ISLAMABAD: A distinguished delegation of Saudi business investors, led by Fahd bin Mohammed Al-Bash, Chairman of the Saudi-Pakistan Business Council, and Nawaf Bin Saeed Maliki, the Ambassador of the Royal Embassy of Saudi Arabia to Pakistan, participated in a prominent business conference at the Prime Minister's office.


Chaudhary Salik Hussain, the Federal Minister and Chairman of the Board of Investment (BOI), accompanied by the BOI Secretary, extended their gratitude to this esteemed and high-level VVIP business delegation for their visit to Pakistan.


The Minister remarked that this business gathering, along with subsequent meetings in Lahore, Sialkot, Faisalabad, and Karachi, serves as a vibrant platform to enhance Pak-Saudi business ties on both the Business-to-Business and Government-to-Business fronts. He noted that this initiative provides an opportunity to engage, fostering mutual cooperation that spans trade and investment possibilities.


Emphasizing the pivotal role of the Saudi-Pakistan Business Council, the Minister highlighted its constructive function in facilitating productive interactions between the Pakistani and Saudi business communities. This visit is anticipated to lay the groundwork for robust economic collaborations, driving the growth of Pakistan-Saudi business endeavors.


The Minister and BOI Secretary recognized the visionary aim of Crown Prince Mohammad bin Salman's Vision 2030, aimed at diversifying Saudi Arabia's economy away from traditional oil-centric strategies. Pakistan is eager to collaborate with the Kingdom in efforts to establish a sustainable economic future, reducing its dependence on imported oil.


Furthermore, the Minister reiterated the commitment outlined in the Pak-Saudi Joint Statement issued during the Pakistani Prime Minister's visit to Saudi Arabia in April 2022. The two nations concurred on deepening investment cooperation, fostering partnerships, facilitating investment integration between the private sectors of both countries and jointly addressing investor challenges through the Saudi-Pakistan Business Council.


This visit by the distinguished business delegation signifies the initial stride in fulfilling these objectives.


During the event, the Minister highlighted the numerous prospects awaiting Saudi investors in various sectors of Pakistan's economy, particularly tourism, coal and gas exploration, agriculture, food processing, mining, renewable energy, refinery, petrochemicals, and information technology. Investment options include full equity ownership or participation in joint ventures across diverse fields. Repatriation of investments and profits is protected by legal provisions enacted by the Pakistani Parliament to ensure the security of foreign investments.


The Minister affirmed that the Government of Pakistan is steadfastly pursuing bold economic and regulatory reforms, resulting in substantial enhancements across all sectors of the economy. This progress reflects a blend of stabilization efforts and structural reforms.\

Source: Business Recorder