A two-day investment conference between Pakistan and Saudi Arabia commenced on Monday with optimistic remarks from the head of the Saudi delegation, who expressed Riyadh’s view of Islamabad as a “suitable” destination for investments.
Led by Deputy Investment Minister Ibrahim Almubarak, a high-level Saudi trade delegation of 50 members is currently in Islamabad to explore various trade and investment opportunities.
The conference follows decisions made during meetings between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammad Bin Salman to enhance bilateral trade and investment, aiming to usher in a new era of growth and prosperity for both nations.
Addressing the gathering, Ibrahim Almubarak stated that Saudi companies perceive Pakistan as “highly suitable for investment” and emphasized that the delegation’s visit aims to bolster trade relations between the two countries.
“Our visit to Pakistan is a continuation of previous endeavors […] Saudi government and companies prioritize investment in Pakistan,” Almubarak remarked.
Highlighting the significant contribution of Pakistani expatriates to the development of Saudi Arabia, Almubarak noted Saudi investors’ interest in various sectors in Pakistan.
During the opening session, Finance Minister Muhammad Aurangzeb reiterated the government’s commitment to facilitating the private sector to drive export-led growth. He emphasized the focus on attracting foreign direct investment to uplift various sectors, while also highlighting the government’s role in providing a conducive policy framework.
Aurangzeb provided an overview of Pakistan’s economic progress, citing positive indicators such as 5% growth in agriculture GDP and stabilization of the local currency. He expressed confidence in reducing the current account deficit to less than a billion dollars during the fiscal year, with foreign exchange reserves rising to $9-10 billion.
Regarding IMF engagement, Aurangzeb mentioned ongoing discussions for a larger and longer program to ensure macroeconomic stability and structural reforms. He assured acceleration of the privatization process and reiterated the ministry’s commitment to facilitating traders and investors.
Minister for Petroleum Musadik Masood Malik stressed the importance of collaboration between the private sectors of both countries for economic diversification and value addition. He emphasized joint efforts in sectors such as mines and minerals, tourism, agriculture, and infrastructure development to unlock mutual prosperity.
The conference signifies a significant step towards strengthening economic ties and fostering mutual growth between Pakistan and Saudi Arabia.
