• MBS likely to visit Islamabad soon
• Visiting minister says Saudi companies ready to invest in Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday assured Saudi investors that they would get the best facilities possible and also ease of doing business under the umbrella of the Special Investment and Facilitation Council (SIFC).

“You will be given complete support for joint investment, of which there are bright prospects. Time is not far off when we (Pakistan and Saudi Arabia) will ink agreements worth billions of dollars,” Mr Sharif said while addressing a reception he hosted for a visiting Saudi delegation, headed by Assistant Minister for Investment Ibrahim Al Mubarak, at the Prime Minister’s House.

Army Chief Gen Asim Munir, federal ministers and the Saudi ambassador to Pakistan were present at the event.

PM Shehbaz thanked the army chief for his “wonderful” support in arranging the visit and making it successful.

“The SIFC is a model acceptable to the Saudi delegation and they are satisfied over existing opportunities,” he added.

Meanwhile, sources said Crown Prince Mohammed bin Salman is likely to visit Islamabad soon on the prime minister’s invitation.

The prime minister stressed that “we should start the spadework for executing joint projects as the Saudi leadership and major investors are really keen to help Pakistan”.

He reiterated that it was not the government’s job to do business, but it had to offer policy framework, act like a catalyst and remove all hurdles holding back the country from achieving economic targets.

Mr Sharif said the government was committed to removing red tape in order to attract foreign investment.

Terming his recent meeting with Saudi Crown Prince Mohammed bin Salman “a wonderful interaction”, the premier said he was deeply impressed with his forward-looking vision which had transformed Saudi Arabia in every field — from agriculture, education and communications to youth empowerment.

“Saudi Arabia has always stood by Pakistan through thick and thin. We can’t thank them enough for their generosity for the last seven decades,” he added.

Shehbaz Sharif said 30 years ago, Pakistan was able to offer its Saudi brothers training in different walks of life, but today they had the capability to train Pakistanis.

Strategic partner’

Speaking on the occasion, the Saudi Assistant Minister for Investment, Ibrahim Al Mubarak said Crown Prince Mohammed bin Salman saw Pakistan as a strategic partner and it was his initiative that has brought a delegation to Pakistan just one week after Prime Minister Shehbaz Sharif’s visit to Saudi Arabia.

Mr Mubarak lauded the response of Pakistan’s private sector to proposals for investment, adding that the strong relationship between the two countries would enable them to “achieve ambitious targets” for investment.

Earlier, addressing the Pakistan- Saudi Investment Forum, the Saudi minister said Riyadh and Islamabad had always supported each other in fulfilling a “common economic vision”.

He said Pakistanis working in Saudi Arabia were playing a major role in the country’s progress.

Over two million Pakistanis are working in Saudi Arabia, Ibrahim Al Mubarak said.

“Pakistanis are a key plank in attaining the Saudi Vision 2030 which envisages a transformed Saudi Arabia,” Mr Mubarak said.

He said Saudi companies were always ready to invest in Pakistan and contribute to its economic development. “Pakistan has tremendous resources and potential. Saudi investors will help lift this country to great heights.”

Finance Minister Muhammad Aurangzeb said foreign investment was necessary for macro-economic stability and the visit of Saudi investors was “a link in this chain”.

“Short, medium and long-term strategies are being worked out for macro-economic stability, which will further stimulate the economy,” he added.

He said the government was working on structural reforms, especially in the energy sector so that it could serve as engine for the nation’s economic growth.

The minister said at present all economic indicators were positive. “Agriculture is growing by five per cent and major commodities like wheat and rice have had bumper crops this year. The current account surplus is also satisfactory.”

In addition, Mr Aurangzeb observed, the Federal Board of Revenue had raised the record federal revenue this year.

Published in Dawn, May 7th, 2024