ISLAMABAD: Minister for Investment of Kingdom of Saudi Arabia, Sheikh Khalid Bin Abdul Aziz Al-Falih, Thursday, vowing KSA’s full support for Pakistan’s economic stability said the Manara Minerals of KSA was all set to buy a stake in Barrick Gold’s RekoDiq gold and copper mines in the coming weeks.
While addressing the Pakistan-Saudi Arabia Business Forum here, he said that the ties between KSA and Pakistan are limitless and the same applies to their economic cooperation.
The Saudi minister, sharing the details of his visit, said as many as 27 memorandums of understanding (MoUs) will be signed between two countries during this visit.
High-level Saudi business delegation arrives in Pakistan on three-day visit
He commended Pakistan’s recent stabilisation efforts and reaffirmed Saudi Arabia’s commitment to further support Pakistan’s economic growth. Additionally, he announced plans for a single-window counter in Saudi Arabia, facilitated by Chief of Army Staff General Asim Munir (COAS), to streamline investments in Pakistan.
A high-level 135-member Saudi delegation, led by the investment minister, landed in Islamabad a day earlier and is expected to sign agreements worth $2 billion with Pakistan.
Referring to his interaction with President Asif Ali Zardari and COAS General Asim Munir, Al-Falih recalled that the former has emphasised the development and expansion of Pak-Saudi friendship, whereas, the latter assured of the establishment of a single window in the Kingdom for Saudi investments in the country.
Noting the significance of facilitation by the Special Investment Facilitation Council (SIFC) for his country, the Saudi minister said that the army chief has insisted on turning the red-tape bureaucracy into a “red carpet” for the Kingdom.
“We must strengthen Pakistan’s economy. Pakistan has swiftly stabilized its economy,” the minister said. He said, “We are committed to and extremely encouraged by the announcement by his royal highness the Crown Prince committing the front end of Saudi investment to Pakistan which is 5 billion dollars”. Al-Falih added that in April, PM Shehbaz and Crown Prince Mohammed bin Salman had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan.
Speaking at the event, he underscored the rich history shared between the two countries and said: “We are family, not friends” and added Pakistan, Saudi Arabia relations do not need any formal agreement to prove themselves. “Our economy and social values are linked together as many as 2.5 million Pakistanis are working in Saudi Arabia, he added.
Copyright Business Recorder, 2024