Saudi investment to strengthen partnership, promote regional stability: Dar

ISLAMABAD: Minister for Foreign Affairs Senator Ishaq Dar on Tuesday said that the Saudi investment in Pakistan would not only strengthen the deeply valued partnership but also make a sterling contribution to regional peace and stability.

The foreign minister, addressing the Special Investment Facilitation Council (SIFC) Forum held here and attended by the visiting high-powered Saudi delegation led by Foreign Minister Prince Faisal bin Farhan Al Saud, said that the incumbent government’s goal was to transform Pakistan into a hub of economic activity and innovation creating an attractive environment for global investors, particularly those from Saudi Arabia.

The visiting delegation consists of Saudi Minister of Water and Agriculture Eng. Abdulrahman Abdulmohsen AlFadley, Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef, Assistant Minister of Investment Ibrahim bin Yousef Al-Mubarak, Head of Saudi Special Committee Mohammed Maziad Al-Tuwaijri and senior officials from Ministry of Energy and Saudi Public Investment Fund, the official news agency reported.

Foreign Minister Dar assured the delegation that the Saudi investment in Pakistan was not just the placement of capital rather it would prove to be instrumental for mutual progress and prosperity.

The foreign minister reaffirmed that the Saudi investment in Pakistan would be handled with the utmost respect and through institutionalised mechanisms.

He told the gathering that Pakistan and Saudi Arabia shared deep-rooted ties anchored in rich Islamic heritage and mutual strategic interests and the Saudi delegation’s visit underscored a deep and abiding connection between the two countries.

He said a longstanding and time-tested friendship with Saudi Arabia was a significant element of Pakistan’s foreign policy with an aim to transform the traditionally fraternal ties into a strategic economic partnership.

He told the delegation that the SIFC platform intended to streamline processes and ensure rapid decision-making and efficient handling of investments. The council has a central role in augmenting infrastructure, streamlining regulatory framework and ensuring the swift processes to attract foreign direct investment to Pakistan.

Foreign Minister Dar said Pakistan was endowed with fertile agricultural land, a dynamic population, mineral wealth, a vibrant IT sector and abundant prospects for renewable energy like solar, hydro and wind.

He said Pakistan’s fertile land presented numerous opportunities in agriculture technology and food processing. A vast network of water resources creates the prospects for Pakistan to become the region’s food basket.

Furthermore, he said the country’s mining sector was marked by untapped potential, especially in the Tethyan Belt known for copper, gold and valuable minerals.

He said through collaborative efforts, the bond between Pakistan and Saudi Arabia was set to strengthen and emphasised that both sides should seize the abundant opportunity ahead.