Islamabad: Saudi Minister for Investment Khalid bin Abdulaziz Al-Falih said on Thursday that the ties between his country and Pakistan \u201chave no limits\u201d and the same applies to their economic cooperation.
\n\u201cWe must strengthen Pakistan\u2019s economy. Pakistan has quickly stabilised its economy,\u201d the minister stated during his address at the Pakistan-Saudi Business Forum in Islamabad, where he is on a three-day visit. The minister\u2019s comments were echoed by the World Bank, which has said that Pakistan saw a quick recovery while noting that its economy would grow by 2.8% in the current fiscal year.
\nA 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.
\nSpeaking at the event, the Saudi dignitary underscored the rich history shared between the two countries and said: \u201cWe are family, not friends [\u2026] Pakistan, Saudi Arabia [relations] do not need any [formal] agreement [to prove themselves]\u201d.
\n\u201cOur economy and social values \u200b\u200bare linked together [\u2026.] As many as 2.5 million Pakistanis are working in Saudi Arabia, he added.
\nReferring 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.
\nNoting 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 \u201cred carpet\u201d for the Kingdom.
\nProviding details of his visit, the investment minister said that as many as 27 memorandum of understanding (MoUs) will be signed between Riyadh and Islamabad.
\nHighlighting that the Kingdom has increased its cooperation and investment in Pakistan, he said while reaffirming his country\u2019s resolve to support Islamabad.
\nFurthermore, Al-Falih acknowledged the Ministry of Commerce\u2019s 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.
\nHe also expressed enthusiasm about the announcement from the Saudi Crown Prince regarding a $5 billion investment in Pakistan, revealed during Prime Minister Shehbaz Sharif\u2019s recent visit shortly after he took office.
\n\u201cI\u2019m delighted to have the Public Investment Fund (PIF) represented among us,\u201d he remarked.
\n\u201cWith 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,\u201d added the dignitary.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad: Saudi Minister for Investment Khalid bin Abdulaziz Al-Falih said on Thursday that the ties between his country and Pakistan \u201chave no limits\u201d and the same applies to their economic cooperation. \u201cWe must strengthen Pakistan\u2019s economy. Pakistan has quickly stabilised its economy,\u201d the minister stated during his address at the Pakistan-Saudi Business Forum in Islamabad, …<\/p>\n","protected":false},"author":4,"featured_media":71463,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-71432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/71432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=71432"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/71432\/revisions"}],"predecessor-version":[{"id":71469,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/71432\/revisions\/71469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/71463"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=71432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=71432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=71432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}