Pakistan has emerged as a high-priority economic opportunity for Saudi Arabia, according to Deputy Investment Minister Ibrahim Almubarak. This sentiment was echoed at the recently concluded two-day Pakistan-Saudi Arabia Investment Conference held in Islamabad.
Almubarak’s remarks highlighted Saudi Arabia’s belief in Pakistan’s economic potential, citing factors like demographics, strategic location, and abundant natural resources. Beyond economics, he acknowledged the strong ties between the two nations, rooted in shared faith, culture, and values. This paves the way for Pakistan to become a leading international partner for Saudi Arabia.
The conference served as a platform to explore investment opportunities and strengthen collaboration between the two countries. Almubarak expressed confidence that public and private sectors from both nations can elevate their partnership to a new level.
Pakistan’s large Pakistani diaspora in Saudi Arabia, estimated at around two million, was also recognized. Their contributions were lauded for playing a significant role in the Kingdom’s Vision 2030, a strategic framework to diversify the Saudi economy.
Pakistan’s Finance Minister, Muhammad Aurangzeb, addressed the gathering, emphasizing the government’s commitment to facilitating private sector growth and export-led development. He outlined positive economic indicators, including a growing agricultural sector and a stable currency. Aurangzeb expressed confidence that the country’s current account deficit would be minimal this fiscal year, with foreign exchange reserves reaching nine billion dollars.
Highlighting the government’s focus on attracting foreign investment, Aurangzeb mentioned ongoing discussions with the IMF for a larger and longer-term program to ensure macroeconomic stability and support structural reforms. Additionally, he announced plans to accelerate the privatization process.
The conference also saw participation from Pakistan’s Petroleum Minister, Musadik Masood Malik, who emphasized the importance of joint ventures between the private sectors of both nations. Collaboration in areas like mines and minerals, tourism, and agriculture were identified as key opportunities for mutual prosperity. Malik stressed the importance of private sector participation in infrastructure development, a crucial factor for unlocking economic potential.
Pakistan’s Commerce Minister, Jam Kamal Khan, assured investors of complete support from the government. He reiterated the administration’s commitment to transforming the country’s economic landscape.
The conference wasn’t just about talks. A high-level business delegation from Saudi Arabia, comprising fifty members, actively participated in the event. Their presence signifies Saudi Arabia’s keen interest in exploring investment avenues and building strong connections with Pakistani entrepreneurs.
Lieutenant General Sarfraz Ahmad, the National Coordinator of the Special Investment Facilitation Council, expressed gratitude to the Saudi leadership for their unwavering support. He highlighted Pakistan’s potential in various sectors and outlined efforts to streamline bureaucratic processes to facilitate investment. Ahmad assured investors, particularly those from Saudi Arabia, of a secure environment backed by law enforcement agencies and the country’s political and military leadership.
The Pakistan-Saudi Arabia Investment Conference marks a significant step forward in strengthening economic ties between the two nations. With Saudi Arabia recognizing Pakistan’s potential and Pakistan actively courting investment, the future holds promise for increased collaboration and mutual economic growth.
