Saudi Foreign Minister in Pakistan to Boost Investment and Cooperation
In a strategic move to solidify economic ties, Saudi Foreign Minister Faisal bin Farhan Al Saud visited Pakistan this week to discuss and finalize investment deals that have been in the pipeline for years. Ahmed Farooq, Islamabad’s envoy to Riyadh, highlighted the significance of the visit and the potential for new areas of cooperation between the two nations.
Enhancing Bilateral Economic Cooperation
Prince Faisal’s two-day visit to Pakistan aimed at enhancing bilateral economic cooperation and advancing previously agreed investment agreements. This visit followed a meeting between Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif in Makkah, where the Kingdom reiterated its commitment to expedite investments worth $5 billion.
Strong Trade and Defense Ties
Pakistan and Saudi Arabia share strong trade, defense, and cultural ties. With over 2.7 million Pakistani expatriates in the Kingdom, Saudi Arabia is the top source of remittances for Pakistan. Ambassador Farooq emphasized the mutual decision to expand collaboration across various sectors and expedite investments into Pakistan’s strategic industries.
Focus on Diverse Sectors
The economic teams of both countries are actively engaged in finalizing partnership proposals in sectors such as energy, renewables, mining, agriculture, IT, construction, and human resource development. The visit of Prince Faisal, accompanied by a high-ranking delegation, underscores the Kingdom’s commitment to economic engagement with Pakistan.
Special Investment Facilitation Council’s Role
A special interactive session organized by the Special Investment Facilitation Council highlighted potential investment projects and recent reforms undertaken by Pakistan to attract foreign investments. The Saudi delegation was briefed on legal, procedural, and administrative reforms to facilitate investments in key sectors of the Pakistani economy.
Saudi Arabia: A Bedrock of Support for Pakistan
Saudi Arabia has historically supported Pakistan during economic challenges, providing oil on deferred payments and direct financial assistance. As Pakistan seeks to bolster its foreign reserves, the Kingdom’s role in supporting economic stability is crucial. The Saudi leadership aims to strengthen economic, political, and security cooperation with Pakistan for mutual benefit.
Paving the Way for Future Collaboration
The establishment of SIFC as a one-stop facilitation center for foreign investments reflects Pakistan’s commitment to attracting Saudi investments. With a focus on sectors like energy, renewables, IT, mining, agriculture, and construction, Pakistan is poised to welcome Saudi investments for economic growth and development.
Looking Ahead
The future holds promising opportunities for increased investment and cooperation between Saudi Arabia and Pakistan. Both nations are keen on realizing joint projects and fostering a new era of economic prosperity. With concerted efforts and a strong desire for collaboration, the partnership between Saudi Arabia and Pakistan is set to thrive in the coming years.