Pakistan, Saudi Arabia finalise implementation mechanism to execute investment matters

Islamabad: Pakistan and Saudi Arabia on Tuesday finalized a bilateral implementation mechanism to closely coordinate and execute investment related matters at the functional level to turn the sovereign commitments into tangible economic outcomes.

The matters related to the investment opportunities in Pakistan’s multiple sectors were discussed at Pakistan-Saudi Arabia Investment Conference held here and attended by the visiting high-level Saudi delegation led by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, according to a Foreign Office press release. Foreign Minister Mohammad Ishaq Dar warmly welcomed the Saudi delegation at the SIFC emphasizing the deep-rooted ties and mutual strategic interests between Pakistan and Saudi Arabia.

He highlighted the significance of enhanced bilateral strategic and economic partnership and the crucial role of Saudi investments in nurturing this relationship. He explained how Pakistan through the SIFC platform aimed to streamline investment processes and ensure rapid decision-making, fostering a flourishing investment-friendly environment in Pakistan.

The foreign minister showcased Pakistan’s abundant opportunities in agriculture, IT, and mining sectors, inviting Saudi investors to engage in mutually beneficial partnerships. He expressed confidence in the strengthened bonds between the two countries, envisioning significant economic growth and lasting benefits.

Dar concluded with a call for constructive engagement and collaboration towards mutual prosperity and development. The SIFC officials gave comprehensive briefings encompassing the potential and investment opportunities in key sectors of Pakistan’s economy. Both sides held exhaustive deliberative sessions at functional level to crystallize investment opportunities in Pakistan.

The Saudi side expressed great significance and interest in the improving investment ecosystem in Pakistan, appreciated SIFC’s role in amicable resolution of Saudi Arabia’s legacy investment/business related issues, and showed keen interest to invest in key sectors of Pakistan. The Pakistani side assured the Saudi side of maximum support and facilitation in fast-tracking the Kingdom’s prospective multibillion dollars investments in Pakistan.