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ISLAMABAD: Saudi Arabia expressed its commitment to increase investment in Pakistan and would sign 25 agreements in different sectors to boost economic cooperation between the two brotherly nations.
Addressing the Pakistan-Saudi Arabia Business Forum held in Islamabad on Thursday, Saudi Minister of Investment, Engr. Khalid bin Abdulaziz Al-Falih said that Pakistan and Saudi Arabia are strategic partners and showed resolve to enhance investment in Pakistan, highlighting numerous opportunities available
“There has been a significant increase in mutual trade between the two countries. We should take advantage of the geographical proximity to increase trade, the Saudi investment minister added.
Earlier, the Saudi delegation led by the Saudi Minister for Investment called on President Asif Ali Zardari, where the Saudi investment minister said the delegation would sign ’25 agreements’ in different sectors to boost economic cooperation, the President’s Office said in a statement.
During the meeting with Presdient Zardari, Abdulaziz Al-Falih said that Saudi Arabia recognized the strategic geographical significance of Pakistan and its potential for natural resources and renewable energy. He informed that Saudi Arabia had planned to invest in the infrastructure and mining sectors of Pakistan.
• سعودی عرب کے وزیر برائے سرمایہ کاری، خالد بن عبدالعزیز الفالح کی قیادت میں وفد کی صدر آصف علی زرداری سے ایوان صدر میں ملاقات ۔
پاکستان اور سعودی عرب کا معیشت، زراعت، کان کنی اور انفارمیشن ٹیکنالوجی کے شعبوں میں تعاون بڑھانےکے عزم کا اعادہ ۔صدرمملکت
• دونوں برادر ممالک… pic.twitter.com/nINgx10Ur0
— PTV News (@PTVNewsOfficial) October 10, 2024
Both sides reaffirmed their commitment to enhancing cooperation in key areas including economy, agriculture, mining, and information technology, the statement added.
‘Pakistan open for business’
While addressing the Pakistan-Saudi Arabia Business Forum, Federal Minister for Finance and Revenue, Senator Aurangzeb expressed optimism about Pakistan’s prospects, stating the country was at a good place on the economic front and open to business.
Aurangzeb highlighted government policies aimed at strengthening the private sector to lead the country’s business and economy. He welcomed Saudi Arabian delegates to promote trade and investment through a Business-to-Business (B2B) model.
Aurangzeb cited significant progress in macroeconomic stability over the past 12-14 months. “Pakistan achieved a primary surplus, reduced its current account deficit to less than $1 billion, stabilized its currency, and increased foreign exchange reserves to cover two months of imports.”
The minister noted that these gains have been consolidated in the current fiscal year, with strong remittances, export growth, and a reduction in inflation from 38% to 6.9%, adding that the decrease in policy rates has also benefited businesses.
“The Islamabad Stock Exchange reached a record high, and the International Monetary Fund (IMF) board approved an extended program for the country.” He reaffirmed the government’s commitment to structural reforms, promoting sustainable growth and tax reform.
More to Follow
*Additional information from Associated Press of Pakistan
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