ISLAMABAD: A two-day Pakistan-Saudi Arabia investment moot commenced on Monday with positive remarks from the head of the Saudi delegation, who stated that Riyadh sees Islamabad as a promising destination for investments.
Led by Deputy Investment Minister Ibrahim Almubarak, a 50-member high-level Saudi trade delegation is currently in Islamabad to explore trade and investment opportunities.
The conference stems from discussions between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammad Bin Salman to enhance bilateral trade and investment, ushering in a new era of growth and prosperity for both nations.
Almubarak emphasized that Saudi companies view Pakistan as highly conducive for investment and expressed the delegation’s commitment to expanding trade relations.
He highlighted the significant contribution of Pakistanis to the Kingdom’s development and stated Saudi investors’ interest in various sectors in Pakistan.
Finance Minister Muhammad Aurangzeb, speaking at the opening session, reiterated the government’s dedication to facilitating the private sector for export-led growth. He emphasized bringing in foreign direct investment to uplift different sectors.
Aurangzeb provided an overview of Pakistan’s economic situation, noting positive trends such as 5% growth in agriculture GDP due to bumper crops and a shrinking current account deficit, expected to be less than a billion dollars this fiscal year.
He mentioned the increase in foreign exchange reserves to $9-10 billion, stable local currency for the past 10 months, and a decrease in inflation to around 17%. Foreign investment is also flowing into the Pakistan Stock Market.
The finance minister disclosed Pakistan’s pursuit of a larger and longer program with the IMF for macroeconomic stability and structural reforms, with an IMF mission expected to visit Pakistan in the next seven to 10 days.
Aurangzeb affirmed the government’s commitment to accelerate privatization and maintain stability-oriented policies.
Minister for Petroleum Musadik Masood Malik stressed the need for collaboration between the private sectors of both countries to diversify the economy and add value, ensuring prosperity for both nations.
He highlighted potential areas for cooperation, including mines and minerals, tourism, and agriculture.
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