ISLAMABAD: Prime Minister Shehbaz Sharif urged Saudi investors to explore opportunities and invest across various sectors in Pakistan. In discussions with a delegation of Saudi businessmen and investors, he emphasized Pakistan's substantial potential for investment in diverse domains, including agriculture and minerals. The Prime Minister emphasized the robust fraternal relationship between Saudi Arabia and Pakistan and urged both nations to elevate their mutual cooperation to an economic partnership.


Highlighting Saudi Arabia's consistent support on economic and diplomatic fronts, Prime Minister Shehbaz Sharif reiterated Pakistan's commitment to enhancing bilateral collaboration with Saudi Arabia, particularly in trade and investment.


The meeting underscored that Pakistan offers a fertile ground for investment, equipped with business-friendly facilities and a secure environment. Notable opportunities for investment and trade were identified in sectors such as tourism, minerals, textiles, leather, and other industries.


The session also explored investment prospects in the oil refinery sector of Gwadar, with Saudi investors expressing keen interest. A mutual decision was reached to expedite trade and investment progress between Pakistan and Saudi Arabia, with the activation of the Pakistan-Saudi Arabia Joint Working Group.


A distinguished delegation of Saudi business investors, led by Mr. Fahd bin Mohammed Al-Bash, Chairman of the Saudi-Pakistani Business Council, and Nawaf Bin Saeed Maliki, Ambassador of the Royal Embassy of Saudi Arabia to Pakistan, participated in a business conference at the PM Office in Islamabad. Federal Minister and Chairman of the Board of Investment, Chaudhary Salik Hussain, along with the Secretary of the Board of Investment, extended gratitude to this esteemed high-level VVIP business delegation for visiting Pakistan.


The Minister emphasized that this business meeting, coupled with subsequent engagements in Lahore, Sialkot, Faisalabad, and Karachi, serves as a dynamic platform to further Pak-Saudi business interactions, fostering both Business-to-Business and Government-to-Business ties. The Minister highlighted the role of the Saudi-Pakistan Business Council in facilitating productive business interactions and anticipated that this visit would contribute to forming strong economic alliances and driving Pakistan-Saudi business growth.


The Minister and BOI Secretary acknowledged the visionary aspect of Crown Prince Mohammad Bin Salman's Vision 2030, aimed at diversifying Saudi Arabia's economy away from traditional oil-centric strategies. Pakistan expressed eagerness to collaborate with Saudi Arabia in achieving a sustainable economic future by reducing dependence on imported oil.


This high-level business delegation's visit signifies the initial step in this collaborative direction. The Minister highlighted abundant investment opportunities for Saudi investors in various sectors of Pakistan's economy, particularly in tourism, coal and gas exploration, agriculture, food processing, mining, renewable energy, refining, petrochemicals, and information technology. Investment options include 100% equity ownership or participation in joint ventures across various fields. Legal provisions safeguard the repatriation of investments and profits, offering protection under Parliamentary Acts.


Separately, the Saudi delegation led by Fahad Bin Mohammed Al-Bash, Chairman of the Saudi-Pak Business Council, engaged in Business-to-Business meetings with members of the Islamabad Chamber of Commerce & Industry (ICCI). The discussions aimed to explore collaborative business opportunities in multiple sectors, such as edible oils, food processing, trading, building materials, tourism, hospitality, manufacturing, medical tools, equipment, Fintech, pharmaceuticals, and infrastructure services. The delegation's itinerary also included visits to Lahore and Karachi.


Fahad Bin Mohammed Al-Bash, Chairman of the Saudi-Pak Business Council, expressed Saudi investors' keen interest in leveraging business and investment opportunities in Pakistan. He underscored the importance of strengthening trade relations alongside the existing government-to-government ties between the two countries. He urged the private sectors of both nations to seize opportunities and complement each other's economies. Al-Bash also highlighted that a substantial portion of Saudi Arabia's workforce is composed of Pakistani nationals and expressed a desire to import more skilled workers from Pakistan. He identified various sectors in Saudi Arabia, including chemical industry, real estate, and tourism, as offering attractive prospects for Pakistani investors.


Muhammad Shakeel Munir, President of the Islamabad Chamber of Commerce & Industry, outlined the numerous avenues for joint ventures and investment in Pakistan's sectors, such as mines and minerals, oil and gas, housing and construction, infrastructure development, renewable energy, information technology, food processing, edible oils, logistics, sports, tourism, and hospitality. He urged Saudi investors to seize these opportunities to gain substantial returns. Munir encouraged the Saudi delegation to explore other sectors, such as textiles, agriculture, construction materials, medical equipment, pharmaceuticals, fruits, vegetables, dry fruits, consumer goods, agro-processing technologies, machinery, equipment, and other areas for potential business collaborations.


In the realm of international relations, Prime Minister Muhammad Shehbaz Sharif called for renewed policies and resource allocation to address the plight of refugees worldwide. In commemoration of World Refugees Day, he acknowledged refugees as among the most vulnerable victims of conflicts, wars, poverty, and economic inequality. The Prime Minister urged global efforts to support developing nations that continue to host a substantial number of refugees.


On a separate note, the United Nations Refugee Agency (UNHCR) acknowledged Pakistan's generosity in hosting refugees for over four decades. Quoting Prime Minister Shehbaz Sharif's tweet on World Refugee Day, UNHCR expressed appreciation for Pakistan's continued service as a host nation.


Additionally, the Prime Minister revealed the establishment of a task force on minority rights, aimed at ensuring the welfare of non-Muslim citizens. The task force is expected to oversee the implementation of measures concerning minority rights and present quarterly reports.


In his interactions with Members of the National Assembly, Prime Minister Shehbaz Sharif discussed the prevailing political landscape and addressed constituency-related matters.