Pakistan-Saudi Business Forum to seal 27 MoUs, strengthening economic bonds

ISLAMABAD, Pakistan - Saudi Investment Minister Khalid bin Abdulaziz Al-Falih claimed that Saudi Arabia and Pakistan's relationship "has no limits," emphasizing that this includes economic cooperation.

"We need to develop Pakistan's economy. Pakistan's economy has quickly steadied," the minister said during his three-day visit to Islamabad for the Pakistan-Saudi Business Forum.

The World Bank echoed the minister's views, stating that Pakistan's GDP will increase by 2.8% this fiscal year.

A high-level 135-member Saudi delegation, led by the investment minister, arrived in Islamabad the day before and is set to sign agreements totaling $2 billion with Pakistan.

Speaking at the ceremony, the Saudi dignitary emphasized the two nations' historical relationship, saying, "We are family, not friends [...] Pakistan-Saudi Arabia [relations] do not need any [formal] agreement [to prove themselves]."

"Our economy and social ideals are connected." He stated that as many as 2.5 million Pakistanis work in Saudi Arabia.

Al-Falih recalled his interactions with President Asif Ali Zardari and Chief of Army Staff (COAS) General Asim Munir, stating that the former emphasized the development and expansion of Pakistan-Saudi friendship, while the latter assured of the establishment of a single window in the Kingdom for Saudi investments in the country.

Noting the importance of the Special Investment Facilitation Council (SIFC) for his country, the Saudi minister stated that the army chief has insisted on turning the red-tape bureaucracy into a "red carpet" for the Kingdom.

Providing specifics of his tour, the investment minister stated that Riyadh and Islamabad will sign up to 27 memorandums of understanding (MoUs).

He emphasized that the Kingdom has boosted its collaboration and investment in Pakistan while confirming his country's commitment to supporting Islamabad.

"With the vision, dedication, and dynamic private sectors of our leaders and peoples, along with investors from both sides, it is an honor to be part of this Saudi delegation and to engage with our Pakistani partners," said Al-Falih.