Pakistan most suitable for Saudi investment: Ibrahim Al-Mubarak
Business
Says the kingdom wants an economically strong Pakistan
- Aurangzeb says it's time for private sector to lead, as ministers and bureaucracy would have to lay back
ISLAMABAD (Web Desk/Dunya News) – Saudi Arabia’s Deputy Investment Minister Ibrahim Al Mubarak on Monday said his country wanted to see Pakistan economically strong and considered it most suitable for investment.
Addressing the inaugural ceremony of a two-day Pakistan-Saudi Arabia Investment Forum 2024 in Islamabad, he said Saudi businessmen were interested in investing in different sectors and mentioned that a large number of Pakistanis were playing an important role in the kingdom’s development.
PRIVATE SECTOR ON DRIVING SEAT
In his remarks, Finance Minister Muhammad Aurangzeb said it’s time for private sector to move forward and take charge of the affairs by sitting on the “driving seat” to revive the economy.
“The ministers and bureaucracy would have to lay back,” said the finance minister and noted that the government’s job was provide a framework.
Read more: Pakistan means business, aid no more a focus: Musadik Malik
Aurangzeb said the finance ministry was always there to assist the businessmen and traders, as he economic reforms as the government agenda.
He said effective policies were producing economic stability and cited the improved rupee exchange rate as an example.
The minister also noted that the government was working on attracting foreign investment, but added that uninterrupted policies were essential for economic stability, as he also called for government-private cooperation for a strong economy.
SAUDI INVESTMENT
Earlier on Sunday, a high-level delegation comprising 50 Saudi investors and businessmen as well as government officials arrived in Pakistan to attend a gathering organised to enhance investment from the oil-rich Gulf State.
Read more: Saudi businessmen land in Islamabad as Pakistan eyes foreign investment
The development comes just days after Prime Minister Shehbaz Sharif visited Saudi Arabia for attending a Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh where he also held discussions with Crown Prince Mohammed bin Salman on a range issues.
PRODUCTIVE TALKS
Commerce Minister Jam Kamal told the gathering that every effort would be made to productive talks between Pakistan and Saudi Arabia while facilitating the foreign investors.
The remarks came representatives from 30 Saudi companies are in Pakistan for finding ways and means to investment in a variety of fields, including minerals, human resources, aviation and agriculture.
With an economy crippled by inflation and high interest rates, Islamabad has been banking on Saudi investment to trigger economic activity in the country, which will not only boost investors’ confidence domestically but also help convincing businessmen from other countries to make Pakistan their priority.
NO SHORTAGE OF SKILLED WORKERS
Petroleum Minister Musadik Malik, in his address, highlighted the rapid development being witnessed in Saudi Arabia in recent years and stressed the needed for further strengthening the existing ties between the two nations.
He said Pakistan had massive mineral resources and added that Gwadar would soon attain the status of transit point for the entire world. There was no shortage of skilled workers in Pakistan, Malik told the gathering.
It’s a developing story. Details to follow
