JEDDAH: Pakistan’s Prime Minister Shehbaz Sharif, while expressing his country’s desire for enhanced economic ties with Saudi Arabia, reaffirmed Islamabad’s commitment to facilitating Saudi investors.
The Prime Minister made the remarks during a high-level discussion with Saudi Investment Minister Khalid Al-Falih and Mohammad Al-Tuwaijri, Head of the Joint Task Force for Economic Engagement in Jeddah.
The discussions focused on strengthening economic cooperation, attracting Saudi investments, and expediting joint initiatives in key sectors, a statement by the Prime Minister’s Office (PMO) said on Thursday.
The Prime Minister emphasised Pakistan’s vast potential in energy, infrastructure, agriculture and technology, inviting Saudi businesses to explore opportunities under the Special Investment Facilitation Council (SIFC).
The meeting underscored the commitment of both nations to fostering a long-term, mutually beneficial economic relationship.
Saudi Minister Khalid Al-Falih expressed Saudi Arabia’s strong interest in deepening economic ties with Pakistan.
Earlier, PM Shehbaz met with Saudi Crown Prince Mohammed bin Salman bin Abdulaziz where the two sides discussed bilateral ties, ways to boost cooperation in various fields, and the latest regional and international developments.
Radio Pakistan reported that Pakistan and Saudi Arabia have reaffirmed their commitment to strengthening defence and security cooperation, recognising the importance of collaborative efforts in addressing regional security challenges.
Saudi Crown Prince acknowledged the significant contributions of the Pakistani community in Saudi Arabia and agreed to enhance measures to facilitate their welfare.
The PM arrived in Saudi Arabia on Wednesday on a four-day official visit. He is accompanied by Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, along with key ministers and senior officials.
Pakistan and Saudi Arabia, the two close regional partners and economic allies signed 34 agreements worth $2.8 billion in October last year.
Saudi Arabia is home to over 2 million Pakistani expatriates, serving as the top destination for remittances for the South Asian country.
The increasing trade volume and diversification of investment sectors reflect the strengthening economic ties between Pakistan and Saudi Arabia, with both countries striving to broaden their commercial collaboration across various industries.
Last month, Pakistan’s commerce minister, Jam Kamal Khan, inaugurated the country’s first-ever solo “Made in Pakistan” exhibition in Jeddah.
Saudi Arabia has also offered a 15 percent investment in the Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan province.
The Reko Diq project is regarded as one of the world’s largest undeveloped copper and gold deposits, presenting significant economic opportunities for Pakistan.
Currently, 50 precent of the Reko Diq project is jointly owned by Pakistan’s federal and Balochistan governments, with the remaining shares held by international firms.
It is pertinent to mention that Pakistan will host a minerals summit in April this year as the country seeks investments in its vast natural reserves estimated to be worth $6 trillion.
