Saudi Minister Praises Strong Ties with Pakistan, Announces $2 Billion in Agreements
Islamabad—Saudi Arabia’s Minister for Investment, Khalid bin Abdulaziz Al-Falih, emphasized the deep and enduring ties between Saudi Arabia and Pakistan during his address at the Pakistan-Saudi Business Forum in Islamabad on Thursday, stating that their relationship “has no limits,” particularly in terms of economic cooperation.
“We must strengthen Pakistan’s economy. Pakistan has quickly stabilized its economy,” Al-Falih said, echoing sentiments expressed by the World Bank, which recently projected Pakistan’s economic growth at 2.8% for the current fiscal year.
Al-Falih is leading a high-level 135-member Saudi delegation on a three-day visit to Pakistan, where they are expected to sign agreements worth $2 billion. Speaking at the forum, he underscored the historic bond between the two nations, declaring, “We are family, not friends […] Pakistan, Saudi Arabia [relations] do not need any [formal] agreement [to prove themselves].”
The minister highlighted the socio-economic links between the two countries, noting that around 2.5 million Pakistanis are currently working in Saudi Arabia, further strengthening the bilateral relationship. He also recalled discussions with Pakistan’s President Asif Ali Zardari and Chief of Army Staff (COAS) General Asim Munir. Zardari emphasized the importance of expanding Pak-Saudi relations, while General Munir assured the establishment of a single window in Saudi Arabia to facilitate Saudi investments in Pakistan.
Al-Falih commended the efforts of the Special Investment Facilitation Council (SIFC) in making Saudi investments easier, saying that the army chief had insisted on turning the bureaucratic “red tape” into a “red carpet” for Saudi investors.
As part of his visit, 27 Memorandums of Understanding (MoUs) will be signed between the two nations, furthering cooperation and investment. Al-Falih also acknowledged the Ministry of Commerce’s commitment to enhancing trade relations, noting that bilateral trade has surged by 80% since 2019, increasing from $3 billion to $5.4 billion.
Additionally, the minister expressed enthusiasm about Saudi Crown Prince Mohammed bin Salman’s recent announcement of a $5 billion investment in Pakistan, revealed during Prime Minister Shehbaz Sharif’s visit after assuming office. “I’m delighted to have the Public Investment Fund (PIF) represented among us,” Al-Falih said, underscoring Saudi Arabia’s continued support for Pakistan’s economic growth and stability.
