Islamabad, April 17, 2024 — Saudi Arabia pledges to strengthen economic ties with Pakistan, with a particular focus on enhancing investments, as affirmed by Saudi Foreign Minister Faisal bin Farhan Al Saud during a joint press conference held alongside Pakistani Foreign Minister Ishaq Dar.
Minister Faisal emphasized Saudi Arabia’s dedication to fostering bilateral relations and commended Pakistan’s Special Investment Facilitation Council (SIFC) for its initiatives to attract investments. He expressed admiration for the substantial delegation from Saudi Arabia, underscoring the unprecedented nature of their visit.
Addressing queries on the Gaza crisis, Minister Faisal condemned the ongoing situation, labeling it as a blatant violation of international laws. He expressed dismay at the loss of lives and the restricted aid delivery in Gaza, highlighting the urgent need for international action.
In response, Minister Dar welcomed the Saudi delegation, describing their visit as a significant milestone in his political career. Both leaders discussed elevating cooperation between the two nations to a strategic partnership, particularly focusing on bolstering investment in Pakistan.
Minister Dar highlighted the effectiveness of SIFC in expediting foreign investment processes and expressed optimism about Pakistan’s potential as a prime investment destination. He assured full support for Saudi investment endeavors, aligning with Prime Minister Shehbaz Sharif’s directives.
The meeting follows the recent visit of Prime Minister Shehbaz Sharif to Saudi Arabia, where important understandings were reached at the leadership level. Both ministers discussed extensive commercial, trade, and investment cooperation, emphasizing mutual benefits.
Saudi Foreign Minister Faisal, leading a high-level delegation, arrived in Pakistan as part of efforts to attract investment from Riyadh. The delegation, comprising key ministers and officials, arrived following directives from Crown Prince Mohammed bin Salman to explore investment opportunities in Pakistan.
Pakistan aims to attract significant investments to meet external liabilities and stimulate economic growth. With initiatives like SIFC, Pakistan seeks to attract $70 billion in investment from Gulf countries over the next three to five years.
The visit underscores the deep-rooted fraternal relations between Saudi Arabia and Pakistan and the mutual commitment to enhancing economic cooperation. Discussions also addressed recent regional developments and the humanitarian crisis in Gaza, calling for immediate action to cease hostilities.
As Pakistan continues its efforts to boost investments and economic growth, collaboration with strategic partners like Saudi Arabia remains pivotal in realizing its developmental goals.