saudi government and companies view pakistan as a significant economic opportunity
Published on: May 8, 2024.
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Saudi Government and Companies Eye Pakistan as a High Priority Economic Opportunity
During the two-day Pakistan-Saudi Arabia Investment Conference in Islamabad, Saudi Deputy Investment Minister Ibrahim Almubarak expressed that the Saudi government and companies view Pakistan as a high priority economic, investment, and business opportunity. Almubarak praised the economic potential of Pakistan, highlighting its demography, location, and natural resources.
With strong fraternal ties rooted in shared faith, culture, and values, Saudi Arabia sees Pakistan as a major strategic partner and aims to establish it as a leading international partner. Almubarak acknowledged the significant contributions made by the approximately two million Pakistanis living in Saudi Arabia towards the Kingdom’s vision 2030.
Finance Minister Muhammad Aurangzeb addressed the conference, expressing the government’s commitment to facilitating the private sector in order to achieve export-led growth. The government’s focus is on attracting foreign direct investment to boost various sectors. Aurangzeb provided an overview of the country’s economic situation, stating that Pakistan is on a positive trajectory. The agriculture GDP is growing at five percent, thanks to bumper crops such as sugarcane, rice, and wheat. He expressed confidence that the current account deficit will be less than a billion dollars this fiscal year.
Aurangzeb also highlighted that foreign exchange reserves have increased to nine billion dollars, the local currency has remained stable, and inflation has decreased to roughly seventeen percent. Foreign investment is also flowing into the Pakistan Stock Market. The government is seeking a larger and longer program with the IMF for sustained macroeconomic stability and structural reforms, with discussions expected in the coming days.
Minister for Petroleum Musadik Masood Malik emphasized the importance of collaboration between the private sectors of Pakistan and Saudi Arabia in diversifying the economy and adding value. He highlighted sectors such as mines and minerals, tourism, and agriculture as areas for potential collaboration. Malik encouraged participation in infrastructure development to unleash the assets and wealth of both countries.
A fifty-member high-level business delegation from Saudi Arabia attended the conference to explore investment opportunities and establish partnerships with local entrepreneurs. Minister for Commerce Jam Kamal Khan assured full facilitation to investors and emphasized the government’s commitment to transforming the economic landscape of the country.
Lieutenant General Sarfraz Ahmad, the National Coordinator of the Special Investment Facilitation Council, expressed gratitude to the Saudi leadership for their unwavering support to Pakistan. He highlighted Pakistan’s potential in sectors like mining and minerals and explained that the Special Investment Facilitation Council aims to stimulate investment and achieve macroeconomic stability. The council takes a whole-of-government approach to optimize multi-sector cooperation and reduce bureaucratic processes. Saudi investors are given the highest level of priority, and the government is committed to providing a secure environment for all investors.
In conclusion, the Pakistan-Saudi Arabia Investment Conference aims to strengthen economic ties between the two countries and explore investment opportunities across various sectors. The conference highlights the potential of Pakistan’s economy, and the government’s commitment to facilitating the private sector and attracting foreign investment.
Source: [Radio Pakistan](https://www.radio.gov.pk)
