Islamabad, November 01 2024: In a significant development for bilateral relations, a high-level meeting between Pakistani and Saudi ministers was convened in Riyadh to discuss and finalize a roadmap for increased investment between the two nations. The meeting focused on the implementation of existing Memoranda of Understanding (MOUs) and the progression of agreements established during recent diplomatic visits.
Federal Minister for Board of Investment, Privatization, and Communications, Abdul Aleem Khan, and Minister for Petroleum, Musadaq Malik, led a high-ranking delegation to Riyadh. There, they engaged with Saudi Arabia’s Minister of Investment, Sheikh Khalid Bin Abdul Aziz Al-Faleh, and his team, to review investment opportunities and finalize key decisions.
Minister Al-Faleh warmly welcomed the Pakistani delegation, reflecting on the positive and constructive nature of his recent visit to Pakistan. He emphasized the importance of moving swiftly to implement the agreed-upon strategies to boost investment in Pakistan, underlining Saudi Arabia’s commitment to enhancing its economic ties with the country.
During the discussions, Al-Faleh invited Abdul Aleem Khan to participate in an upcoming expo in Saudi Arabia on November 25-26, which is expected to further facilitate investment discussions. “Saudi Arabia is dedicated to playing an active role in the development of Pakistan’s economy, as it has in the past,” Al-Faleh stated, promising to increase investments in the prioritized sectors identified during their talks.
Minister Khan assured his Saudi counterparts that Pakistan would prioritize key sectors for investment, pledging to create a favourable environment for Saudi investors by minimizing bureaucratic hurdles. “Our goal is to strengthen Pak-Saudi relations by addressing investment issues in line with contemporary requirements,” Khan affirmed, highlighting the symbolic significance of the Prime Minister’s upcoming visit to Saudi Arabia.
The meeting concluded with both parties agreeing to maintain regular follow-ups on investment initiatives and enhance the pace of work. Federal Ministers Abdul Aleem Khan and Musadaq Malik expressed their gratitude to Sheikh Khalid Bin Abdul Aziz Al-Faleh and senior Saudi officials for their cooperation.
Senior officials from both nations also contributed to the discussions, suggesting various strategies to accelerate investment processes in Pakistan. This meeting marks a crucial step towards reinforcing economic ties and fostering a collaborative framework for future investments between Pakistan and Saudi Arabia.
