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ISLAMABAD: Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh on Thursday expressed Saudi Arabia’s commitment to increase investment in Pakistan and said it 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. The Saudi investment minister added that we should take advantage of the geographical proximity to increase trade.
Addressing the Pakistan Saudi Arabia Business Forum, Minister Al Faleh said: “I think there are essentially no limits to what Saudi Arabia and Pakistan can do in the economic sphere, just like there are no limits to our friendship, to our bonds, to our historic relations.”
He confirmed that the two countries were presiding over 27 “organic agreements” and MoUs worth around $2bn, which would be signed throughout the day.
“First and foremost, we want to support Pakistan in continuing its economic stabilization. Without Pakistan reaching its economic stability, it’s very difficult to do things together,” the minister said, praising Pakistan’s efforts in the last two years as “quite impressive”.
Minister Faleh also expressed his satisfaction regarding trade between the two countries, noting that it had increased by 80 percent — from $3bn in 2019 to $5.4bn.
Last night, a high-powered 135-member Saudi delegation led by its Minister for Investment arrived in Islamabad on a three-day official visit.
Prime Minister Shehbaz Sharif said that Islamabad and Riyadh would sign agreements and MoUs worth around $2 billion during the delegation’s visit, in various sectors including trade and investment.
The Saudi delegation will also visit the Special Investment and Facilitation Council (SIFC) and discuss investment plans in various sectors.
‘Saudi Arabia plans to invest in infrastructure and mining sectors’
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 Pakistan’s infrastructure and mining sectors.
Both sides reaffirmed their commitment to enhancing cooperation in key areas including economy, agriculture, mining, and information technology, the statement added.
President expressed Pakistan’s desire to elevate the bilateral ties into a long-term strategic and economic partnership, underscoring that such collaboration would bring the two brotherly nations further closer.
• 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
Zardari further reaffirmed Pakistan’s deep respect for the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and reiterated Pakistan’s unwavering commitment to stand in solidarity with Saudi Arabia.
The president also highly commended the remarkable progress Saudi Arabia was making under Vision 2030 and expressed gratitude for the Kingdom’s continued support to Pakistan during challenging times. The president said that he was happy to witness the progress and prosperity of Saudi Arabia.
The meeting was attended by Minister for Petroleum Senator Musadik Masood Malik, Minister for Commerce Jam Kamal Khan, Minister for Privatization Abdul Aleem Khan, Minister for Interior Senator Syed Mohsin Raza Naqvi, Minister for Religious Affairs & Interfaith Harmony Chaudhry Salik Hussain and Senator Saleem Mandviwalla. Saudi Ambassador in Islamabad Nawaf Saeed Al Malki was also present in the meeting.
‘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.
“Ladies and gentlemen, it is a real pleasure and privilege to say that we have consolidated those gains as we went through this fiscal year in the first quarter,” he stated, adding that was also on the back of very strong remittances.
“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.
Pakistan on road t0 G20: Ishaq Dar
Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar on Thursday citing the government’s efforts for economic stability and existing huge potential for investment, said that the country’s economy had been put on the road to sustainable growth to achieve the dream of joining the G20 club as soon as possible.
The deputy prime minister, in his keynote address at the Pakistan-Saudi Business Forum, recalled that in 2017, the country had achieved the status of top 24th economy with 4% inflation, below 2% food inflation, 6% GDP, and highest foreign reserves, pursuing its journey to join the G20 which was derailed due to COVID pandemic and certain internal and external factors.
Ishaq Dra said that Pakistan and Saudi Arabia enjoyed deep-rooted and time-tested relations, marked by shared history, faith, and values.
He thanked the Saudi leadership for unwavering support to Pakistan on multiple occasions, particularly during the recent economic challenges, and reiterated that Pakistan was committed to the sovereignty and integrity of the Kingdom and stood shoulder to shoulder with it through thick and thin.
He said that 2.5 million Pakistani diaspora in the Kingdom was contributing to the Saudi development and Pakistan’s foreign remittances.
Calling it a “pivotal moment” in the history of bilateral ties, the deputy prime minister said the delegation’s visit manifested the shared vision and enduring partnership between the two countries.
The deputy prime minister underscored Pakistan’s potential in sectors such as mining, information technology, agriculture, and renewable energy, inviting Saudi investors to participate in these lucrative opportunities.
He expressed confidence that the engagements during this visit would lead to tangible outcomes, further strengthening the economic partnership between the two countries.
*Additional information from the Associated Press of Pakistan
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