ISLAMABAD: Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh hailed Pakistan-Saudi Arabia ties, saying there were “no limits” to the possibilities of economic cooperation between the two countries.
Last night, a high-powered Saudi delegation led by its Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in Islamabad on a three-day official visit.
According to Prime Minister Shehbaz Sharif, Islamabad and Riyadh would sign agreements worth around $2 billion during the delegation’s visit, including trade and investment pacts as well as some Memorandums of Understanding (MoUs).
The Saudi delegation will also visit the Special Investment and Facilitation Council (SIFC) and discuss investment plans in various sectors.
Addressing the Pakistan Saudi Arabia Business Forum in Islamabad, Al Faleh said: “I think there are essentially no limits to what Saudi Arabia and Pakistan can do in the economic sphere, just like there are no limits to our friendship, to our bonds, to our historic relations.”
He confirmed that the two countries were presiding over 27 “organic agreements” and MoUs worth around $2bn, which would be signed throughout the day.
“First and foremost, we want to support Pakistan in continuing its economic stabilisation. Without Pakistan reaching its economic stability, it’s very difficult to do things together,” the minister said, praising Pakistan’s efforts in the last two years as “quite impressive”.
Referring to his meeting earlier today with Chief of Army Staff (COAS) General Asim Munir, Al Faleh said the former “spoke from the heart as well as from the mind, as well as expressing numbers that are very, very compelling with the value proposition to the Saudi private sector for partnering with Pakistan”.
The Saudi minister said that the army chief had expressed his commitment that all matters of “red tape would be replaced with a red carpet treatment”, adding that this was through the “special one-stop shop” under the SIFC.
Minister Faleh also expressed his satisfaction regarding trade between the two countries, noting that it had increased by 80 per cent — from $3bn in 2019 to $5.4bn.
Recalling an investment package agreed upon in April during PM Shehbaz’s visit to Saudi Arabia, the minister said his country was “committed to and extremely encouraged” by the Saudi crown prince’s announcement “committing the front end of Saudi investment to Pakistan which is $5bn”.
