Pak-Saudi investment conference begins on a hopeful note

ISLAMABAD: A two-day investment conference between Pakistan and Saudi Arabia commenced here on Monday, marked by optimistic sentiments from the head of the Saudi delegation.

Leading the delegation of 50 high-ranking Saudi officials is Ibrahim Almubarak, the Deputy Investment Minister of Saudi Arabia described Islamabad as a “suitable” destination for investments.

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The Saudi delegation’s visit aims to explore trade and investment opportunities, following discussions between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammad Bin Salman. The two leaders pledged to enhance bilateral relations and foster economic growth.

Almubarak highlighted Pakistan’s attractiveness for investment and stressed the delegation’s aim to bolster trade ties. He noted the significant contribution of Pakistani workers in Saudi Arabia and expressed Saudi investors’ interest in various sectors of Pakistan’s economy.

Finance Minister Muhammad Aurangzeb gave the opening address of the conference. He affirmed the government’s support for the private sector to drive export-led growth and outlined the government’s efforts to attract foreign direct investment (FDI). The finance minister also shared insights on federal government’s strategies to maintain economic stability. Aurangzeb provided an overview of the country’s economic performance, citing growth in the agriculture sector and a reduction in inflation.

He also expressed confidence in reducing the current account deficit and increasing foreign exchange reserves, while also sharing optimism on local currency’s stability and increase in foreign investment in the stock market.

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FM Aurangzeb said that Pakistan intends to negotiate a new program with the IMF for long-term economic stability and structural reforms.

Minister for Petroleum Musadik Masood Malik stressed the importance of collaboration between the private sectors of Pakistan and Saudi Arabia for economic diversification and value addition. He also advocated for joint efforts in sectors such as mines, tourism, agriculture, and infrastructure development to unleash the potential wealth of both nations.