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Saudi Foreign Minister Prince Faisal bin Farhan Al Saud on Tuesday said that his visit to Pakistan would deliver “significant benefits” in the upcoming months by realising the potential of untapped economic development.
The Saudi diplomat was addressing a joint press conference in Islamabad with Foreign Minister Ishaq Dar after a meeting between the two at the Ministry of Foreign Affairs.
The Saudi foreign minister is leading a high powered delegation on an official visit to Pakistan. The delegation had arrived in Pakistan on Monday.
The visit comes days after Prime Minister Shehbaz Sharif met Crown Prince Mohammed bin Salman in Makkah, where the two sides agreed to expedite the first tranche of a $5 billion Saudi investment package for Pakistan. Overall, Saudi Arabia has committed to investing $25bn in Pakistan over the next five years, focusing on energy, IT, minerals, defence, and agriculture sectors under the Special Investment Facilitation Council.
Addressing the press conference, the Saudi diplomat said he had a “productive series” of meetings with Pakistani officials during which he had stressed the “importance and strategic depth” of bilateral relations between the two countries, as well as the kingdom’s commitment to deepening that relationship through new avenues.
“We are extremely impressed by the very proactive attitude that we saw in our meetings especially with the [Special] Investment [Facilitation] Council and a very strong business-focused approach on addressing challenges and opportunities and highlighting the work we can do together.
“I feel very confident that the results of this visit and the results of the work being done between the two respective teams with this attitude, with this approach of focus on results [and] overcoming hurdles will deliver significant benefits for both of our countries [and] will significantly accelerate the process of achieving those investments that we’re looking at together. I can say that there is significant opportunity to increase the level of investment that is already on the table,” the Saudi foreign minister said.
Terming the visit so far to be a “very positive” one, the Saudi diplomat said
Need to work together to expedite Saudi investments: PM Shehbaz
Earlier today, Prime Minister Shehbaz Sharif said both Islamabad and Riyadh needed to work closely to expedite the first phase of Saudi investments in Pakistan under the new arrangement.
He made the remarks while meeting the Saudi foreign minister.
An official handout released by the Prime Minister’s Office (PMO) today following the meeting with the Saudi delegation said the prime minister expressed his deep appreciation for the leadership of the kingdom and conveyed his sincerest wishes to King Salman bin Abdul Aziz Al Saud and Crown Prince Mohammed bin Salman.
“The prime minister underscored the significance accorded by Pakistan to its longstanding fraternal, economic and strategic relations with Saudi Arabia. He said both countries had always stood together at all times,” the statement said.
He also recalled his “warm and productive” meeting with the crown prince earlier this month, saying that the visit of the Saudi delegation was a “manifestation of the strong commitment of both countries to the strengthening of bilateral relations focused on mutually beneficial economic cooperation”.
“In this regard, the prime minister said that both sides needed to work closely to expedite the first phase of Saudi investments in Pakistan under the new arrangement,” the statement said.
PM Shehbaz also informed the Saudi delegation about the Special Investment Facilitation Council (SIFC) and its initiatives to promote investment in Pakistan.
“He also highlighted the key role of Chief of Army Staff (COAS) General Syed Asim Munir and the cooperation of all institutions for the promotion of investment in the country through SIFC,” the statement said.
Meanwhile, the Saudi foreign minister expressed gratitude at the warm welcome given to the delegation and highlighted that the kingdom attached high importance to its strong and close ties with Pakistan.
“The foreign minister also conveyed the kingdom’s commitment to an enhanced strategic and economic partnership with Pakistan,” it said.
“The escalating situation in the occupied Palestinian Territories was also discussed,” the statement added.
Pakistan, Saudi Arabia reiterate resolve to boost economic ties
Meanwhile, the Saudi delegation also met with President Asif Ali Zardari at the Aiwan-i-Sadr. In a statement posted on X, the President’s House said: “Pakistan and the Kingdom of Saudi Arabia (KSA) have reiterated their resolve to build a strong partnership and further promote economic cooperation for the mutual benefit of the two brotherly countries.”
Zardari acknowledged that the two countries enjoyed a long-standing relationship, with Pakistan looking to transform existing ties into a long-term strategic and economic partnership.
He noted that the prosperity of the Islamic world was linked to the progress of Saudi Arabia. The president also lauded the visionary leadership of the crown prince and the progress being made under Vision 2030 economic diversification plan.
The president thanked Saudi Arabia for its support to Pakistan in difficult times, and conveyed that Pakistan has the highest regard for King Salman and would continue to stand with the kingdom.
The Saudi FM returned president Zardari’s sentiments, noting that KSA considered its relations with Pakistan critical and was “committed to building a strong partnership” with Islamabad.
Furthermore, he highlighted that both countries enjoyed strong bonds and had helped each other for decades. The Saudi FM appreciated the contributions of the Pakistani diaspora in the development of the kingdom.
During the meeting, the two sides discussed regional dynamics and recent developments in the Middle East and called for an immediate and unconditional ceasefire and end to the atrocities in Gaza.
Both sides also exchanged views on issues of bilateral importance and the challenges being faced by the Muslim Ummah, the statement said.
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