ISLAMABAD: Pakistan has assured Saudi Arabia of maximum support and facilitation in fast-tracking the Kingdom’s prospective multibillion dollars investments in Pakistan through the Special Investment Facilitation Council (SIFC).
The high-level Saudi delegation led by Faisal bin Farhan Al Saud, attended the “Saudi Arabia-Pakistan Investment Conference” held on Tuesday during the two-day visit of the delegation from the Kingdom.
“The two sides also finalised a bilateral implementation mechanism to closely coordinate and execute investment related matters at the functional level to turn the sovereign commitments into tangible economic outcomes,” said a statement issued by the Foreign Office.
Saudi Arabia likely to invest up to $1bn in Reko Diq Copper-Gold project
Foreign Minister Ishaq Dar warmly welcomed the Saudi Delegation at the SIFC, emphasising the deep-rooted ties and mutual strategic interests between Pakistan and Saudi Arabia, according to the statement. He highlighted the significance of enhanced bilateral strategic and economic partnership and the crucial role of Saudi investments in nurturing this relationship.
He explained how Pakistan through the SIFC platform aimed to streamline investment processes and ensure rapid decision-making, fostering a flourishing investment-friendly environment in Pakistan. He showcased Pakistan’s abundant opportunities in agriculture, IT, and mining sectors, inviting Saudi investors to engage in mutually beneficial partnerships.
The foreign minister expressed confidence in the strengthened bonds between the two countries, envisioning significant economic growth and lasting benefits. He concluded with a call for constructive engagement and collaboration towards mutual prosperity and development.
“The SIFC officials gave comprehensive briefings encompassing the potential and investment opportunities in key sectors of Pakistan’s economy. Both sides held exhaustive deliberative sessions at functional level to crystallize investment opportunities in Pakistan,” the statement added.
It stated that the Saudi side expressed great significance and interest in the improving investment ecosystem in Pakistan, appreciated SIFC’s role in amicable resolution of KSA’s legacy investment/business related issues, and showed keen interest to invest in key sectors of Pakistan.
“The Pakistan side assured the Saudi side of maximum support and facilitation in fast-tracking the Kingdom’s prospective multibillion dollars investments in Pakistan,” according to the statement.
In his address, Foreign Minister Dar said that Pakistan and Saudi Arabia share deep rooted brotherly ties anchored in our rich Islamic heritage and mutual strategic interest.
He said that the Saudi delegation’s presence here underscores deep and abiding connections between the two countries, a partnership founded on mutual respect, shared goals and a vision for a prosperous future.
Copyright Business Recorder, 2024