OVER the last few weeks, there have been several exchanges involving top officials and their Saudi counterparts.

At the end of Ramazan, the prime minister flew to the kingdom to visit the holy cities, while also managing a meeting with the crown prince. The de facto Saudi ruler had sent positive signals regarding his country’s investments in Pakistan. That mini-summit was followed up by the visit of the Saudi foreign minister to Islamabad last month.

Accompanied by several other ministers, the kingdom’s top diplomat once again reiterated his country’s desire to invest in Pakistan. During Shehbaz Sharif’s latest trip to Saudi Arabia, undertaken in connection with a World Economic Forum event in Riyadh, the prime minister again met Mohammed bin Salman, as well as several Saudi ministers. The vibes during these meetings were also positive, and the message was the same: Saudi Arabia wants to invest in the country.

At a time when the state is trying to resuscitate the economy, news of Saudi money coming to Pakistan can only be welcomed. Riyadh appears to be primarily interested in investing in agriculture, while energy projects were also discussed during Mr Sharif’s just concluded visit. As the Saudi commerce minister put it, the crown prince is “prioritising trade and investment in Pakistan”.

From here, it is up to us how we use this opportunity. We can either avail these investments to create local jobs and growth, or we can blow this chance just as we have squandered several earlier opportunities due to incompetence and political upheaval.

Thankfully, there appears to be a realisation at the top that we have to change our internal dynamics to attract foreign investment, and make Pakistan an attractive destination for overseas capital. Mr Sharif hinted at the need to cleanse our stables when, at the WEF event in Riyadh, he admitted that Pakistan’s revenue sector is “in tatters”.

Revenue is not the only area that needs improvement. Ending corruption and red tape, and ensuring a regulatory and administrative climate that prioritises ease of doing business are also important. It is hoped that the Saudi offers materialise soon, while other foreign investors, in the Gulf and beyond, are also invited to explore the opportunities in Pakistan.

However, it must be stressed that to pull in maximum foreign investment, a climate of domestic political stability is crucial.

Published in Dawn, May 2nd, 2024