No limits to Pak-Saudi economic cooperation: Investment Minister Al-Falih

Saudi Investment Minister Khalid bin Abdulaziz Al-Falih has stated that the relationship between Saudi Arabia and Pakistan "has no limits," emphasising that this also extends to their economic cooperation.

"We must strengthen Pakistan's economy. Pakistan has quickly stabilised its economy," the minister stated during his address at the Pakistan-Saudi Business Forum in Islamabad, where he is on a three-day visit.

The minister's comments were echoed by the World Bank that mentioned witnessing Pakistan's quick recovery, while noting that its economy would grow by 2.8% in the current fiscal year.

A high-level 135-member Saudi delegation, led by the investment minister, landed in Islamabad a day earlier and is expected to sign agreements worth $2 billion with Pakistan.

Speaking at the event, the Saudi dignitary underscored the rich history shared between the two countries and said: "We are family, not friends [...] Pakistan, Saudi Arabia [relations] do not need any [formal] agreement [to prove themselves]".

"Our economy and social values ​​are linked together [....] As many as 2.5 million Pakistanis are working in Saudi Arabia, he added.

Referring to his interaction with President Asif Ali Zardari and Chief of Army Staff (COAS) General Asim Munir, Al-Falih recalled that the former has emphasised the development and expansion of Pak-Saudi friendship, whereas the latter assured of the establishment of a single window in the Kingdom for Saudi investments in the country.

Noting the significance of facilitation by the Special Investment Facilitation Council (SIFC) for his country, the Saudi minister said that the army chief has insisted on turning the red-tape bureaucracy into a "red carpet" for the Kingdom.

Providing details of his visit, the investment minister said that as many as 27 memorandum of understanding (MoUs) will be signed between Riyadh and Islamabad.

Highlighting that the Kingdom has increased its cooperation and investment in Pakistan, he said while reaffirming his country's resolve to support Islamabad.

Furthermore, Al-Falih acknowledged the Ministry of Commerce’s commitment to enhancing trade relations between the two countries, noting that bilateral trade has already surged by approximately 80%, rising from $3 billion in 2019 to $5.4 billion.

He also expressed enthusiasm about the announcement from the Saudi Crown Prince regarding a $5 billion investment in Pakistan, revealed during Prime Minister Shehbaz Sharif's recent visit shortly after he took office.

"I'm delighted to have the Public Investment Fund (PIF) represented among us," he remarked.

"With the vision, determination, and dynamic private sectors of our leaders and peoples, along with investors from both sides, it is an honour to be part of this Saudi delegation and to engage with our Pakistani partners," added the dignitary.