Pakistan Prime Minister Shehbaz Sharif has called on Saudi businesses to invest in Pakistan's mining, agriculture, and energy sectors, emphasizing the country's improved security situation and economic reforms. Speaking at the Saudi-Pakistan Investment Forum in Riyadh on Tuesday, Sharif assured potential investors of full government support and facilitation.
Investment Opportunities Highlighted
Sharif outlined Pakistan's vast potential in mining, including copper, gold, and coal reserves, as well as in agriculture and energy. He noted that the government has introduced investor-friendly policies, such as tax incentives and streamlined procedures, to attract foreign direct investment. The prime minister also highlighted the strategic location of Pakistan as a gateway to Central Asia and the Middle East.
Security and Economic Reforms
Addressing concerns about security, Sharif stated that law and order has significantly improved, with a 70% reduction in terrorist incidents over the past four years. He also mentioned that Pakistan's economy is on a recovery path, with inflation falling from 38% to 11% and foreign reserves stabilizing. The government has implemented structural reforms in energy, taxation, and governance to create a business-friendly environment.
Bilateral Trade and Investment
Pakistan and Saudi Arabia have historically enjoyed strong ties, with Saudi Arabia being a major supplier of oil and a host to over 2.5 million Pakistani workers. The forum aimed to boost bilateral trade, which currently stands at around $4 billion. Saudi companies have already invested in Pakistan's petroleum, banking, and telecommunications sectors.
Saudi Delegation Response
Leading the Saudi delegation, Minister of Investment Khalid Al-Falih expressed interest in exploring opportunities in Pakistan. He noted that Saudi Vision 2030 aligns with Pakistan's development goals, particularly in renewable energy and food security. Several Memorandums of Understanding (MoUs) were signed during the forum between Pakistani and Saudi companies.
Future Collaboration
Sharif invited Saudi businesses to participate in Pakistan's upcoming projects under the China-Pakistan Economic Corridor (CPEC) phase two, focusing on industrial cooperation and agriculture modernization. He also proposed a joint task force to monitor and expedite investment projects. The prime minister reiterated Pakistan's commitment to providing a secure and profitable environment for Saudi investors.
