Islamabad, Apr 16 (PTI) Pakistan and Saudi Arabia on Tuesday agreed to expedite their bilateral investment negotiations with the foreign minister of the Gulf kingdom pledging support for the cash-strapped country's efforts to attract foreign investors to rebuild its fractured economy.
Faisal bin Farhan bin Abdullah arrived in Pakistan with a high-level Saudi delegation on Monday and addressed a joint press conference along with Pakistan counterpart Ishaq Dar after high-level talks focused on Saudi investment in the country.
To a question, he refused to give the exact volume of the investment or sectors being considered for business but was all praise for the government’s Special Investment Facilitation Council (SIFC), a joint civil-military body created last year to attract investment in the country.
“I would not go into details but am very much impressed by this new approach by the government. It has given us significant confidence and help to decide about investment,” he said, referring to the briefings at the SIFC. “We are very much enthusiastic. Pakistan's new approach gave us a lot of confidence.”
The Saudi foreign minister's visit was a follow-up on the understanding reached between Prime Minister Shehbaz Sharif and Crown Prince Mohammad bin Salman during their recent meeting in Makkah to enhance bilateral economic cooperation.
The two sides had agreed in the meeting to expedite work on investment of an initial USD 5 billion by the Kingdom in Pakistan. Overall, Saudi Arabia has committed to investing USD 25 billion in Pakistan over the next five years, focusing on energy, IT, minerals, defence, and agriculture sectors
The Saudi foreign minister said he had a “productive series” of meetings with Pakistani officials during which he had stressed the “importance and strategic depth” of bilateral relations between the two countries, as well as the Saudi commitment to deepening that relationship.
“We are extremely impressed by the very proactive attitude that we saw in our meetings, especially with the [Special] Investment [Facilitation] Council and a very strong business-focused approach on addressing challenges and opportunities and highlighting the work we can do together,” he said.
“I feel very confident that the results of this visit and the results of the work being done between the two respective teams with this attitude, with this approach of focus on results [and] overcoming hurdles will deliver significant benefits for both of our countries [and] will significantly accelerate the process of achieving those investments that we’re looking at together. I can say that there is a significant opportunity to increase the level of investment that is already on the table,” he said.
Foreign Minister Dar said Pakistan and Saudi Arabia agreed to expedite investment as part of broader strategic and economic cooperation. “Using the SIFC platform, Pakistan is committed to improving the investment environment to flourish investment and increase investment inflows into the country,” he said.
Dar said the Saudi delegation was briefed about the investment opportunities, asserting that Pakistan was committed to providing all support. “We look forward to government-to-government and business-to-business interactions,” he said.
Dar also said that Pakistan had mines and minerals of over 10 trillion dollars worth and the country’s debt was just a peanut as compared to its potential.
The two sides also demanded an immediate ceasefire in Gaza and the lifting of all burbs on the delivery of aid to the besieged people of Gaza. They also lambasted the international community to stop the massacre of the people in Gaza where more than 33,000 have been killed so far.
To a question about the deteriorating regional security situation due to tension between Iran and Israel, he said that de-escalation should be a priority.
Earlier, the Saudi Foreign Minister met Prime Minister Shehbaz Sharif who urged closer cooperation to expedite the first phase of Saudi investments in Pakistan under the new arrangement, according to an official handout by the Prime Minister’s Office (PMO).
“The prime minister underscored the significance accorded by Pakistan to its longstanding fraternal, economic and strategic relations with Saudi Arabia. He said both countries had always stood together at all times,” the statement said.
Shehbaz also informed the Saudi delegation about the SIFC and its initiatives to promote investment in Pakistan. “He also highlighted the key role of Chief of Army Staff (COAS) General Syed Asim Munir and the cooperation of all institutions for the promotion of investment in the country through SIFC,” the statement said.
The Saudi foreign minister said Riyadh attached high importance to its strong and close ties with Pakistan.
“The foreign minister also conveyed the kingdom’s commitment to an enhanced strategic and economic partnership with Pakistan,” it said.
Separately, the Saudi delegation also met with President Asif Ali Zardari, where the two sides resolved to “build a strong partnership and further promote economic cooperation for the mutual benefit of the two brotherly countries,” the President's Office said in a statement posted on X.
Zardari acknowledged that the two countries enjoyed a long-standing relationship, with Pakistan looking to transform existing ties into a long-term strategic and economic partnership.
During the meeting, the two sides discussed regional dynamics and recent developments in the Middle East and called for an immediate and unconditional ceasefire and end to the atrocities in Gaza.