Saudi government and companies consider Pakistan a high priority economic, investment and business opportunity, the Kingdom’s Deputy Investment Minister Ibrahim Almubarak said according to state broadcaster Radio Pakistan.
Almubarak made the remarks at the two-day Pakistan Saudi Arabia Investment Conference, which began in Islamabad today, after arriving in the capital the previous night with a key Saudi delegation comprising dozens of investors as Pakistan aims to court foreign investors to boost its exports in collaboration with Saudi companies.
The Saudi official said his country “believes in the economic potential of Pakistan” including its demography, location and natural resources.He said Pakistan is a major strategic partner for Saudi Arabia. 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 was quoted by Radio Pakistan as saying that “the gathering provides an opportunity to develop deeper understanding of the great opportunity available for investment in Pakistan.”He expressed his confidence that the public and private sectors of both the countries can take their partnership to the next level.
Ibrahim Almubarak mentioned that Saudi Arabia is a home to about two million Pakistanis who have contributed significantly to the Kingdom’s vision 2030.
Finance Minister Muhammad Aurangzeb, in his speech at the event, spoke of the government’s “commitment to fully facilitate the private sector to take the country towards export-led growth”.According to Radio Pakistan, he said the government was focused on bringing foreign direct investment to uplift various sectors.
Giving on overview of the country’s economic situation, the finance minister claimed it was on a positive trajectory.He said that the country’s current account deficit will be less than a billion dollars during the ongoing fiscal year.
He said the country’s foreign exchange reserves have risen to $9 billion, adding that the local currency was stable over the last ten months while the inflation was down to roughly seventeen percent.He said foreign investors were also entering the Pakistan Stock Exchange.
