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Saudi Arabian minister views Pakistan as an attractive destination for investment

The Pakistan-Saudi Arabia Investment Forum 2024 commenced with an atmosphere of optimism and collaboration, as senior officials from both countries reaffirmed their dedication to enhancing economic relations and expanding investment prospects.

In his opening speech, Saudi Deputy Minister of Investment, Ibrahim bin Yusuf al-Mubarak, praised the contributions of Pakistani nationals to Saudi Arabia’s development. He emphasized Saudi Arabia’s view of Pakistan as a favorable investment destination, expressing hopes for Pakistan’s economic prosperity.

Al-Mubarak noted the involvement of significant Saudi companies in Pakistan’s development and highlighted the forum’s role in enhancing investment opportunities in the country. He emphasized the advancement of public-private partnership ties.

Federal Finance Minister Muhammad Aurangzeb echoed these sentiments, underscoring Pakistan’s economic stability achieved in the past 10 months through prudent economic policies. He highlighted the stabilization of the local currency, gradual increase in foreign exchange reserves, and efforts to address the energy crisis.

Aurangzeb also emphasized the government’s focus on economic reforms and promotion of foreign investment, stressing the importance of policy continuity for economic stability.

Minister Aurangzeb further stressed the indispensable contribution of the private sector to economic advancement, emphasizing the need for ministers and bureaucracy to take a supportive role in this endeavor.

Federal Minister of Petroleum, Dr. Musadik Malik, highlighted the necessity for collaboration between Pakistan and Saudi Arabia to drive mutual progress. He commended Saudi Arabia’s rapid development and advocated for strengthened bilateral ties.

“We must progress hand in hand,” he emphasized.

Commerce Minister Jam Kamal reiterated Pakistan’s commitment to facilitating investors and creating a conducive environment for investment. He pledged efforts to ensure fruitful negotiations between Pakistan and Saudi Arabia, emphasizing Pakistan’s determination to offer investor-friendly facilities.

Kamal also spotlighted government initiatives such as the Special Investment Facilitation Council (SIFC), aimed at providing comprehensive support to the private sector.

SIFC National Coordinator Lt. Gen. Sarfaraz Ahmed underscored the deep-seated trust and camaraderie between Pakistan and Saudi Arabia. He lauded the significant Pakistani workforce contributing to the development of Saudi Arabia and other nations.

“Pakistan serves as a vital trade hub globally and a crucial trade route to Central Asia,” he emphasized.

The Investment Forum, marked by speeches from key officials and dignitaries, underscored Pakistan and Saudi Arabia’s shared commitment to bolster bilateral cooperation, promote investment, and harness mutual prosperity.

As discussions progress, both nations anticipate translating their shared vision into tangible initiatives benefiting their economies and fortifying their enduring fraternal bonds.

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