Saudi investors see Pakistan as ‘high priority’ economic opportunity: Saudi Minister

ISLAMABAD: Saudi Deputy Investment Minister Ibrahim Almubarak Monday said the Saudi government and companies consider Pakistan a high-priority economic, investment, and business opportunity, state-run Radio Pakistan reported.

Almubarak made the remarks at the two-day Pakistan-Saudi Arabia Investment Conference which opened in Islamabad today. Earlier, a 50-member Saudi delegation arrived in the capital the previous night comprising dozens of investors to boost its exports in collaboration with Saudi companies.

During the occasion, the Saudi Deputy Investment Minister said his country believes in the economic potential of Pakistan including its demography, location, and natural resources.

“Pakistan is a major strategic partner for Saudi Arabia,” Almubarak said. Referring to the 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.

Furthermore, the Saudi Deputy Investment Minister expressed confidence that the public and private sectors of both countries can take their partnership to the next level.

Ibrahim Almubarak mentioned that Saudi Arabia is home to about two million Pakistanis who have contributed significantly to the Kingdom’s Vision 2030.

Govt committed to export-led growth: Finance Minister Aurangzeb

While addressing the conference, Finance Minister Muhammad Aurangzeb expressed the government’s commitment to fully facilitate the private sector to take the country towards export-led growth.

“The government is focusing on bringing foreign direct investment to uplift various sectors,” he added.

Giving an overview of the country’s economic situation, the Finance Minister said it is on a positive trajectory. The agriculture GDP is growing at five percent on the back of bumper crops including that of sugarcane, rice, and wheat. He was confident that the country’s current account deficit would be less than a billion dollars during this fiscal year.

He said our foreign exchange reserves have risen to nine billion dollars.  He said the local currency is stable over the last ten months while the inflation is down to roughly seventeen percent. He said foreign buying is also coming in the Pakistan Stock Market.

Commerce Minister assures full facilitation to investors

Minister for Commerce Jam Kamal Khan, in his speech at the event, assured of extending full facilitation to the investors. He said the present government is committed to bringing a change in the economic landscape of the country.

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

Highlighting Pakistan’s potential in various sectors, including mining and minerals, he said the SIFC is a political-military initiative aimed at stimulating investment and achieving macroeconomic stability. He added the SIFC adopts a whole of government approach to optimize multi-sector cooperation by reducing bureaucratic and lengthy processes.