ISLAMABAD, Pakistan: A two-day Pakistan-Saudi Arabia Investment Conference kicked off in Islamabad on Monday aimed at promoting bilateral trade and investment.
A 50-member high-level business delegation from Saudi Arabia is attending the Conference to explore investment opportunities in different sectors as well as to forge strong bonds with local entrepreneurs.
Some 30 Saudi Companies, representing different economic sectors, including information technology, telecom, energy, aviation, construction, mining exploration, agriculture and human resource development are part of the delegation.
A high-level Saudi delegation has arrived in Pakistan with an aim to explore diverse avenues for trade and investment between the two nations through mutually beneficial economic initiatives.
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— SIFC | Special Investment Facilitation Council (@sifcpakistan) May 5, 2024
While addressing the moot, the Finance Minister Muhammad Aurangzeb expressed the government’s commitment to fully facilitate the private sector to take the country towards export led growth.
The finance minister said that the government is focusing on bringing foreign direct investment to uplift various sectors.
While giving on an overview of the Country’s economic situation, the finance minister said that it is on a positive trajectory, adding that the agriculture GDP is growing at 5 percent on the back of bumper crops including that of sugarcane, rice, and wheat.
The minister was confident that the Country’s current account deficit will be less than a billion dollar during this fiscal year.
Muhammad Aurangzeb said that our foreign exchange reserves have risen to US$ 9 billion. He said that the local currency is stable over the last 10 months while the inflation is down to roughly 17 percent. He said that foreign buying is also coming in Pakistan Stock Market.
The finance minister said that Pakistan is seeking a larger and longer program with the International Monetary Fund (IMF) for permanence in the macroeconomic stability and structural reforms. He said that the IMF Mission is expected in Pakistan in the next 7 to 10 days to discuss the contours of the new program.
Furthermore, he said that the federal government will also accelerate the privatization process.
In his remarks, the Minister for Petroleum Musadik Masood Malik emphasized that the private sector of both Pakistan and Saudi Arabia should work together to move towards diversification of economy and value addition, adding that this will bring prosperity for both the Countries.
Musadik Malik emphasized collaboration between the two Countries in various sectors including mines and minerals, tourism and agriculture.
The petroleum minister said that the private sector of Pakistan and Saudi Arabia should participate in infrastructure development which is pivotal in the way of unleashing the assets and wealth of both the Countries.
