KSA highlights profundity of ties with Pakistan
- Govt upbeat about Saudi investment
ISLAMABAD: Saudi Deputy Investment Minister Ibrahim Almubarak said that the Kingdom and its companies consider Pakistan a high-priority economic, investment and business opportunity, as a two-day Pakistan-Saudi Arabia investment conference kicked off, here on Monday.
A 50-member high-level Saudi trade delegation led by the Deputy Investment Minister, Almubarak, is in Islamabad to explore various avenues of trade and investment in Pakistan in the backdrop of the recent high-level exchanges between the two countries.
Addressing the investment conference, the Saudi deputy investment minister said that Pakistan is a major strategic partner for Saudi Arabia and the Kingdom believes in the economic potential of Pakistan, including its demography, location, and natural resources.
Referring to the fraternal ties rooted deep in common faith, culture and shared values, he said that Saudi Arabia wants to see Pakistan as one of its leading international partners.
He said that the conference provides an opportunity to develop a deeper understanding of the great opportunity available for investment in Pakistan, adding that he is confident that the public and private sectors of both countries can take their partnership to the next level.
The Saudi deputy investment minister said that the Kingdom is a home to about two million Pakistanis who have contributed significantly to Saudi Arabia’s Vision 2030.
Finance Minister Muhammad Aurangzeb, in his address to the conference, reiterated the government’s commitment to fully facilitate the private sector to take the country towards export-led growth.
He said that the current government is focusing on bringing foreign direct investment to uplift various sectors.
He said that Pakistan is seeking a larger and longer programme with the IMF for sustainability in the macroeconomic stability and structural reforms, adding that the IMF mission is expected in Pakistan in the next seven to 10 days to discuss the contours of the new programme.
He further stated that the government will also accelerate the privatisation process.
The finance minister maintained that the country’s economic situation is on a positive trajectory, adding that the agriculture GDP is growing at five percent on the back of bumper crops including that of sugarcane, rice, and wheat.
He expressed confidence the country’s current account deficit will be less than a billion dollar during this fiscal year, adding that our foreign exchange reserves have risen to $9 billion.
He said the local currency is stable over the last 10 months while the inflation is down to roughly 17 percent. He said that foreign buying is also coming in Pakistan Stock Market.
Addressing the conference, Minister for Petroleum Musadik Masood Malik said that the private sector of both Pakistan and Saudi Arabia should work together to move towards diversification of economy and value addition.
He underscored the need for collaboration between the two countries in various sectors including mines and minerals, tourism and agriculture. He said the private sector of Pakistan and Saudi Arabia should participate in infrastructure development which is pivotal in the way of unleashing the assets and wealth of both countries.
In his remarks, Minister for Commerce Jam Kamal Khan, assured the government’s full facilitation to foreign investors, adding that the present government is committed to bringing a change in the economic landscape of the country.
National Coordinator, Special Investment Facilitation Council (SIFC), Lieutenant General Sarfraz Ahmad said that the SIFC accords the highest level of priority to all investors, especially those from Saudi Arabia.
“We are cognizant of the concerns of investors,” he said, adding that the law enforcement agencies and the political and military hierarchy are totally committed to provide a secure environment to all the investors including those from Saudi Arabia.
Highlighting Pakistan’s potential in various sectors, including mining and minerals, he said that the SIFC is a political-military initiative aimed at stimulating investment and achieving macroeconomic stability.
He said that the SIFC adopts the whole of the government approach to optimise multi-sector cooperation by reducing bureaucratic and lengthy processes.
He also expressed gratitude to the Saudi leadership for their unwavering support to Pakistan.
Speaking at a news conference on the sidelines of the conference, Petroleum Minister Musadik Malik underscored the significance of private sector involvement in infrastructure development, citing its pivotal role in unlocking the potential wealth of both countries.
Malik advocated for collaborative ventures across sectors such as mines and minerals, tourism, and agriculture, emphasizing Pakistan’s shift towards a business-focused approach over reliance on past assistance.
Highlighting Prime Minister Shehbaz Sharif’s emphasis on business-to-business collaborations, rather than government-centric dealings, Malik outlined Pakistan’s alignment with Saudi Arabia’s Vision 2030 goals.
He stressed the need for a level playing field to facilitate the movement of skilled manpower and to curb monopolistic practices that hinder economic growth.
Commerce Minister Jam Kamal encouraged Pakistani businessmen to reconsider investments abroad and offered incentives for investing in their homeland, predicting a surge in business activity and job opportunities as a result of proactive policies.
He said the presence of over 30 Saudi companies at the investment moot underscores the growing confidence in Pakistan’s economic prospects, fueled by strong government commitment and an evolving regulatory environment.
Kamal emphasized the centrality of a robust economy in shaping foreign policy and ensuring national stability, positioning economic collaboration as the cornerstone of enduring bilateral relations between Pakistan and Saudi Arabia.
Copyright Business Recorder, 2024
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