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SaudiArabia, Pakistan bolster economic diplomacy under SIFC
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Pakistan, Saudi Arabia have signed twenty-seven Memoranda of Understanding (MoUs) for cooperation as Pakistan Saudi Business Forum concludes in Islamabad
By: Muhammad Arif, Editor NSN.Asia
Islamabad: Pakistan and Saudi Arabia have signed twenty-seven Memoranda of Understanding (MoUs) for cooperation in diverse fields, particularly in energy, agriculture, mining, human resources, and cyber security.
The MoUs were exchanged at a ceremony held in Islamabad on Thursday. Prime Minister Shehbaz Sharif was also present on the occasion.
The agreements include a 70-million-dollar investment in agriculture sector, establishment of advanced semiconductor chip manufacturing in Saudi Arabia, establishment of a textile industry, a white oil pipeline project, an MoU for exploring investment opportunities, a hybrid power project, development of transformer manufacturing facilities in both the countries, cyber security measures for customers and businesses, and the export of spices and vegetables from Pakistan.
Additionally, the agreements outline the establishment of a manufacturing facility for surgical and dental equipment and collaboration on the federal government’s E-Taaleem and digitalization program
Speaking about cooperation agreements, Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih noted there is no limit to Pakistan-KSA cooperation in the economic sphere. He said Saudi Vision 2030 is also about extending our prosperity to our partners and friends.
Saudi Arabia to encourage more imports from Pakistan including that of construction material
Saudi Arabia investors to start several initiatives in mining, entering into the Reko Diq project.
Saudi Arabia has been and will continue to be Pakistan’s partner and help it achieve economic stability as Pakistan witnesses economic improvement in the last two years, Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih said while addressing the Pakistan Saudi Business Forum held in #Islamabad for to foster investment cooperation, and bolster business opportunities in #Pakistan.
The Saudi Minister stated agreements and MOUs worth over two billion dollars will be signed with Pakistan during the visit to Pakistan.
The Kingdom is also committed to a front-end investment in Pakistan totaling five billion dollars. This commitment was made during Prime Minister Shehbaz Sharif’s visit to Saudi Arabia, he emphasized.
Describing these figures as tip of the iceberg, Khalid bin Abdulaziz Al-Falih noted there is no limit to Pakistan-KSA cooperation in the economic sphere. He said Saudi Vision 2030 is also about extending our prosperity to our partners and friends.
On Pakistan Saudi relationship, Minister said Saudi Arabia holds Pakistan in the highest regard as a strategic and cultural partner.
Expressing satisfaction over increase in Pak-Saudi trade, the Saudi Minister of Investment said more imports from Pakistan including that of construction material will be encouraged.
He said they are also eager to start several initiatives in mining. The first one we hope to conclude in the next few weeks is entering into the Reko Diq project.
Prime Minister Muhammad Shehbaz Sharif meeting with Saudi delegation in Islamabad
During a meeting with Saudi delegation, the Prime Minister Muhammad Shehbaz Sharif expressed his pleasure over the productive discussions held at the Pakistan-Saudi Business Forum.
The Prime Minister also highlighted the progress made through the Special Investment Facilitation Council (SIFC), which has been instrumental in accelerating foreign investment in Pakistan.
Also, the Prime Minister expressed Pakistan’s readiness to strengthen defense ties, including support for Saudi Arabia’s Vision 2030, which seeks to develop indigenous defense and security capabilities.
Speaking at the business, Deputy Prime Minister Ishaq Dar expressed Pakistan’s firm commitment to working closely with Saudi Arabia to explore the potential for cooperation in various fields between the two countries.
Pakistan offers a wide range of investment opportunities especially in the areas of IT, mines and minerals, renewable energy and agriculture and livestock, he said.
The Deputy Prime Minister said Pakistan is actively fostering innovation, enhancing its infrastructure and streamlining regulatory framework to create an investment friendly climate.
Ishaq Dar said the visit of Saudi delegation to Pakistan marks another chapter in the enduring friendship and strategic partnership between the two brotherly countries.
Alluding to their historic relations, he said Saudi Arabia holds a significant place in Pakistan’s foreign policy.
He expressed profound gratitude to Saudi leadership for the unwavering support to Pakistan on multiple occasions.
He said Pakistan remains firmly committed to the sovereignty and territorial integrity of Saudi Arabia and stands shoulder to shoulder with Saudi brothers and sisters through thick and thin.
In his address at the forum, Minister for Privatization and Board of Investment Abdul Aleem Khan said Saudi Arabia’s commitment to strengthening economic relations with Pakistan is highly commendable.
Pak-Saudi Business Forum would provide a unique platform to build deeper commercial ties, he added.
In his remarks, Finance Minister Muhammad Aurangzeb said Pakistan is at a good place on economic front and open to business. He highlighted government’s policies aimed at strengthening the private sector to lead the country’s business and economy.
Minister for Petroleum Musadik Masood Malik highlighted that Special Investment Facilitation Council has been established to provide a welcoming environment to the foreign investors. He expressed optimism about transforming the strong friendship between Pakistan and Saudi Arabia into a robust economic partnership.
Minister for Commerce Jam Kamal Khan said a comprehensive business plan has been developed to promote trade with Saudi Arabia. This plan outlines trade specific targets to be monitored on a quarterly, biannual and annual basis. He said key sectors including food and agriculture, textile, leather goods, pharmaceutical, construction material, IT services and renewable energy with strong export potential have been identified.
Jam Kamal Khan said Pakistan aims to expand its presence in the Saudi market. He said a single country exhibition will be organized in Jeddah in February next year to engage with Saudi leading brands and importers. He said this high profile event will showcase Pakistan’s diverse export potential and foster direct business connections.
Saudi delegation led by Minister of Investment Khalid Bin Abdulaziz al Falih met with Army Chief General Syed Asim Munir in Rawalpindi and discussed matters of mutual interest particularly initiatives to strengthen ever-growing brotherly bilateral cooperation in a variety of sectors.
The Army Chief expressed his profound appreciation and gratitude for unflinching support for Pakistan from Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Muhammad bin Salman.
He assured the Saudi delegation of Pakistan’s full support and commitment and conveyed his optimism for the promising outcomes that would mutually benefit both nation.
Pakistan and Saudi Arabia have reaffirmed their commitment to enhancing cooperation in key areas such as the economy, agriculture, mining and information technology. Both sides underlined the need to work together to build a prosperous and peaceful future for the region as well as for the Islamic World.
Both partners expressed their desire to elevate these brotherly relations and economic cooperation into a long-term strategic and economic partnership, underscoring that such collaboration would bring the two brotherly nations further closer. The signing of the 25 agreements would mark a new era of economic cooperation between the two countries.
