Pakistan ‘a high priority business opportunity’: Saudi minister

ISLAMABAD: Saudi Arabia’s Deputy Investment Minister Ibrahim Almubarak said on Monday that the Saudi government and companies consider Pakistan a high priority economic investment and business opportunity.

Speaking at a two-day Pakistan-Saudi Arabia Investment Conference in Islamabad, Almubarak said his country believed in the economic potential of Pakistan, including its demographic location and natural resources.

“Pakistan is a major strategic partner for Saudi Arabia,” he remarked. 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 minister said this gathering provided 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 could take their partnership to the next level.Almubarak mentioned that Saudi Arabia was home to about two million Pakistanis who had contributed significantly to the kingdom’s Vision 2030.

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

Giving an overview of the Pakistan’s economic situation, the finance minister said it was on a positive trajectory. “The agriculture GDP is growing at five per cent on the back of bumper crops, including that of sugarcane, rice and wheat.”

Aurangzeb was confident that the country’s current account deficit will be less than a billion dollars during this fiscal year. “Our foreign exchange reserves have risen to $9 billion. The local currency is stable over the last 10 months, while the inflation is down to roughly 17 per cent. Foreign buying is also coming in Pakistan’s stock market,” he added.

The finance minister further said Pakistan was seeking a larger and longer programme with the International Monetary Fund (IMF) for permanence in the macroeconomic stability and structural reforms. “The IMF mission is expected in Pakistan in the next seven to 10 days to discuss the contours of the new programme,” he added. He also said the government will accelerate the privatisation process.

Speaking on the occasion, Minister for Petroleum Musadik Malik emphasised that the private sector of both Pakistan and Saudi Arabia should work together to move towards diversification of economy and value addition, adding this will bring prosperity for both the countries.

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

A 50-member high level business delegation from Saudi Arabia is attending the conference to explore investment opportunities in different sectors as well as forging strong bonds with local entrepreneurs.

Minister for Commerce Jam Kamal Khan assured the visiting delegation of extending full facilitation to the investors. He said the present government was committed to bringing a change in the economic landscape of the country.

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

Highlighting Pakistan’s potential in various sectors, including mines and minerals, he said the SIFC was a civil-military initiative aimed at stimulating investment and achieving macroeconomic stability. “The SIFC adopts whole of the government approach to optimise multi-sector cooperation by reducing bureaucratic and lengthy processes,” he added.