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Pakistan-Saudi Investment Forum 2024 Promotes Bilateral Trade and Investment

The Pakistan-Saudi Investment Forum 2024 is currently taking place in Islamabad, highlighting the strong economic ties and investment opportunities between the two countries. Saudi Deputy Investment Minister, Ibrahim al-Mubarak, has declared Pakistan the “most suitable country” for investment. He emphasized that the Saudi government and companies consider Pakistan a high priority for economic, investment, and business opportunities.

Al-Mubarak expressed faith in Pakistan’s economic potential due to its demography, location, and natural resources. He recognized Pakistan as a major strategic partner for Saudi Arabia and stressed the importance of deepening understanding between both countries to further enhance their partnership.

Economic Policies Ensure Stability and Growth

Federal Finance Minister, Muhammad Aurangzeb, affirmed the government’s commitment to facilitating the private sector and achieving export-led growth. He highlighted the positive trajectory of Pakistan’s economy, with a focus on sectors like agriculture. Aurangzeb noted a five percent growth in agriculture GDP, thanks to bumper crops of sugarcane, rice, and wheat.

The finance minister attributed Pakistan’s economic stability to the government’s effective policies. He emphasized the importance of policy continuity for sustained economic stability. Aurangzeb also mentioned the gradual increase in foreign exchange reserves, steps to resolve the energy issue, and a predicted decrease in the current account deficit.

Collaboration and Infrastructure Development Key to Prosperity

Minister for Petroleum, Musadik Masood Malik, stressed the need for collaboration between the private sectors of Pakistan and Saudi Arabia to diversify the economy and enhance value addition. He highlighted sectors such as mines and minerals, tourism, and agriculture as areas where both countries can work together. Malik encouraged the private sector to participate in infrastructure development, which he sees as crucial for unlocking the assets and wealth of both nations.

Government Commitment to Investor Facilitation and Security

Minister for Commerce, Jam Kamal Khan, assured investors of the government’s full facilitation. He expressed the current government’s commitment to transforming the economic landscape of Pakistan. National Coordinator of the Special Investment Facilitation Council, Lieutenant General Sarfraz Ahmad, extended gratitude to the Saudi leadership for their continuous support. He also emphasized the secure environment provided to investors, with law enforcement agencies committed to ensuring safety.

Opportunities for Bilateral Trade and Investment

The Pakistan-Saudi Arabia investment conference aims to promote bilateral trade and investment, fostering growth and prosperity for both countries. A 50-member high-level business delegation from Saudi Arabia is in Pakistan to explore investment opportunities in sectors such as information technology, telecoms, energy, aviation, construction, mining exploration, agriculture, and human resource development.

Bilateral trade between Pakistan and Saudi Arabia for the first half of the current financial year was recorded at $2,482.37 million. Both countries have agreed on a Free-Trade Agreement, and Pakistan is planning a Single Country Exhibition and Lifestyle Show in Saudi Arabia to further enhance economic ties. Pakistan welcomes investments and partnerships from Saudi Arabia in various sectors, including IT, minerals, textiles, food security, engineering, and energy.

Source: 24NewsHD TV Channel