Pakistan's Premier Multilingual News Agency

Pakistan and KSA set to take steps towards economic partnership

Islamabad, 16 April 2024, (GNP):  Pakistan and Saudi Arabia are poised to explore fresh opportunities for mutual economic collaboration by investing in diverse development areas.

This initiative comes as the top-level Saudi delegation, headed by Foreign Minister Prince Faisal bin Farhan bin Abdullah, arrives in Islamabad for a two-day visit aimed at strengthening bilateral ties.

Upon reaching Noor Khan Air Base, the Saudi Foreign Minister was welcomed by Foreign Minister Ishaq Dar and other high-ranking officials. This reception sets the stage for a series of important discussions aimed at boosting bilateral cooperation and nurturing a mutually advantageous economic alliance.

The delegation includes Saudi Minister of Water and Agriculture Eng Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, Deputy Minister of Investment Badr AlBadr, Head of the Saudi Special Committee Mohammad Mazyed Al Towaijri, and senior officials from the Ministry of Energy and the Saudi Fund for General Investments.

In Pakistan, the Saudi delegation will meet with President Asif Ali Zardari, Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) Gen Syed Asim Munir, and the apex committee of the Special Investment Facilitation Council (SIFC).

These discussions are anticipated to strengthen the already strong bonds between the two countries. “The visit aims to accelerate the implementation of agreements reached between Prime Minister Shehbaz Sharif and Mohammad bin Salman, Crown Prince and Prime Minister of Saudi Arabia, during their recent meeting in Makkah Al Mukarramah to boost bilateral economic cooperation between Pakistan and Saudi Arabia,” stated the Foreign Office in a released statement.

“This visit is aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership,” it was further added.

Government sources are optimistic about the visit, emphasizing its potential to transform Pakistan’s economic outlook. The projected $7 billion investment is expected to have significant implications, not only for Pakistan’s economy but also for attracting additional foreign investment.

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A statement from state-run Pakistan Television emphasized the significance of the visit’s timing, describing the arrival of the Saudi team as a clear indication of the strong mental alignment, mutual trust, and cooperation between the leadership of both nations, all driven by a shared determination for the development of both countries.

The statement highlighted that the visit will lead to an increase in export capacity, the launch of joint ventures, the creation of new opportunities, and the advancement of the objectives of the SIFC, ultimately bringing momentum and confidence to the economy.

Pakistan aims to draw billions of dollars in investment from Saudi Arabia through its initiative under the SIFC, a civil-military forum focused on eliminating obstacles and bureaucratic barriers that impede foreign investment.

Islamabad is extending offers to Saudi investors for stakes in the multi-billion-dollar Reko Diq mine projects.

The SIFC was founded to address Pakistan’s economic hurdles through foreign investment. Pakistan’s goal is to attract $70 billion in investment from Gulf countries within the next 3 to 5 years.