Saudi Arabia’s Deputy Investment Minister Ibrahim Almubarak on Monday expressed Saudi Arabia’s keen interest in Pakistan’s economic potential during the two-day Pakistan Saudi Arabia Investment Conference in Islamabad.
“The Saudi government and companies consider Pakistan a high priority economic, investment and business opportunity,” Almubarak said according to state broadcaster Radio Pakistan.
Almubarak, while leading a significant Saudi delegation of investors, emphasised the Kingdom’s view of Pakistan as a high-priority economic, investment, and business opportunity. He cited Pakistan’s strategic partnership status and the strong fraternal ties rooted in shared faith, culture, and values. Almubarak’s remarks, covered by Radio Pakistan, underscored Saudi Arabia’s belief in Pakistan’s demographic advantage, strategic location, and abundant natural resources.
“We want to see Pakistan as one of our leading international partners,” he added.
Finance Minister Muhammad Aurangzeb echoed this sentiment, highlighting the government’s commitment to fostering an environment conducive to export-led growth.
Aurangzeb outlined the government’s focus on attracting foreign direct investment across various sectors, with a positive trajectory evident in economic indicators. He noted a decrease in the current account deficit, stable local currency, reduced inflation, and increased foreign exchange reserves, signaling economic stability.
Aurangzeb added that Pakistan was seeking a “larger and longer programme” with the IMF for permanence in the macroeconomic stability and structural reforms while confirming that the Fund’s mission was expected in Pakistan in the “next seven to ten days” to discuss the contours of the new plan.
Addressing a news conference afterwards, Petroleum Minister Musadik Malik stressed the importance of private sector participation from both nations in infrastructure development. Malik emphasized collaboration in sectors like mines and minerals, tourism, and agriculture, underscoring efforts to streamline regulations and create a favorable environment for investors.
Similarly, Commerce Minister Jam Kamal highlighted ongoing discussions for joint ventures and collaboration, particularly noting Saudi Arabia’s interest and trust in Pakistan’s economy. Kamal affirmed the government’s dedication to promoting businesses and steering the economy towards sustainable growth. He hinted at future visits and engagements to further bolster economic ties.
National Coordinator of the Special Investment Facilitation Council (SIFC), Lieutenant General Sarfraz Ahmad, expressed gratitude for Saudi Arabia’s support and emphasized the SIFC’s priority in facilitating investments, especially from Saudi investors. Ahmad highlighted Pakistan’s potential across various sectors and emphasized the SIFC’s role in stimulating investment and ensuring a secure environment for investors.
The Saudi delegation’s visit, aimed at enhancing trade ties and identifying investment opportunities, signals a deepening economic partnership between the two countries. Business-to-business meetings, focusing on sectors like agriculture, mining, energy, and technology, aim to forge lasting collaborations and boost economic cooperation. Prime Minister Shehbaz Sharif’s recent meetings with Saudi leadership further underscore the commitment to realizing significant investment inflows, with positive developments anticipated in the coming months.
