ISLAMABAD – Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih while addressing Pak-Saudi Business Forum in Islamabad on Thursday said that 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 were being signed with Pakistan. He emphasised 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. “I think 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.” 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.
“First and foremost, we want to support Pakistan in continuing its economic stabilisation. Without Pakistan reaching its economic stability, it’s very difficult to do things together,” the minister said, praising Pakistan’s efforts in the last two years as “quite impressive”.
Referring to his meeting earlier Thursday with Chief of Army Staff (COAS) General Asim Munir, Al Falih said the former “spoke from the heart as well as from the mind, as well as expressing numbers that are very, very compelling with the value proposition to the Saudi private sector for partnering with Pakistan”.
The Saudi minister said that the army chief had expressed his commitment that all matters of “red tape would be replaced with a red carpet treatment”, adding that this was through the “special one-stop shop” under the SIFC.
Prime Minister Shehbaz Sharif Thursday termed visit of Saudi investors to Pakistan as an important milestone in strengthening bilateral investment ties, which will set stage for greater bilateral collaboration.
He was talking to Minister for Investment of Saudi Arabia Khalid bin Abdul Aziz al Falih, who called on him in Islamabad.
The prime minister expressed pleasure over the productive discussions held at the Pakistan-Saudi Business Forum, which paved way for new investments, underscoring Saudi Arabia’s commitment to deepen economic cooperation with Pakistan.
He emphasised that the Pakistani diaspora in Saudi Arabia are playing a significant role in economic development of both countries, and expressed commitment to further strengthen consular services for their welfare.
Shehbaz Sharif highlighted the progress made through the Special Investment Facilitation Council which has been instrumental in accelerating foreign investment in Pakistan. He apprised the Saudi side of the privatization program of the government and invited Saudi Arabia to invest in aviation sector of Pakistan especially in the outsourcing of international airports.
The prime minister said decades long Pak-Saudi relations are becoming stronger with each passing day. He said Saudi Arabia stood by Pakistan in every difficult situation.
He conveyed his warm regards to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and His Royal Highness Crown Prince Mohammed bin Salman, acknowledging their leadership and support in enhancing bilateral ties.
The prime minister also reaffirmed Pakistan’s unwavering commitment to Saudi Arabia’s sovereignty and territorial integrity, particularly in the face of regional and global challenges. He expressed Pakistan’s readiness to strengthen defense ties, including support for Saudi Arabia’s Vision 2030, which seeks to develop indigenous defence and security capabilities.
Shehbaz Sharif appreciated Saudi Arabia’s leadership within the Organization of Islamic Cooperation, particularly on issues of vital importance like Palestine, Kashmir, and combating Islamophobia.
The visiting Saudi Minister reiterated his country’s commitment for increasing investment portfolio in Pakistan especially in mining, agriculture, food security and infrastructure. He said that signing of 27 MoUs between the two countries is a beginning of the journey.
Deputy Prime Minister and Foreign Minister Ishaq Dar, Chief of Army Staff General Syed Asim Munir and Federal Ministers were also present in the meeting.
Pakistan, Saudi Arabia agree to deepen economic ties
President Asif Ali Zardari has expressed desire to elevate Pakistan-Saudi ties into a long-term strategic and economic partnership, underscoring that such collaboration would bring the two brotherly nations further closer. Talking to delegation of the Kingdom of Saudi Arabia (KSA), led by Saudi Minister for Investment, Khalid bin Abdulaziz Al-Falih, in Islamabad, he emphasized the longstanding and time-tested relationship between Pakistan and Saudi Arabia.
The President reaffirmed Pakistan’s deep respect for the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and reiterated Pakistan’s unwavering commitment to stand in solidarity with Saudi Arabia.
The President also praised the visionary leadership of Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman Al Saud. He highly commended the remarkable progress Saudi Arabia was making under Vision 2030 and expressed gratitude for the Kingdom’s continued support to Pakistan during challenging times.
Khalid bin Abdulaziz Al-Falih said that Saudi Arabia recognised the strategic geographical significance of Pakistan and its potential of natural resources and renewable energy.
He said Saudi Arabia had planned to invest in the infrastructure and mining sectors of Pakistan and, in this regard, his delegation would sign twenty five agreements in different sectors that would boost economic cooperation between the two brotherly nations. He expressed the hope that the signing of the agreements would mark a new era of economic cooperation between the two countries.
Both sides emphasized to increase collaboration in the areas of Agriculture and Information Technology.
COAS assures Saudi business delegation of Pakistan’s full support
Khalid Bin Abdulaziz Al Falih, Minister of Investment, Kingdom of Saudi Arabia, accompanied by a high-level government cum business delegation met with General Syed Asim Munir, NI (M), Chief of Army Staff (COAS), at Rawalpindi on Thursday.
According to a press release issued by the Inter-Services Public Relations (ISPR), the meeting focused on matters of mutual interest, particularly initiatives to strengthen evergrowing brotherly bilateral cooperation in a variety of sectors.
COAS expressed his profound appreciation and gratitude for unflinching support for Pakistan from King Salman bin Abdulaziz Al Saud and Crown Prince Muhammad bin Salman. Manifestation of one of the largest business delegation’s visit to Pakistan reaffirms the enduring and fraternal ties between Pakistan and Kingdom of Saudi Arabia. He underscored the deep respect and affection that the people of Pakistan hold for the Kingdom of Saudi Arabia.
COAS further assured the delegation of Pakistan’s full support and commitment and conveyed his optimism for the promising outcomes that would mutually benefit both nations.
