Addressing the Business Forum, Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih said his country has been and will continue to be Pakistan’s partner and help it achieve economic stability. He was appreciative of the economic improvement witnessed by Pakistan over the last two years, describing it as impressive.
The Saudi Minister stated agreements and MOUs worth over two billion dollars will be signed with Pakistan today. He emphasized the Kingdom is also committed to a front-end investment in Pakistan totaling five billion dollars. This commitment was made during Prime Minister Shehbaz Sharif’s visit to Saudi Arabia.
Describing these figures as tip of the iceberg, Khalid bin Abdulaziz Al-Falih noted there is no limit to Pakistan-KSA cooperation in the economic sphere. He said Saudi Vision 2030 is also about extending our prosperity to our partners and friends.
He said Saudi Arabia holds Pakistan in the highest regard as a strategic and cultural partner.
Expressing satisfaction over increase in Pak-Saudi trade, the Saudi Minister of Investment said more imports from Pakistan including that of construction material will be encouraged.
He said they are also eager to start several initiatives in mining. The first one we hope to conclude in the next few weeks is entering into the Reko Diq project.
Minister for Privatization and Board of Investment Abdul Aleem Khan said Saudi Arabia’s commitment to strengthening economic relations with Pakistan is highly commendable. He was confident that the Pak-Saudi Business Forum would provide a unique platform to build deeper commercial ties.
In his remarks, Finance Minister Muhammad Aurangzeb said Pakistan is at a good place on economic front and open to business. He highlighted government’s policies aimed at strengthening the private sector to lead the country’s business and economy.
Minister for Petroleum Musadik Masood Malik highlighted that Special Investment Facilitation Council has been established to provide a welcoming environment to the foreign investors. He expressed optimism about transforming the strong friendship between Pakistan and Saudi Arabia into a robust economic partnership.
Minister for Commerce Jam Kamal Khan said a comprehensive business plan has been developed to promote trade with Saudi Arabia. This plan outlines trade specific targets to be monitored on a quarterly, biannual and annual basis. He said key sectors including food and agriculture, textile, leather goods, pharmaceutical, construction material, IT services and renewable energy with strong export potential have been identified.
Jam Kamal Khan said Pakistan aims to expand its presence in the Saudi market. He said a single country exhibition will be organized in Jeddah in February next year to engage with Saudi leading brands and importers. He said this high profile event will showcase Pakistan’s diverse export potential and foster direct business connections.
