Islamabad: Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh, on Thursday, praised the longstanding ties between Pakistan and Saudi Arabia, affirming that there were “no limits” to the possibilities of economic cooperation between the two nations.
Arriving in Islamabad with a high-powered delegation for a three-day official visit, Sheikh Khalid is leading efforts to bolster trade and investment relations between the two countries. The visit is expected to result in agreements worth $2 billion, Prime Minister Shehbaz Sharif announced.
The Saudi delegation will engage with the Special Investment and Facilitation Council (SIFC), exploring new investment opportunities in sectors ranging from energy to infrastructure, marking a pivotal moment in Saudi-Pakistan economic ties.
Speaking at the Pakistan-Saudi Arabia Business Forum in Islamabad, Sheikh Khalid reiterated the “unlimited potential” for economic collaboration, stating that the bond between the two nations is as strong as their historic ties.
He confirmed that 27 organic agreements and Memorandums of Understanding (MoUs) worth approximately $2 billion would be signed during the visit, reflecting Saudi Arabia’s growing interest in Pakistan’s economic stability and development.
Sheikh Khalid lauded Pakistan’s recent economic efforts, emphasizing that without stability in Pakistan, it would be challenging to advance collaborative ventures. He noted that Pakistan’s progress in the last two years was “quite impressive.”
In a meeting with Chief of Army Staff General Asim Munir, Sheikh Khalid expressed appreciation for the commitment to streamline investment procedures, with red tape being replaced by a “red carpet treatment” through the SIFC’s one-stop shop for foreign investors.
The Saudi minister also highlighted a significant increase in bilateral trade, which has surged by 80 per cent, reaching $5.4 billion in 2023, a reflection of the deepening economic ties.
Finance Minister Muhammad Aurangzeb, speaking at the same forum, expressed optimism about Pakistan’s future, emphasizing that the country had made considerable progress in macroeconomic stability and was “open for business.”
