It is encouraging to witness that the bilateral relationship between Pakistan and the Kingdom of Saudi Arabia (KSA) is taking a significant turn towards a robust economic partnership. This shift is evidenced by a series of high-level engagements most recently, including Prime Minister Shehbaz Sharif’s two meetings with Saudi Crown Prince Mohammad Bin Salman and a visit by a ministerial-level delegation from Saudi Arabia led by Foreign Minister Prince Faisal bin Farhan Al Saud.
These interactions, in fact, paved the way for the joint Pakistan-Saudi investment conference in the federal capital, which we believe marks the beginning of a new and important chapter in their relationship.
The remarks made by Assistant Minister of Investment Ibrahim Al-Mubarak at the conference underscored the level of confidence that the Kingdom places in Pakistan.
The Assistant Minister of Investment’s assertion that the Saudi government and companies view Pakistan as a high-priority economic, investment, and business opportunity, along with their belief in Pakistan’s economic potential, including its demography, location, and natural resources, carries profound significance. Additionally, the expressed desire to see Pakistan as one of Saudi Arabia’s leading international partners further reinforces the depth of this sentiment.
This acknowledgment is not merely symbolic but indicative of a strategic convergence of interests between the two countries. It signifies a shift towards a more substantive and mutually beneficial economic relationship, founded on trust, cooperation, and shared aspirations for growth and development. Furthermore, the sentiments expressed by the Assistant Minister of Investment reflect recognition of each other’s strengths and a desire to leverage them for mutual benefit.
In fact, the Kingdom and its leadership have repeatedly evinced interest in enhancing economic and trade relations with Pakistan, but the obstruction was on our part, especially the red-tapism, which we believe has now mostly been done away with by the special efforts of the Special Investment Facilitation Council (SIFC), a joint military-civil initiative aimed at stimulating investments in diverse sectors. An acknowledgment to this effect was also made by the Saudi Foreign Minister during his last visit to Pakistan and the visit of such a good number of Saudi investors and businessmen to Pakistan is also a testament to it.
The joint investment conference provided a platform for the private sectors of both countries to explore joint ventures and collaborations. The potential for such partnerships is immense across various sectors, including infrastructure development, mines and minerals, tourism, agriculture, and more. Such interactions must continue to explore more avenues of cooperation.
The fact of the matter is that Pakistan is aiming for export-led growth to address its economic challenges, while Saudi Arabia is undergoing a historic transformation under Vision 2030 to diversify its economy. The alignment of these goals presents a golden opportunity for both countries to work together toward mutual prosperity.
Moreover, we do not doubt saying that Saudi investment in Pakistan is poised to attract attention from other Gulf Cooperation Council (GCC) countries, including Qatar, UAE, and Bahrain. Pakistan’s strategic geographic location further enhances its appeal as an investment and trade hub for the region.
It is imperative for both countries to sustain the current momentum, leveraging their respective strengths for mutual benefit and regional stability. Pakistan eagerly anticipates the visit of the Saudi Crown Prince, which is expected to mark the commencement of significant investment projects. While the transition from red tape to a red carpet for investors has been a long process, the government now appears to be determined not to miss this opportunity which appears to be on the cards. And also missing this opportunity is no longer an option given the current dire economic situation. We are confident that the federal and provincial governments as well as other stakeholders will work in tandem to ensure early realization of this investment. We will also suggest the government and SIFC to also engage with the Pakistani diaspora to encourage their investments in the country.
