Islamabad, October 10, 2024 – Saudi Arabia’s Minister of Investment, Khalid bin Abdulaziz Al-Falih, has announced plans to boost investment in Pakistan. While addressing the Pakistan-Saudi Arabia Business Forum in Islamabad, he expressed the commitment to expanding investment opportunities. He highlighted the vast potential for growth in the Middle East and South Asia and stressed the need for collaborative efforts to achieve regional prosperity.
The Saudi Minister noted a significant increase in bilateral trade between Pakistan and Saudi Arabia, emphasizing the importance of leveraging geographical proximity to further enhance trade. Announcing Saudi Arabia’s $2 billion investment in Pakistan, Al-Falih remarked, “From the moment we stepped off the plane, we felt the warmth of Pakistan’s atmosphere, as if we are not just friends but family.”
Speaking at the Pakistan-Saudi Business Conference, the Saudi Investment Minister conveyed the good wishes of Saudi leadership for the people of Pakistan, stating that Crown Prince Mohammed bin Salman holds Pakistan in high regard. He emphasized that Pakistan-Saudi relations transcend agreements and have been established for over 1,400 years.
Al-Falih also acknowledged the contribution of 2.5 million Pakistani workers to Saudi Arabia’s economy and highlighted that 150b,000 Pakistanis performed Hajj, while 1.8 million participated in Umrah. He mentioned discussions with Pakistan’s Chief of Army Staff, who assured that red tape will be replaced with a “red carpet” for investors. Al-Falih stated that he and Mohammed bin Salman would establish a special one-window system to facilitate investments.
He further announced that 27 agreements will be signed, with efforts to boost trade to nearly $2 billion. He concluded by stressing the need for new business models between Pakistan and Saudi Arabia and assured that the Special Investment Facilitation Council (SIFC) would fully support Saudi investors.
