Saudi govt, companies consider Pakistan high priority economic opportunity: Ibrahim Almubarak

ISLAMABAD: Saudi Deputy Investment Minister Ibrahim Almubarak has said Saudi government and companies consider Pakistan a high priority economic, investment and business opportunity.

He made the remarks at the two-day Pakistan-Saudi Arabia Investment Conference which opened in Islamabad today.

The Saudi Deputy Investment Minister said his country believes in the economic potential of Pakistan including its demography, location and natural resources.

He said Pakistan is a major strategic partner for Saudi Arabia. Referring to the fraternal ties rooted deep in common faith, culture and shared values, he said we want to see Pakistan as one of our leading international partners.

The Saudi Deputy Investment Minister said this gathering provides an opportunity to develop a deeper understanding of the great opportunity available for investment in Pakistan.

He expressed the confidence that the public and private sectors of both the countries can take their partnership to the next level.

Ibrahim Almubarak mentioned that Saudi Arabia is a home to about two million Pakistanis who have contributed significantly to the Kingdom’s vision 2030.

Addressing the moot, Finance Minister Muhammad Aurangzeb expressed the government’s commitment to fully facilitate the private sector to take the country towards export led growth.  He said the government is focusing on bringing foreign direct investment to uplift various sectors.

Giving on an overview of the country’s economic situation, the Finance Minister said it is on a positive trajectory. The agriculture GDP is growing at five percent on the back of bumper crops including that of sugarcane, rice, and wheat.

He was confident that the country’s current account deficit will be less than a billion dollar during this fiscal year.

He said our foreign exchange reserves have risen to nine billion dollars.  He said the local currency is stable over the last ten months while the inflation is down to roughly seventeen percent. He said foreign buying is also coming in Pakistan Stock Market.

The Finance Minister said Pakistan is seeking a larger and longer program with the IMF for permanence in the macroeconomic stability and structural reforms. He said the IMF mission is expected in Pakistan in the next seven to ten days to discuss the contours of the new program.

He said the government will also accelerate the privatization process.

In his remarks, Minister for Petroleum Musadik Masood Malik emphasized that the private sector of both Pakistan and Saudi Arabia should work together to move towards diversification of economy and value addition. He said this will bring prosperity for both the country.

He emphasized collaboration between the two countries in various sectors including mines and minerals, tourism and agriculture. He said the private sector of Pakistan and Saudi Arabia should participate in infrastructure development which is pivotal in the way of unleashing the assets and wealth of both the countries.

A fifty-member high-level business delegation from Saudi Arabia is attending the conference to explore investment opportunities in different sectors as well as to forge strong bonds with local entrepreneurs.

In his remarks, Minister for Commerce Jam Kamal Khan assured of extending full facilitation to the investors. He said the present government is committed to bringing a change in the economic landscape of the country.

National Coordinator of Special Investment Facilitation Council Lieutenant General Sarfraz Ahmad expressed gratitude to the Saudi leadership for their unwavering support to Pakistan.

Highlighting Pakistan’s potential in various sectors, including mining and minerals, he said the SIFC is a political-military initiative aimed at stimulating investment and achieving macroeconomic stability.

He said the SIFC adopts whole of the government approach to optimize multi-sector cooperation by reducing bureaucratic and lengthy processes.

He said the SIFC accords the highest level of priority to all investors, especially those from the Kingdom of Saudi Arabia. He assured that we are cognizant of the concerns of investors.

He said the law enforcement agencies and the political and military hierarchy are totally committed to provide secure environment to all the investors including those from Saudi Arabia.