Pakistani PM Sees New Era of Partnership with Saudi Arabia
ISLAMABAD: In a bold statement on Tuesday, Pakistani Prime Minister Shehbaz Sharif declared that the ongoing visit of Saudi Foreign Minister Prince Faisal bin Farhan to Islamabad would mark the beginning of a transformative era of strategic and commercial partnerships between the two longstanding allies.
Underlining the significance of Prince Faisal’s two-day visit, aimed at bolstering bilateral economic cooperation and advancing previously agreed investment deals, Sharif emphasized the importance of the Kingdom’s commitment to expedite investments worth $5 billion, as discussed during Crown Prince Mohammed bin Salman’s recent meeting with Sharif in Makkah.
Describing the visit as a pivotal moment, Sharif stated, “Pakistan wants to further promote cooperation in the fields of trade and investment between the two countries.”
Expressing gratitude to the Saudi leadership for their increased investment, the PM highlighted Pakistan’s efforts to attract foreign investment and ensure mutually beneficial partnerships with allies.
During the meeting, Sharif briefed the Saudi delegation on the vast investment potential in Pakistan and the measures being taken by the Special Investment Facilitation Council, established last year to oversee all foreign funding.
In a bid to strengthen ties, Sharif extended an invitation to the Saudi crown prince to visit Islamabad, stating that the people of Pakistan eagerly anticipate his arrival.
‘Investment Push’
The Pakistan information ministry revealed that the Saudi delegation would engage with Pakistani officials on the next steps of investment and implementation issues, with a particular focus on Saudi Arabia’s planned investment in the Reko Diq gold and copper mining project in Balochistan.
Highlighting Riyadh’s interest in investing in various sectors like agriculture, trade, energy, minerals, IT, and transport, the ministry expressed optimism about the positive outcomes of the visit, including increased export capacity and the launch of joint ventures.
The Pakistani foreign office confirmed that the Saudi foreign minister is set to meet with the Pakistani PM, president, and members of the Special Investment Facilitation Council, with a joint press conference scheduled after a bilateral meeting.
With strong trade, defense, and cultural ties, Pakistan and Saudi Arabia have a longstanding relationship, with the Kingdom serving as a significant source of remittances for Pakistan’s economy.
Amidst financial challenges, Pakistan is actively seeking to bolster its foreign reserves, with Finance Minister Muhammad Aurangzeb currently in Washington for discussions on a new IMF bailout program.
Saudi Arabia’s history of providing support to Pakistan during times of financial strain underscores the deep-rooted friendship between the two nations.