On Thursday, Saudi Arabia’s Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, praised the strong ties between Pakistan and Saudi Arabia, stating that there are “no limits” to the potential for economic collaboration between the two countries.
A high-level Saudi delegation, led by Minister Al Faleh, arrived in Islamabad on a three-day official visit. Pakistani Prime Minister Shehbaz Sharif announced that agreements worth approximately $2 billion would be signed during this visit, including trade, investment deals, and Memorandums of Understanding (MoUs).
The Saudi delegation plans to visit the Special Investment Facilitation Council (SIFC) to discuss investment opportunities across various sectors.
Speaking at the Pakistan-Saudi Arabia Business Forum in Islamabad, Al Faleh emphasized the limitless potential for economic cooperation between the two nations, underlining their deep and historic bonds. He confirmed that 27 agreements and MoUs worth around $2 billion would be signed throughout the visit.
Al Faleh praised Pakistan’s recent efforts to stabilize its economy, noting the impressive progress made over the past two years. He also mentioned his earlier meeting with Chief of Army Staff (COAS) General Asim Munir, describing it as compelling and filled with promising opportunities for the Saudi private sector to partner with Pakistan. He highlighted the army chief’s commitment to replacing bureaucratic obstacles with a “red carpet” treatment for investors through the SIFC’s one-stop shop.
The minister also expressed satisfaction with the growth in bilateral trade, which has surged by 80%, from $3 billion in 2019 to $5.4 billion. Recalling an investment package agreed upon during Prime Minister Sharif’s April visit to Saudi Arabia, Al Faleh reiterated Saudi Arabia’s commitment to an initial $5 billion in investments for Pakistan, describing these numbers as “just the tip of the iceberg.”
Highlighting Pakistan’s strategic geographical location, Al Faleh stressed its unique position stretching from the Arabian Sea to the heart of Asia, providing significant economic opportunities.
During the forum, Finance Minister Muhammad Aurangzeb expressed optimism about Pakistan’s economic outlook, emphasizing that the country had made significant progress in achieving macroeconomic stability. He highlighted key achievements, including a primary fiscal surplus, a current account deficit of less than $1 billion, and a stable currency. He also acknowledged Saudi Arabia’s critical role in Pakistan’s economic turnaround over the past 14-15 months.
Deputy Prime Minister and Foreign Minister Ishaq Dar added that Pakistan’s new economic program, backed by the International Monetary Fund (IMF), focuses on boosting productivity, competitiveness, and private investment while reforming state-owned enterprises and public services. He highlighted Saudi Arabia’s strategic role in supporting Pakistan’s economic recovery and growth and invited Saudi investors to explore opportunities in mining, IT, agriculture, and renewable energy sectors.
In a separate meeting with former President Asif Ali Zardari, Minister Al Faleh reiterated Saudi Arabia’s recognition of Pakistan’s strategic importance and potential in natural resources and renewable energy. The two countries agreed to increase cooperation in agriculture and IT, and Al Faleh confirmed that 25 agreements would be signed in various sectors during the delegation’s visit.
During a meeting with COAS General Asim Munir in Rawalpindi, the Saudi minister discussed further strengthening bilateral ties. General Munir deeply appreciated Saudi Arabia’s unwavering support and emphasized the enduring friendship between the two nations. He assured the delegation of Pakistan’s full commitment to ensuring mutually beneficial outcomes from their cooperation.
This visit marks a significant step in enhancing Pakistan-Saudi Arabia’s economic cooperation, setting the stage for deeper collaboration in trade, investment, and other key sectors.
