Islamabad, May 13, 2024 – Prime Minister Shehbaz Sharif reaffirmed his government’s unwavering commitment to economic advancement through extensive reforms and structural changes during an interview with Saudi state-owned television channel Al Arabiya on Monday.
In his address, Prime Minister Shehbaz emphasized the pressing need for comprehensive reforms to address Pakistan’s macroeconomic challenges, including issues such as GDP growth, mounting debts, energy shortages, inefficient power transmission, and costly power generation. He also highlighted challenges related to revenue generation, corruption, technological underutilization, and inadequate monitoring and supervision.
Speaking on Pakistan’s longstanding relationship with Saudi Arabia, Prime Minister Shehbaz underscored the deep historical ties between the two nations, describing them as “brothers” who share each other’s joys and sorrows. He praised the Saudi leadership for their cooperation with Pakistan, noting that this relationship extends beyond bilateral diplomacy to encompass investment, trade, culture, and collaboration between the youth of both countries.
Prime Minister Shehbaz recounted recent high-level engagements between Pakistan and Saudi Arabia, including his meetings with Saudi Crown Prince Mohammed bin Salman and the visits of the Saudi foreign minister and a significant Saudi business delegation to Pakistan. These interactions, he emphasized, reflect the Saudi leadership’s genuine commitment to enhancing relations and fostering mutual prosperity.
During his visit to Saudi Arabia, Prime Minister Shehbaz expressed admiration for the progress achieved by the Kingdom under the visionary leadership of Crown Prince Mohammed bin Salman and his ambitious Vision 2030. He hailed Saudi Arabia’s development model as a role model for many countries and highlighted the shared objectives of cooperation between Pakistan and Saudi Arabia.
Regarding the outcomes of recent discussions, Prime Minister Shehbaz stated that significant progress had been made, with both countries identifying areas of cooperation in business-to-business (B2B) and government-to-government (G2G) domains. He outlined a clear path for mutual collaboration in investment, mining, minerals, and renewable energy, underscoring the potential for economic growth and development in both nations.
Prime Minister Shehbaz proposed leveraging modern technologies to enhance agricultural cooperation between Pakistan and Saudi Arabia, with a focus on producing value-added products such as fruits, vegetables, wheat, sugarcane, and sunflower for export to the Gulf region and beyond. Additionally, he highlighted the potential for Pakistan to contribute its skilled IT workforce to support the Kingdom’s economic diversification efforts.
In conclusion, Prime Minister Shehbaz emphasized the importance of partnerships with countries such as Kuwait, Qatar, UAE, Turkey, and China to drive economic transformation and foster regional prosperity. As Pakistan continues its journey towards economic development, collaboration with Saudi Arabia and other allies remains a cornerstone of its strategy for growth and progress.