Global Rice News

Deputy Investment Minister of Saudi Arabia, Ibrahim Almubarak, has expressed Saudi Arabia’s keen interest in Pakistan as a high-priority economic, business, and investment opportunity. Speaking at the Pakistan-Saudi Arabia Investment Conference in Islamabad, Almubarak highlighted Pakistan’s economic potential, demographic advantage, strategic location, and abundant natural resources.

The minister emphasized the strong bond between the two countries based on shared faith, culture, and values, referring to Pakistan as a major strategic partner for Saudi Arabia. Almubarak expressed Saudi Arabia’s desire to see Pakistan become one of its leading international partners.

During the conference, Almubarak emphasized the vast investment opportunities available in Pakistan. He stressed that the public and private sectors of both countries can take their partnership to the next level. Almubarak gave an example of the significant contribution of approximately two million Pakistanis residing in Saudi Arabia to the Kingdom’s Vision 2030.

Finance Minister Muhammad Aurangzeb also reaffirmed the government’s commitment to facilitating the private sector for export-led growth. He highlighted the government’s focus on attracting foreign direct investment to various sectors. Aurangzeb emphasized that Pakistan is on a positive trajectory, with a five percent growth in agriculture GDP driven by bumper crops such as sugarcane, rice, and wheat. He expressed confidence that the country’s current account deficit will be less than $1 billion this fiscal year.

Aurangzeb also mentioned that foreign exchange reserves have increased to $9 billion and the local currency has remained stable for the past ten months, while inflation stands at approximately 17%. He further stated that the government aims for a larger and longer program with the International Monetary Fund (IMF) for macroeconomic stability and structural reforms. An IMF mission is expected to visit Pakistan in the coming days to discuss the details of the new program, and the government is planning to accelerate the privatization process.

During the conference, Minister for Petroleum Musadik Masood Malik stressed the importance of collaboration between the private sectors of Saudi Arabia and Pakistan to diversify and enhance the economy. He proposed collaboration in sectors such as mines and minerals, tourism, and agriculture, as well as participation in infrastructure development.

Minister for Commerce Jam Kamal Khan assured the Saudi delegation of full facilitation for investors, highlighting the commitment of the incumbent government to bring about positive change in the country’s economic landscape.

Lieutenant General Sarfraz Ahmad, the National Coordinator of the Special Investment Facilitation Council (SIFC), expressed gratitude to the Saudi leadership for their unwavering support to Pakistan. Ahmad highlighted the potential of Pakistan in sectors such as mines and minerals and emphasized that the SIFC is committed to optimizing multi-sector cooperation by streamlining bureaucratic processes.

In conclusion, SIFC officials assured all investors, including those from Saudi Arabia, of a secure environment for their investments. A high-level Saudi trade delegation consisting of 50 members and representing various economic sectors, including information technology, telecoms, energy, aviation, construction, mining exploration, agriculture, and human resource development, is currently in Pakistan to explore trade and investment opportunities.

Prime Minister Shehbaz Sharif’s recent meeting with Crown Prince Mohammed bin Salman further solidified bilateral relations and reaffirmed the commitment to enhancing collaborative efforts.

Pakistan has presented highly profitable investment opportunities to attract Saudi investments, with projected returns ranging from 14% to 50%. These returns are expected to allow Saudi Arabia to recover its invested capital within three to nine years, depending on the project.

(Source: [Tribune](https://tribune.com.pk))