The Pakistan-Saudi Arabia Investment Forum 2024 commenced with an air of optimism and mutual cooperation, as high-ranking officials from both nations outlined their commitment to strengthening economic ties and fostering greater investment opportunities. In his opening address, Saudi Deputy Minister of Investment, Ibrahim bin Yusuf al-Mubarak, lauded the contributions of Pakistani nationals towards the development of Saudi Arabia. He emphasized that Saudi Arabia considered Pakistan a favourable destination for investment, expressing a desire to see Pakistan as an economically robust nation. He further said that important Saudi companies would play a role in the development of Pakistan, adding that the forum would provide better investment opportunities in Pakistan. The Saudi minister stressed that the public-private partnership ties were being taken to the next stage. Echoing similar sentiments, Federal Finance Minister Muhammad Aurangzeb highlighted Pakistan's economic stability achieved over the past 10 months, attributing it to prudent economic policies.

He said the local currency had stabilized in the last 10 months, while foreign exchange reserves were increasing gradually and steps were being taken to solve the energy crisis. Aurangzeb also said economic reforms were on the government's agenda, and it is trying to promote foreign investment. "Continuity in policies is essential for economic stability," he stressed. Minister Aurangzeb also emphasized the pivotal role of the private sector in bolstering the economy, and said ministers and bureaucracy will have to take a backseat on this. Federal Minister of Petroleum Dr Musadik Malik emphasized the need for collaboration between Pakistan and Saudi Arabia to propel mutual development. He hailed Saudi Arabia's rapid progress and called for strengthened bilateral relations between the two nations. "We need to move forward together," he insisted. Commerce Minister Jam Kamal reiterated Pakistan's commitment to facilitating investors and fostering favourable conditions for investment. "Efforts will be made to ensure the best negotiations between Pakistan and Saudi Arabia," he said, adding that Pakistan is determined to provide facilities to investors.

He also highlighted the government's initiatives, including the Special Investment Facilitation Council (SIFC), aimed at providing comprehensive support to the private sector. SIFC National Coordinator Lt Gen Sarfaraz Ahmed emphasized the deep-rooted trust and friendship between Pakistan and Saudi Arabia. He praised the huge Pakistani workforce, which is playing its role in the development of Saudi Arabia and other nations. "Pakistan is a major trade hub for the world. It is an important trade route to Central Asia," the highlighted. The Investment Forum, marked by speeches from key officials and dignitaries, underscored the shared commitment of Pakistan and Saudi Arabia to enhance bilateral cooperation, promote investment, and harness the potential for mutual prosperity. As discussions continue, both nations look forward to translating their shared vision into concrete initiatives that will benefit their economies and strengthen their longstanding fraternal ties.

Credit: Independent News Pakistan