Saudi Arabia Considers Pakistan a Prime Economic Opportunity, Says Deputy Investment Minister
Saudi Arabia, along with its corporate entities, views Pakistan as a significant economic, investment, and business prospect, as stated by the Kingdom’s Deputy Investment Minister, Ibrahim Almubarak, during remarks broadcasted by Radio Pakistan on Monday.
Almubarak delivered these comments at the commencement of the two-day Pakistan Saudi Arabia Investment Conference in Islamabad, following the arrival of a pivotal Saudi delegation, which included numerous investors. Pakistan is actively seeking to attract foreign investment to bolster its exports through collaboration with Saudi enterprises.
The Saudi official emphasized his nation’s belief in Pakistan’s economic potential, highlighting factors such as its demographics, strategic location, and abundant natural resources. He underscored Pakistan’s status as a key strategic partner for Saudi Arabia, emphasizing the deep-rooted fraternal ties based on shared faith, culture, and values, aiming for Pakistan to become one of Saudi Arabia’s foremost international allies.
Almubarak noted that the conference serves as a platform to explore the substantial investment opportunities available in Pakistan, fostering a deeper understanding between the two countries. He expressed confidence in the ability of both public and private sectors to elevate their partnership to new heights.
Highlighting the significant contributions of approximately two million Pakistanis residing in Saudi Arabia to the Kingdom’s Vision 2030, Almubarak emphasized the importance of their role in the bilateral relationship.
Finance Minister Muhammad Aurangzeb echoed Almubarak’s sentiments, reiterating the government’s dedication to facilitating the private sector to drive the country towards export-led growth. Aurangzeb outlined the government’s focus on attracting foreign direct investment to enhance various sectors, citing positive economic indicators such as a reduced current account deficit and increased foreign exchange reserves.
Regarding the upcoming engagement with the International Monetary Fund (IMF), Aurangzeb confirmed expectations of discussions in the near future to outline a comprehensive plan aimed at ensuring macroeconomic stability and implementing structural reforms.
Petroleum Minister Musadik Malik stressed the importance of private sector involvement from both nations in infrastructure development to unlock the potential wealth of both countries. He advocated for collaboration across multiple sectors including mining, tourism, and agriculture. Malik also emphasized the government’s efforts to streamline regulations and foster a favorable environment for commerce and investment.
Commerce Minister Jam Kamal affirmed the government’s commitment to revitalizing Pakistan’s economic landscape, signaling a proactive approach towards economic transformation.
