Recent visit of a high-powered Saudi delegation is showing silver lining to Pakistan in current testing times. During the visit, Saudi foreign minister Prince Faisal bin Farhan rightly laid emphasis on the depth and strength of bilateral strategic commitments with Pakistan.
Recent evolution of Pakistan’s ties with Kingdom of Saudi Arabia (KSA) is encouraging continuation of decades old historic relations. As evident, this visit followed a meeting in Makkah between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman in which the KSA had pledged to expedite $5 billion investments. While speaking to the press, Pakistan foreign minister informed that a big epic menu of $ 30 billion investment projects has been offered to the delegation of KSA and all the vibes are positive. Saudi Foreign Minister Prince Faisal bin Farhan Al Saud reciprocated by saying “Riyadh would be moving ahead significantly to invest in the projects offered by Pakistan”.
According to foreign minister Ishaq Dar, Saudi Crown Prince Muhammad bin Salman has accepted the invitation of PM Shabazz Sharif to visit Pakistan and the schedule is being finalized. It is expected that recent visit of prominent Saudi delegation would surely reap the intended dividends. Seriousness on both sides is evident from the meetings of Saudi foreign minister with PM, President, COAS and business community.
An exclusive briefing to Saudi delegation by Special Investment Facilitation Council (SIFC) depicts more focused progression on the matters of mutual interests. Pakistan is expecting promising direct investments to the tune in oil refinery, petro chemical, agricultural and various collaborative ventures. Obviously, encouraging visit of Saudi delegation has set the premise of confidence in Pakistan’s roadmap for development and regional cooperation. Kingdom of Saudi Arabia has been continuously supporting Pakistan in dealing with the critical financial crisis.
Timely Saudi financial support during past two years enabled Pakistan to effectively engage with the International Monetary Fund (IMF). Pakistan secured a $3 billion bailout package from the IMF once KSA convincingly pledged $2 billion in terms of financial support to Pakistan. During the 2019 visit of the Saudi Crown Prince to Pakistan, KSA expressed interests in multiple investments projects. Top of the list was the project of developing an oil refinery in the city of Gwadar, the hub of the China Pakistan Economic Corridor (CPEC). Its modalities have been revised after a pause of four years and a Memorandum of Understanding (MOU) was signed between Saudi Aramco and Pakistani state-owned companies at the end of July 2023.
Obviously, political instability played a major role in hindering the acceleration on bi-lateral economic projects. With the formulation of new government after elections in Pakistan, dust of political unrest has started setting and there are significant signs of restoration process in motion. Maiden tour of PM Shahbaz Sharif to KSA seems a big assurance on this account. Likewise, institution of SIFC has sent a positive message to all potential investors about the seriousness of Pakistan towards the restoration of economic stability. As per expectations, KSA has taken lead in responding affirmatively to the calls of Pakistan. Saudi assurances in terms of investments and joint economic ventures have boosted the confidence of Pakistan in quest to restore the stability. Prospects are brighter for optimum utilization of human and natural resources by putting all parts of national machinery in motion. At present, more than two million Pakistani citizens are working in KSA.
Remittances from these expats are like backbone in financial structure of Pakistan. Future unfolding of joint ventures with KSA will help Pakistan in accommodating the skilled and unskilled manpower under thirty years of age which forms 60% of total population. Synchronized pitch on sensitive regional and international issues is also encouraging sign of bilateral strategic alignment between KSA and Pakistan. Both nations have loudly advocated for the peaceful resolution of disputes without fueling the fire of violence.
What transpired in Middle East in the form of Israeli unjustified atrocities against Palestinians, merits consensus based holistic response from regional stakeholders. Both KSA and Pakistan are jointly raising voice on all international and regional forums to bring peace in Gaza. Recently inked intelligence cooperation agreement for combating terrorism has added another binding force in Pak-KSA synergy. As the Pakistan is currently striving to come out of economic quagmire, KSA’s helping hand simply reflects the element of sincerity and reliability in bi-lateral relations.
A bright future is ahead. Undoubtedly, restoration of stability is an uphill task for Pakistan in the present turbulent geo-political dynamics especially with troubled neighborhood. However, it is not impossible! Pakistan is destined to sail smoothly through the troubled waters with the traditional resilience and unshaken support of reliable friends like KSA.
