential of promoting tourism in Pakistan and other industries such as surgical goods, war technology such as fighter jets, supports good, and so on. When comeback share with the nation what you achieved being in the summit. Good luck.
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Oct 19, 2018 05:03pm
@Sameer ..... More power to Pakistan's electrical grid.
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Oct 19, 2018 05:08pm
@PK085 That's because a person of the calibre of PM can help attract foreign aid.
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Oct 19, 2018 05:10pm
@Dost .... Labour intensive industries do not generate profits. PSM is a good example. The cost of labour is an employer's largest expense.
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Oct 19, 2018 05:11pm
Kudos to Imran Khan to grab every opportunity to gather donations. This is the foundation of a great civilization.
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Oct 19, 2018 05:12pm
May be he convinces participants that Pakistan is a better alternative
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Oct 19, 2018 05:16pm
Better not bring up Jamal Khashoggi. National interests always come first.
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Oct 19, 2018 05:26pm
@Hm. The outrage is understandable, but he still has a job to find investors to invest in Pakistan, which is good for people, even people like you who always seem to find an excuse to complain about something. This trip is to help Pakistan, not Saudis.
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Oct 19, 2018 05:27pm
@Kris. Not most, some of them, there’s a difference if you care to learn about it.
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Oct 19, 2018 05:35pm
Fact is that West doesn't care about murder of a journalist as they do the same with their own journalists. They are actually going to take advantage of this incident to make Saudis sign some deals in return. Pakistan must take advantage of the situation in our own national interest. Saudis might turn their investments into Pakistan as they are trying to increase their sovereign fund investments.
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Oct 19, 2018 05:40pm
@BAXAR if a Pakistani reporter was killed in that manner, would imran had gone to the conference
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Oct 19, 2018 05:50pm
Imran Khan needs to rethink this decision. It's not right time to go to Saudi Arabia.
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Oct 19, 2018 05:56pm
A good move, the incentives and chance in every international business and investment conference and workshop should be utilized, IK should appoint a team to move around and attend each conferences, forums, workshops, exhibitions, these are the points where you can explore and meet the visitors and guest of high profiles, most of the big break through happens in such gathering, I understand because I also attended such meetings and conferences, don't we know the power of meet and greet and place your business card exchange?
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Oct 19, 2018 05:58pm
Another joke.
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Oct 19, 2018 06:02pm
This is a good step as long as we can differentiate between human rights violation and economic participation. They are two different aspects and issues that need to be dealt with separately of each other. Pakistan must raise the issue of human rights violation at a different forum that is meant to discuss human rights exclusively.
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Oct 19, 2018 06:04pm
@Abid "if a Pakistani reporter was killed in that manner, would imran had gone to the conference" Do Americans boycott Israel and India?
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Oct 19, 2018 06:06pm
Pakistan can take advantage of the situation. KSA will emerge out of this and Pakistan needs to take the space others left. Good move IK.
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Oct 19, 2018 06:11pm
I do not think that Pakistan has the luxury to follow the west blindly. IK is a pragmatic leader and not driven by foreign influence.
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Oct 19, 2018 06:18pm
100 days. Should be working at home.
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Oct 19, 2018 06:18pm
@Neutral The reponse to your comment coud be summarized by a question:
If no Western Airline flies to Pakistan or hardly any foreing Banks operating in the country, nor major investments by multi-nationals in the country, why would Western Investnment professionals come and invest in Pakistan??
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Oct 19, 2018 06:24pm
@Hm — when your financial conditions are so devastatingly weak, you have no other choice. Given the conditions of the Pakistani economy, you could forgive IK for attending. I am sure deep inside he too is revolted by the occurrences of the last couple of weeks.
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Oct 19, 2018 06:24pm
Mr. Khan , with all due respect your decision is wrong and sends a wrong message to rest of the democracies and civilized nations. Pakistan is far better and respects it’s own citizens and you to know better. Please cancel your trip to Saudi.
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Oct 19, 2018 06:25pm
What a shame when the whole world is backing out!
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Oct 19, 2018 06:27pm
@Kris even the US Secretary of Treasury Mr Mnuchin and most US businesses have refused to attend the conference in Saudi.
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Oct 19, 2018 06:27pm
Excellent decision by IK.
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Oct 19, 2018 06:31pm
@Qamar Munir not only Hi Tech Industries are boycotting the meeting in Saudi but all the Bankers and major news organizations in the west are boycotting this meeting.
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Oct 19, 2018 06:33pm
This is already boycotted by most of west and America.
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Oct 19, 2018 07:31pm
@BAXAR when was a Pakistani reporter killed and USA supported his murderers regime dear??
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Oct 19, 2018 07:32pm
Does our Honorable PM know what this conference is about? This is for INVESTMENT in Saudi Arabia by rich countries or rich companies. How are we part of that? Does the PM have some invisible funds (from the mythical $200 billion dollars) he found that he can offer to invest in S Arabia?No, we can not negotiate loans/aid at this conference.
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Oct 19, 2018 07:55pm
History has shown that the rich Gulf Arabs do not help their own kind with monetary aid or human development. The Arab League for instance is totally impotent to bring about peace and harmony among the divisive Arab nations, and the Arab Monetary Fund does nothing to help build infrastructure or promote industrialization in the poor Arab States or Africa. Virtually every Arab Sheikhs & Princes keep building their own personal wealth by acquiring assets in the West, or in building hotels, casinos while attracting and encouraging young white women to jobs or prostitution in Dubai, and making money from a false sense of tourism promotion. Saudi Arabia has not done enough for its own citizens, and the moderate semblance of reforms we see today are 'white-wash" to show the West, that Saudi Arabia is reforming. How can Pakistan except to get funds from KSA while being friend of Iran & Turkey?
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Oct 19, 2018 07:58pm
@Just Saying Don't say anything. Human rights come before $.
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Oct 19, 2018 08:06pm
Mr. PM: At least wait till the investigation report is published. Weigh before you speak is a very good policy
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Oct 19, 2018 08:09pm
Hopeless decision
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Oct 19, 2018 08:18pm
Take advantage of the situation. Good decision. We cannot afford the luxury of bycotting these things. Previous government has brought this country to its knees.
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Oct 19, 2018 08:22pm
Good for Pakistan to attend in Saudi Arabia. We must stay clear off international politics. Good luck IK.
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Oct 19, 2018 08:24pm
PM should not have gone,Should have sent the information minister would have kept him busy for a few days.
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Oct 19, 2018 08:29pm
@Alla Bux Khashogi will haunt Saudi for a long time. What is our stand on this will decide PTIs direction.
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Oct 19, 2018 08:30pm
Waste of time
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Oct 19, 2018 08:32pm
Do they in PM house read news? People are backing out of this conference due to Khasogi case and they are proudly announcing this trip. Moreover, given the uncertainty in Riyadh, expecting Saudis to decide on any large investment commitment is a far cry...
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Oct 19, 2018 08:33pm
@Syed it is called diplomacy.
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Oct 19, 2018 08:51pm
Not an appropriate time to attend this conference.
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Oct 19, 2018 09:05pm
PM Imran Khan has been invited through special invitation by King Salman bin Abdul Aziz, hence he’ll go and attend. Many Pak businessmen and Pak. KSA Joint ventures exists, and certainly Pak is going to benefit from the conference.
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Oct 19, 2018 09:18pm
Before you comment, keep in mind, whether in favor or against the PM, Pakistan's progress has nothing to do with what happened in Turkey or even Saudi involvement. I commend the PM to keep his vision to promote investment in Pakistan, at least he's not going to Saudi Arabia just to show his support, he's going for one reason, and one reason only. PAKISTAN
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Oct 19, 2018 09:23pm
Going too often to a country will reduce IK's weight as the PM of Pakistan. Looks like he is the Tonny Blair of Pakistan.
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Oct 19, 2018 09:46pm
The investment conference in SA is to lure investors to invest in Saudi Arabia. what is PM IK mission to attend this confetence? except spend at least half a millipn dollars on the visit.
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Oct 19, 2018 09:48pm
If the prime minister has a tiny bit of ethics and morality he should not attend this conference.
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Oct 19, 2018 10:06pm
Completely non sense decision.
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Oct 19, 2018 10:54pm
Collection of taxes is important the rest is cosmetics.
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Oct 19, 2018 10:56pm
I hope this is just a bad joke!
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Oct 19, 2018 11:03pm
Well, at least his honesty is still undoubted.
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Oct 19, 2018 11:46pm
Let us wait for the PM's report after his return from the SA visite.
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Oct 19, 2018 11:55pm
@Abid Fawad, Daawood, Asad, Shah mehmood Qureshi are all failing to take catches even when Imran Khan is bowling a good line and length....! These team mates will bring down the Kaptaan....!
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Oct 20, 2018 12:03am
The Great Khan: Pakistan's finest, most admired and respected. Best foot forward. Wish him luck.
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Oct 20, 2018 12:44am
Attending SA investment conference which even is boycotted by USA.
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Oct 20, 2018 12:50am
@M. asghar what report ? the King or MBS are not going to meet with IK.
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Oct 20, 2018 01:31am
I didn't know Pakistan was going to invest in Saudi Arabia or has the capacity to? So, why is Imran Khan going? This is not a conference where the Saudis are gooing to dole out money.
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Oct 20, 2018 01:47am
Let the rich western countries worry about principles, they can afford it.
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Oct 20, 2018 01:59am
The whole world is boycotting the Saudi butchers and our PM is going to attend as if living in an alternative universe where nothing happened. Amazing!
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Oct 20, 2018 02:28am
@Lahori kid
Ok it has everything to do with Pakistan will it help the ill treatment of Pakistanis in Saudi Arabia? Kindly don’t support everything blindly just because you support PTI
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Oct 20, 2018 04:09am
@JA-Australia Will be an opportunity for us to meet prospective investors in one place.
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Oct 20, 2018 04:12am
@Falcon1 Every opportunity of exposure and interaction with investors at any forum can a;so benefit us.
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Oct 20, 2018 06:43am
Nothing new. Saudis have always summoned Pakistani leadership whenever they needed.
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Oct 20, 2018 06:45am
Great man. Love, love and love to Pakistan my beloved motherland my Dharti Maa.
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Oct 20, 2018 07:07am
@Sukhera You should keep your ignorance to yourself
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Oct 20, 2018 08:17am
Foreign Direct Investment (FDI) in India increased to $61.96 billion in 2017-18, according to Indian Government’s Department of Industrial Policy and Promotion (DIPP). Total FDI reached $ 61.96 billion in the last four years.
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Oct 20, 2018 08:18am
Ministry of External Affairs has asked Trade Promotion Council of India (TPCI) to mount a delegation of 25-30 leading Indian companies to Riyadh, who are dealing in Infrastructure and Housing sectors. Embassy of India in Riyadh would be extending all assistance in arranging meetings with Ministry officials, business chambers, top Saudi businessmen and visit to any major construction sites, if required. The Embassy has also suggested November 27-28, 2018 as the date for this important business delegation.
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Oct 20, 2018 08:19am
In recent past, some Indian firms have already created their presence in Saudi Arabia, with the Saudi Arabian General Investment Authority lately issuing more than 400 licenses to Indian firms.
The Ambassador also informed of emerging opportunities in healthcare and pharmaceuticals, and invited Indian exporters to take advantage of the strategic King Abdullah sea port in Jeddah.
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Oct 20, 2018 04:08pm
The west is just making noise. At the end of the day it's about money. Just listen to Donald Trump what he has to say about Saudis.
No harm in IK going to S/A
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Oct 20, 2018 04:23pm
The conference has already failed due to boycott by major EU player in the backdrop of the Suadi journalist's murder. Attending a downgraded conference by the PM makes little sense.
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Oct 20, 2018 06:15pm
Captain, If you go saudi, I will loose respect for you. I thought you are from Tahreeq insaf. Where is insaf?
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Oct 20, 2018 09:03pm
Please ask them to stop killing Yemenis & journalists.
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Oct 21, 2018 12:40am
The prime Minister Imran Khan must have misunderstood. This is a conference to invest in Saudi Arabia. Are we going to invest? What and with what?
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Oct 21, 2018 04:39am
Why PM Khan puts his all eggs in one basket (Saudi Arabia) only?
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Oct 22, 2018 12:59am
Isn't the conference about investing or investing opportunities in Saudi Arabia/ Saudi Arabian companies ?
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Oct 22, 2018 06:51am
Pakistan must not attend the conference as a mark of protest over brutally butchering the journalist. Against the mindset.
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Oct 22, 2018 05:18pm
@Khurram . He and his team will fill up the seats, as a lot of Westerners are opting out for obvious reasons, so there will be a lot of Japanese, Chinese, Indians, Russians, Venezuelans, Mexicans, Brazilians, last but not the least, "brotherly" Pakistani's. If the hosts are going to pick up the tab of those coming why not make the best use of the invitation.
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