ISLAMABAD: Saudi Deputy Investment Minister Ibrahim Almubarak has said Saudi government and companies consider Pakistan high priority economic, investment and business opportunity.

He made remarks at two-day Pakistan-Saudi Arabia Investment Conference which opened here. He said his country believes in economic potential of Pakistan including its demography, location and natural resources.

He said Pakistan is major strategic partner for Saudi Arabia. Referring to fraternal ties rooted deep in common faith, culture and shared values, he said we want to see Pakistan as one of our leading international partners.Saudi Minister said this gathering provides an opportunity to develop deeper understanding of great opportunity available for investment in Pakistan.

He expressed confidence that public and private sectors of both countries can take their partnership to next level. Ibrahim Almubarak mentioned that Saudi Arabia is home to about two million Pakistanis who have contributed significantly to Kingdom’s vision 2030.

Finance Minister Muhammad Aurangzeb expressed government’s commitment to fully facilitate private sector to take country towards export led growth.  He said government is focusing on bringing foreign direct investment to uplift various sectors.

He said it is on positive trajectory. Agriculture GDP is growing at five percent on back of bumper crops including that of sugarcane, rice and wheat. He said our foreign exchange reserves have risen to nine billion dollars.  He said local currency is stable over last ten months while inflation is down to roughly seventeen percent. He said foreign buying is also coming in Pakistan Stock Market. He said government will also accelerate privatisation process.

Minister for Petroleum Musadik Masood Malik emphasised that private sector of both Pakistan and Saudi Arabia should work together to move towards diversification of economy and value addition. He said this will bring prosperity for both country.

He emphasised collaboration between two countries in various sectors including mines and minerals, tourism and agriculture.

Minister for Commerce Jam Kamal Khan assured of extending full facilitation to investors. He said present government is committed to bringing change in economic landscape of country.

National Coordinator of Special Investment Facilitation Council Lieutenant General Sarfraz Ahmad expressed gratitude to Saudi leadership for their unwavering support to Pakistan.

Highlighting Pakistan’s potential in various sectors, including mining and minerals, he said SIFC is political-military initiative aimed at stimulating investment and achieving macroeconomic stability.

He said the law enforcement agencies and political and military hierarchy are totally committed to provide secure environment to all investors including those from Saudi Arabia.

Published in The Daily National Courier, May, 07 2024

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