Islamabad (Web Desk/Agencies): Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh on Thursday said that there are essentially no limits to what Saudi Arabia and Pakistan can do in the economic sphere, just like there are no limits to our friendship, to our bonds, to our historic relations.
Speaking at the Pakistan-Saudi Arabia Business Forum, the minister appreciated Pakistan’s initiatives and reforms, highlighting the establishment of a special one-stop shop, a single-window system, and the Special Investment Facilitation Council (SIFC) as pivotal factors in streamlining investment processes.
“Pakistan has the potential to become a high-return, low-risk investment destination, making it highly attractive for Saudi investors,” Sheikh Khalid said.
He expressed optimism about the 27 agreements, amounting to $2 billion, expected to be signed during the ongoing forum, with many more currently under negotiation.
Sheikh Khalid emphasized that these agreements emerged organically, reflecting the strong facilitation efforts underway.
The minister acknowledged the Ministry of Commerce’s commitment to enhancing trade relations between the two countries, noting that bilateral trade has already surged by approximately 80%, rising from $3 billion in 2019 to $5.4 billion today.
He also highlighted the significant increase in Pakistani investment licenses, which have more than doubled, demonstrating the Saudi government’s encouragement.
Sheikh Khalid expressed enthusiasm about the announcement from the Saudi Crown Prince regarding a $5 billion investment in Pakistan, revealed during Prime Minister Shehbaz Sharif’s recent visit shortly after he took office. “I’m delighted to have the Public Investment Fund (PIF) represented among us,” he remarked.
This delegation not only represents the PIF but also includes several portfolio companies, such as Aqua, Aqua Power, Renewable Energy, Manara Minerals.
The economic prospects between Saudi Arabia and Pakistan are virtually limitless, reflecting the enduring strength of their bilateral relationship and longstanding friendship.
The minister expressed gratitude to the deputy prime minister and all federal ministers who spoke passionately about the shared values that unite both nations. “Their words were truly compelling, and I firmly believe that, God willing, we will seize this opportunity,” he added.
“With the vision, determination, and dynamic private sectors of our leaders and peoples, along with investors from both sides, it is an honour to be part of this Saudi delegation and to engage with our Pakistani partners,” he said.
The brotherly relationship between Saudi Arabia and Pakistan dates back to the nation’s founding. Since Pakistan’s establishment in 1947, Saudi Arabia has stood by the Pakistani people, with a formal bilateral partnership established through a treaty in 1951.
It is pertinent to mention that the Saudi Arabia' investment minister is leading a high-level delegation comprising representatives from private companies and top government officials to promote trade and investment between the two countries.
During the visit, over two dozen mutual agreements and important Memorandums of Understanding (MoUs) are set to be signed.