Saudi Government and Companies View Pakistan as a Top Economic Opportunity
Published on: May 8, 2024.
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Saudi government and companies see Pakistan as a valuable economic opportunity, according to Saudi Deputy Investment Minister Ibrahim Almubarak. Speaking at the Pakistan-Saudi Arabia Investment Conference in Islamabad, Almubarak highlighted Pakistan’s economic potential, demography, location, and natural resources as factors that make it attractive for investment. He emphasized the strong partnership between the two countries based on shared faith, culture, and values and expressed a desire to see Pakistan as a leading international partner for Saudi Arabia.
The conference aims to deepen the understanding of available investment opportunities in Pakistan and strengthen the partnership between the public and private sectors of both countries. Almubarak noted that Saudi Arabia is home to approximately two million Pakistanis who have contributed significantly to the Kingdom’s Vision 2030.
Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment to facilitating the private sector and promoting export-led growth. He highlighted the positive trajectory of Pakistan’s economy, with agriculture GDP growing at five percent due to bumper crops such as sugarcane, rice, and wheat. He expressed confidence that the current account deficit will be less than one billion dollars in the fiscal year. Aurangzeb also mentioned the increase in foreign exchange reserves, stability of the local currency, and decrease in inflation. He welcomed foreign investment in the Pakistan Stock Market.
Aurangzeb stated that Pakistan seeks a larger and longer program with the International Monetary Fund (IMF) to achieve macroeconomic stability and implement structural reforms. The IMF mission is expected to visit Pakistan in the coming days to discuss the details of the new program. The government also plans to accelerate the privatization process.
Minister for Petroleum Musadik Masood Malik stressed the importance of collaboration between the private sectors of Pakistan and Saudi Arabia to diversify the economy and promote value addition. He called for joint efforts in sectors such as mines and minerals, tourism, and agriculture. Malik highlighted the significance of infrastructure development in maximizing the assets and wealth of both countries.
The conference is attended by a 50-member high-level business delegation from Saudi Arabia, aiming to explore investment opportunities and establish strong relationships with local entrepreneurs. Minister for Commerce Jam Kamal Khan assured full facilitation for investors and expressed the government’s commitment to transforming the economic landscape of the country.
National Coordinator of Special Investment Facilitation Council Lieutenant General Sarfraz Ahmad thanked the Saudi leadership for their unwavering support to Pakistan. He mentioned the SIFC as a political-military initiative focused on attracting investment and achieving macroeconomic stability. Ahmad explained that the SIFC streamlines cooperation across multiple sectors by reducing bureaucratic processes. He reassured investors, especially those from Saudi Arabia, that their concerns are prioritized. Ahmad emphasized the commitment of law enforcement agencies and the political and military hierarchy to provide a secure environment for all investors.
Overall, the conference seeks to enhance economic ties between Pakistan and Saudi Arabia, promote investment opportunities, and foster collaboration in various sectors to drive economic growth and prosperity for both countries.
Source: [Radio Pakistan](https://radio.gov.pk)
