Saudi Investment Minister Al-Falih Affirms Limitless Economic Ties with Pakistan

In a significant development for international relations, Saudi Minister for Investment Khalid bin Abdulaziz Al-Falih has declared that the economic ties between Saudi Arabia and Pakistan "have no limits." This statement was made during his address at the Pakistan-Saudi Business Forum held in Islamabad, where he is currently on a three-day visit. The minister emphasized the importance of strengthening Pakistan's economy, noting that the country has made impressive strides in stabilizing its financial situation.

Al-Falih's remarks were supported by the World Bank, which highlighted Pakistan's rapid recovery and projected a growth rate of 2.8% for the current fiscal year. This positive outlook comes as a high-level Saudi delegation, consisting of 135 members and led by Al-Falih, arrived in Islamabad to sign agreements worth $2 billion. The minister underscored the deep-rooted history shared between the two nations, stating, "We are family, not friends [...] Pakistan, Saudi Arabia [relations] do not need any [formal] agreement [to prove themselves]." This sentiment reflects the longstanding bond that has existed between the two countries.

During his speech, Al-Falih pointed out that approximately 2.5 million Pakistanis are currently employed in Saudi Arabia, further solidifying the connection between the two nations. He also recounted his discussions with President Asif Ali Zardari and Chief of Army Staff (COAS) General Asim Munir. The former emphasized the need for developing and expanding the Pak-Saudi friendship, while the latter assured the establishment of a single window in Saudi Arabia to facilitate investments in Pakistan.

Highlighting the role of the Special Investment Facilitation Council (SIFC), Al-Falih mentioned that the army chief has advocated for transforming bureaucratic hurdles into a "red carpet" for Saudi investments. This approach aims to streamline processes and encourage more investment from the Kingdom. The investment minister revealed that 27 memorandums of understanding (MoUs) are set to be signed between Riyadh and Islamabad, showcasing the Kingdom's commitment to enhancing its cooperation and investment in Pakistan.

Furthermore, Al-Falih acknowledged the Ministry of Commerce's dedication to improving trade relations, noting that bilateral trade has surged by approximately 80%, increasing from $3 billion in 2019 to $5.4 billion. He expressed excitement about the recent announcement from the Saudi Crown Prince regarding a $5 billion investment in Pakistan, which was revealed during Prime Minister Shehbaz Sharif's visit shortly after he took office. "I'm delighted to have the Public Investment Fund (PIF) represented among us," he stated, highlighting the importance of collaboration between the two nations.

The strengthening of economic ties between Saudi Arabia and Pakistan presents a promising opportunity for both countries. With a shared vision and commitment to mutual growth, the potential for increased investment and trade could lead to significant benefits for the economies of both nations. As these discussions progress, it is clear that the relationship between Pakistan and Saudi Arabia is poised for a bright future, fostering not only economic prosperity but also deeper cultural and social connections.