Islamabad: The two-day Pakistan-Saudi Arabia investment conference began on a positive note on Monday with the head of the Saudi Arabian delegation saying they consider Pakistan a “priority destination for economy, investment and business”.
A 50-member high-level trade delegation led by Saudi Deputy Investment Minister Ibrahim Almubarak is in Islamabad to explore various areas of trade and investment.
The conference was held in view of the decision taken during the meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed Bin Salman to promote bilateral trade and investment while promoting a new era of growth and prosperity for the people of the two countries.
Addressing the event, Ibrahim Almubarak said Saudi Arabian companies consider Pakistan “very profitable for investment” and said the delegation’s visit would provide an opportunity to expand trade relations between the two countries.
“Our visit to Pakistan is a continuation of the previous visit […] The Government of Saudi Arabia and companies prioritize investment in Pakistan,” he said.
Noting that many Pakistanis have contributed to the development of the Kingdom, he said that respected Saudi Arabian investors are keen to invest in various sectors of Pakistan.
Finance Minister Muhammad Aurangzeb, while speaking at the opening of the assembly earlier, said that the government will fully facilitate the private sector to lead the country towards export-oriented growth.
He said the government is focusing on bringing in foreign direct investment to develop various sectors.
Noting that the government’s job is to provide the policy framework, the finance minister said the private sector should take a back seat to ministers and bureaucrats.
Reviewing the state of the country’s economy, the finance minister said it was on a positive trajectory. Agricultural GDP grew by 5% on the back of cash crops such as sugar, rice and wheat.
He said the country’s foreign exchange reserves have risen to $9-10 billion, adding that inflation has dropped to around 17% and the local currency has been stable for the past 10 months.
He said that foreign purchases also come in Pakistani Stocks.
The Finance Minister said that Pakistan is looking for a bigger and longer program with the HPG to maintain macroeconomic stability and structural reforms. He said the International Monetary Fund mission is expected to discuss the content of the new program in Pakistan in the next seven to 10 days.
Assuring that the government will accelerate the privatization process, Aurangzeb stressed the need to continue the policy of economic stability.
He also stressed the duty of the Ministry of Finance to facilitate traders and investors.
Meanwhile, Petroleum Minister Musadik Masood Malik said that the private sector of Pakistan and Saudi Arabia should move towards economic diversification and value creation.
He said it will bring prosperity to both countries.
Malik highlighted the cooperation between the two countries in various sectors such as mining and minerals, tourism and agriculture.
He said that the private sector of Pakistan and Saudi Arabia should participate in infrastructure development, which is essential to unlock the resources and wealth of the two countries.
