In a significant move aimed at strengthening bilateral ties and fostering economic collaboration, Pakistan’s Special Investment Facilitation Council has extended an offer to Saudi Arabia for joint ventures in various sectors, including the national airline PIA, privatization of airports, and investment projects.
During a meeting chaired by Prime Minister Shahbaz Sharif, the Apex Committee of the Special Investment Facilitation Council convened, with a high-level Saudi delegation in attendance, including Army Chief General Asim Munir as a special participant. Prime Minister Shahbaz Sharif extended a warm welcome to the Saudi guests, emphasizing the longstanding support of Saudi Arabia to Pakistan during challenging times.
Acknowledging Saudi Arabia’s continued support and increased investment in Pakistan, Prime Minister Shahbaz Sharif expressed gratitude to the Saudi leadership. The meeting provided an opportunity for the Apex Committee to brief the Saudi delegation on investment projects and explore avenues for enhanced economic cooperation.
Sources indicate that the Saudi delegation has been presented with proposals for joint ventures in the privatization of Pakistan International Airlines (PIA) and airports. Additionally, offers have been extended for joint ventures in the privatization of two five-star hotels in Islamabad, with the land for these hotels owned by the Capital Development Authority (CDA). The investment for these ventures would be facilitated by the Saudi government.
During discussions, the delegation was encouraged to consider direct involvement in the construction and operation of the hotels. Furthermore, investment opportunities in the Matari transmission line and the First Women Bank were also presented to the Saudi delegation, highlighting the diverse investment potential in Pakistan.
Welcoming the establishment of the Special Investment Facilitation Council, the Saudi delegation expressed interest in exploring investment opportunities in Pakistan. The collaborative efforts between Pakistan and Saudi Arabia are aimed at deepening economic ties and fostering mutual prosperity.
Addressing the meeting, Foreign Minister Ishaq Darnay expressed optimism regarding the potential outcomes of cooperation between Pakistan and Saudi Arabia. He emphasized the need to elevate bilateral relations to a robust partnership, leveraging Pakistan’s abundant resources, including gold, copper, and other valuable minerals.
Highlighting the untapped potential of the mining sector, Foreign Minister Darnay stressed the importance of cooperation in information technology and mining, which would benefit both countries. He underscored the role of the Special Investment Facilitation Council in expediting investment processes and ensuring that foreign investment in Pakistan aligns with mutual interests.
The establishment of joint ventures and investment partnerships with Saudi Arabia reflects Pakistan’s commitment to attracting foreign investment and promoting economic growth. By leveraging strategic collaborations, Pakistan aims to capitalize on its economic potential and create a conducive environment for investment.
Pakistan’s offer of joint ventures to Saudi Arabia in various sectors signifies a significant step towards strengthening bilateral economic ties and fostering mutually beneficial partnerships. The collaborative efforts between the two countries hold immense potential for driving economic growth, enhancing infrastructure development, and creating employment opportunities, ultimately contributing to the prosperity of both nations.
