Saudi Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, praised the strong ties between Pakistan and Saudi Arabia on Thursday, emphasizing that there are “no limits” to the potential for economic cooperation between the two nations.
A high-level Saudi delegation, led by Minister Al Faleh, arrived in Islamabad for a three-day official visit. Prime Minister Shehbaz Sharif announced that agreements worth approximately $2 billion, including trade and investment pacts, would be signed during the visit, along with several Memorandums of Understanding (MoUs).
The delegation will also visit the Special Investment Facilitation Council (SIFC) to discuss investment plans across various sectors.
Speaking at the Pakistan-Saudi Arabia Business Forum in Islamabad, Al Faleh stated, “There are essentially no limits to what Saudi Arabia and Pakistan can achieve economically, just as there are no limits to our friendship and historic bonds.”
He confirmed that both nations would oversee the signing of 27 agreements and MoUs worth about $2 billion throughout the day, and stressed Saudi Arabia’s commitment to supporting Pakistan’s economic stabilization efforts.
After meeting Chief of Army Staff (COAS) General Asim Munir, Al Faleh expressed confidence in the potential for Saudi private sector partnerships with Pakistan. He also noted that bureaucratic hurdles would be minimized with “red carpet treatment” through the SIFC’s special one-stop shop.
Al Faleh highlighted the significant growth in trade between the two countries, which has risen by 80%, from $3 billion in 2019 to $5.4 billion.
Recalling the $5 billion investment package announced by Saudi Crown Prince Mohammed bin Salman during Prime Minister Shehbaz’s visit to Saudi Arabia in April, Al Faleh described these figures as just the beginning of a larger economic collaboration.
He also emphasized Pakistan’s strategic geographic location, extending from the Arabian Sea to the heart of Asia, and its unique potential.
Finance Minister Muhammad Aurangzeb shared optimism about Pakistan’s economic progress, citing improvements in macroeconomic stability and a stable currency. He acknowledged Saudi Arabia’s vital role in supporting Pakistan’s economic turnaround over the past year.
Deputy Prime Minister and Foreign Minister Ishaq Dar also highlighted the new economic program supported by the IMF, focusing on reforms to enhance private investment and public services. He invited Saudi investors to explore opportunities in mining, IT, agriculture, and renewable energy.
In a meeting with President Asif Ali Zardari, Minister Al Faleh reaffirmed Saudi Arabia’s recognition of Pakistan’s strategic location and resource potential. The Saudi delegation expressed plans to invest in infrastructure and mining, with 25 agreements to be signed.
President Zardari expressed Pakistan’s desire to elevate bilateral relations into a long-term strategic and economic partnership, praising Saudi Arabia’s progress under Vision 2030 and its continued support for Pakistan.
Separately, COAS General Asim Munir expressed deep appreciation for Saudi Arabia’s unwavering support, reaffirming the close ties between the two nations. He assured the Saudi delegation of Pakistan’s full commitment to strengthening their relationship for mutual benefit.
