Islamabad, Riyadh finalise mechanism to execute investment

Saudi investors show keen interest in Pakistan’s key sectors n Pakistan, Saudi Arabia to work together for economic prosperity, regional security: Saudi FM n Pakistan assures maximum support to KSA in fast-tracking multibillion dollars investments n Prince Faisal bin Farhan Al Saud says his visit to Pakistan will deliver significant benefit in upcoming months n Situation in Gaza is unacceptable: Saudi FM.

ISLAMABAD  -   Pakistan and Saudi Arabia on Tuesday finalised a bilateral implementation mechanism to closely coordinate and execute investment related matters at the functional level to turn the sovereign commitments into tangible economic outcomes.

The matters related to the investment opportunities in Pakistan’s multiple sectors were discussed at Pakistan-Saudi Arabia Investment Conference held here and attended by the visiting high-level Saudi delegation led by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, according to a Foreign Office press release. Foreign Minister Mohammad Ishaq Dar warmly welcomed the Saudi delegation at the SIFC emphasizing the deep-rooted ties and mutual strategic interests between Pakistan and Saudi Arabia.

He highlighted the significance of enhanced bilateral strategic and economic partnership and the crucial role of Saudi investments in nurturing this relationship. He explained how Pakistan through the SIFC platform aimed to streamline investment processes and ensure rapid decisionmaking, fostering a flourishing investment-friendly environment in Pakistan. The foreign minister showcased Pakistan’s abundant opportunities in agriculture, IT, and mining sectors, inviting Saudi investors to engage in mutually beneficial partnerships. He expressed confidence in the strengthened bonds between the two countries, envisioning significant economic growth and lasting benefits. Dar concluded with a call for constructive engagement and collaboration towards mutual prosperity and development. The SIFC officials gave comprehensive briefings encompassing the potential and investment opportunities in key sectors of Pakistan’s economy.

Both sides held exhaustive deliberative sessions at functional level to crystallize investment opportunities in Pakistan.

The Saudi side expressed great significance and interest in the improving investment ecosystem in Pakistan, appreciated SIFC’s role in amicable resolution of Saudi Arabia’s legacy investment/ business related issues, and showed keen interest to invest in key sectors of Pakistan.

The Pakistani side assured the Saudi side of maximum support and facilitation in fast-tracking the Kingdom’s prospective multibillion dollars investments in Pakistan. Also, Saudi Foreign Minister Prince Faisal Bin Farhan Al Saud has said there is a significant opportunity to increase the level of investments in Pakistan.

Addressing a joint news conference along with Foreign Minister Ishaq Dar in Islamabad on Tuesday evening, he said the Kingdom of Saudi Arabia strongly believes in the potential of Pakistan especially in the economic sphere.

Describing his visit to Pakistan as very positive and productive, the Saudi Foreign Minister said the engagements of his delegation with the Pakistani side have laid the framework for significant and important work to be done in the next few months to achieve the potential that exists. He said his visit to Pakistan would deliver significant benefit in the upcoming months.

He said they are extremely impressed and encouraged by the proactive approach during meetings with Pakistani side especially the Special Investment Facilitation Council (SIFC).

He said this new intergovernmental and business-focused approach has given us a lot of confidence. Faisal Bin Farhan Al Saud said both the countries will continue to work together for economic prosperity as well as security of the region and the world.

He said we have stressed on the commitment to further exploring avenues to deepen and strengthen this relationship. The Saudi Foreign Minister was appreciative of the contributions made by Pakistani expatriates in the development of Saudi Arabia.

In his remarks, Foreign Minister Ishaq Dar said Pakistan greatly appreciates the keen interest of Saudi Arabia in enhancing investments in Pakistan.

He said this visit provided the Saudi delegation with the firsthand experience of SIFC which serves as a one window platform for the fast track decision making and promoting and facilitating foreign direct investment. He said Pakistan is committed to strengthen investment processes, upgrading regulations and enhancing infrastructure to foster a flourishing economic environment and establishing Pakistan as a hub for investment inflows from Saudi Arabia and other friendly countries.

The foreign minister reaffirmed the determination to providing Saudi investors full support, relevant safeguards and conducive environment for investment.

He said Prime Minister Shehbaz Sharif has directed the SIFC and other relevant ministries to move forward on investment projects in a diligent and time bound manner. Ishaq Dar said we are aiming to converting this relationship into a viable, strategic and economic partnership. Responding to a question about the situation in Gaza, the Saudi Foreign Minister said the situation there is unacceptable.

Calling for immediate ceasefire, he said there is no justification for the restriction of humanitarian aid entering Gaza. 

The high-level Saudi delegation led by His Highness Prince Faisal bin Farhan A.F. Al Furhan Al Saud, Special Investment Facilitation Council (SIFC) attended the ‘Saudi Arabia-Pakistan Investment Conference’ held in Islamabad on Tuesday.

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