A high-level Saudi business delegation, led by Deputy Investment Minister Ibrahim Almubarak, has arrived in Pakistan to explore investment opportunities across various sectors. The delegation, comprising representatives from over 30 Saudi companies, aims to deepen economic ties between Saudi Arabia and Pakistan, recognizing Pakistan’s economic potential in demography, location, and natural resources.
In a significant development highlighting the deepening economic ties between Saudi Arabia and Pakistan, a high-level Saudi business delegation, led by Deputy Investment Minister Ibrahim Almubarak, has landed in Pakistan to explore a myriad of investment opportunities.
This visit, occurring on May 7, 2024, marks a pivotal moment in the economic relationship between the two nations, setting the stage for potential collaborations and partnerships that could reshape the investment landscape in the region.The arrival of the 50-member Saudi delegation, representing over 30 prominent Saudi companies, underscores the Kingdom’s keen interest in the Pakistani market.
Over the next two days, the delegation is scheduled to engage with Pakistani government officials and industry leaders to delve into potential investment avenues across various sectors, signaling a new chapter in bilateral economic cooperation .The discussions during this visit are expected to encompass a wide range of opportunities, with a particular focus on sectors such as energy, agriculture, and infrastructure.
Notably, both countries have already initiated talks regarding a prospective refinery project aimed at bolstering export capabilities and enhancing foreign revenue streams. Additionally, the delegation is keen on exploring partnerships in agriculture and food security, recognizing the potential for mutual growth and development .
Deputy Investment Minister Almubarak, speaking at the Pakistan-Saudi Arabia Investment Conference, expressed optimism about Pakistan’s economic prospects, citing its demographic dividend, strategic location, and abundant natural resources as key factors driving investor interest. Emphasizing the longstanding ties between the two nations based on shared faith, culture, and values, Almubarak highlighted Pakistan’s significance as a strategic partner for Saudi Arabia .
The conference serves as a platform for fostering deeper insights into the investment landscape in Pakistan, with the Saudi delegation aiming to forge enduring partnerships and capitalize on the country’s growth potential. Almubarak reiterated the Kingdom’s commitment to strengthening ties with Pakistan, leveraging the contributions of the sizable Pakistani diaspora in Saudi Arabia to enhance bilateral cooperation .
Prime Minister Shehbaz Sharif, in response to the Saudi delegation’s visit, reaffirmed Pakistan’s commitment to providing a conducive business environment through the Special Investment Facilitation Council (SIFC). Encouraging Saudi investors to explore opportunities in key sectors like tourism, agriculture, and technology, Sharif underscored the government’s dedication to facilitating and promoting foreign investment in the country .
As Saudi Arabia and Pakistan embark on this journey of economic collaboration, the visit of the high-level Saudi delegation signifies a significant step towards fostering greater economic prosperity and mutual benefit. With the potential for enhanced trade relations, technology transfer, and job creation, this partnership holds promise for driving sustainable growth and development in both nations .
