Saudi-Malaysia economic ties strengthen with launch of business council

Saudi PM says in Islamabad that Pakistan is our country’s ‘top priority’ economic opportunity

ISLAMABAD: Pakistan is a “top economic investment and business opportunity” for Saudi Arabia, Saudi Assistant Secretary for Investment Ibrahim Al Mubarak said on Monday as a two-day Pakistan-Saudi investment conference opened in Islamabad. He said the focus is on content. About initiatives between companies.

A 50-member delegation led by Al Mubarak arrived in Pakistan on Sunday. The delegation is made up of around 30 Saudi companies in the fields of IT, communications, energy, aviation, construction, mining exploration, agriculture and human resources development.

“Pakistan is seen as a top economic investment and business opportunity for the Saudi government and Saudi companies,” Al Mubarak said while speaking at the investment summit.

“We believe in the huge potential of Pakistan’s economy, demographics, human resources, location and natural resources.”

Al Mubarak said this was his second visit to Pakistan in two weeks and that many influential leaders of world-renowned Saudi companies were part of his delegation.

“Today we want to connect with you.” [Pakistan] “Saudi Arabia’s ambitions do not stop at its borders and we want to see Pakistan as one of our key international partners,” the Saudi official added.

“So this gathering is a great opportunity for them.” [Saudi companies] Gain a better understanding of the exciting opportunities available for investing in Pakistan and learn about the associated regulations, requirements, and incentives. ”

At a press conference in Islamabad, Petroleum Minister Musaddiq Malik said 125 Pakistani companies were negotiating with visiting Saudi companies.

“First, there was an agreement between the governments during the visit of the Saudi foreign minister. [last month] And now there will be contracts between companies,” he said.

“To facilitate visits by Saudi companies, Pakistan’s Ministry of Commerce has sent one representative to each Saudi company.”

Commerce Minister Jam Kamal Khan said that Pakistani and Saudi companies are discussing joint ventures and cooperation in various fields.

“This delegation includes senior officials from more than 32 Saudi companies…Saudi businessmen will invest in Pakistan at various stages,” Khan said at a press conference.

“Pakistani companies are present here in the energy sector, food sector, construction sector, renewable energy sector, ports and shipping sector, IT services and general services.”

He said the visit by the Saudi delegation was “just the beginning” and that a Pakistani delegation would visit the kingdom in the future “to move towards the implementation phase”.

Promotion of investment

Pakistan and Saudi Arabia have worked closely together in recent weeks to expand bilateral trade and investment agreements, with Crown Prince Mohammed bin Salman last month announcing the Saudi commitment to facilitate a $5 billion investment plan. I reconfirmed.

The Saudi business delegation’s visit follows Prime Minister Sharif’s visit to Riyadh from April 27 to 30 to attend a two-day special meeting of the World Economic Forum.

On the sidelines of the WEF meeting, the Pakistani Prime Minister met with the Crown Prince and the Saudi Ministers of Finance, Industry, Investment, Energy, Climate, Economy and Planning, and Saudi-Pakistani advisors to discuss bilateral investments and economic partnership. Supreme Coordination Council and the Governors of the Saudi Central Bank and the Islamic Development Bank.

This was the second meeting between Sharif and the crown prince in the past month. Before that, we met during a trip to Saudi Arabia from April 6th to 8th. The Saudi foreign minister also visited Pakistan last month, during which Pakistan pitched at least $20 billion worth of projects to Riyadh.

Pakistan and Saudi Arabia have strong trade, defense and cultural ties. Saudi Arabia is home to more than 2.7 million Pakistani expatriates and is the biggest source of remittances to the cash-strapped South Asian country.

Bilateral trade between Pakistan and Saudi Arabia in the first half of this fiscal year was recorded at $2.48 billion with Pakistan’s exports being $262.58 million and Saudi exports $2.22 billion.

Saudi Arabia has been a frequent donor to Pakistan, regularly providing oil in arrears and direct financial assistance to help stabilize the economy and build up foreign exchange reserves.

As it stands, Pakistan is in dire need of increasing its foreign exchange reserves and is negotiating with the International Monetary Fund for a new bailout agreement. To do so, it needs to signal that it can continue to meet its key demand for foreign financing. In previous loan packages.

Last year, Pakistan established the Special Investment Facilitation Council, a body comprised of Pakistan’s civilian and military leaders with a specific mandate to promote investment in Pakistan. The council has so far focused on investments in energy, agriculture, mining, information technology and aviation, with a particular focus on Gulf countries.

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