JEDDAH: Saudi Arabia's Deputy Minister for Foreign Trade Abdulrahman Al-Harbi has declared Pakistan one of Saudi Arabia’s “top destinations for making investments,” according to Pakistan’s Ministry of Commerce.
Al-Harbi made his comment at the first meeting of the two countries' Joint Working Group on Trade and Investment in Riyadh on Tuesday, the ministry said.
Commerce Secretary Mohammed Younus Dagha led the Pakistani delegation, which also included Additional Secretary for the Board of Investment (BOI), Saleem Ranjha, and Pakistan's Ambassador to Saudi Arabia Khan Hasham Bin Saddique. The Saudi Ambassador to Pakistan, Nawaf Saeed Ahmad Al-Maliki, also attended the talks.
“The Saudi side acknowledged and appreciated the attraction of Pakistan as an investment destination, in view of its macroeconomic indicators, growth projects, strategic location and overall investment regime,” the statement read.
The ministry said that the Saudi officials showed interest in investing in Pakistan in a number of sectors including petrochemicals, dairy, livestock, and mining.
“It was agreed that Saudi Arabia will send a technical team to Pakistan to review sector-specific opportunities and projects,” the statement added.
In major leap forward in bilateral economic cooperation, it was agreed that the two sides would activate a Pakistan-Saudi Joint Business Council within two months. Pakistan will also stage its single-country exhibition in Saudi Arabia in 2018.
“In order to give further impetus to trade relations, it was agreed to mutually facilitate trade by removing obstacles related to visa fees, company registration, shipment delays and mutual recognition of standards,” the statement explained.
Dr. Vaqar Ahmed, joint executive director at Islamabad-based think tank Sustainable Development Policy Institute (SDPI), told Arab News that Saudi Arabia and Saudi investors see Pakistan as a very lucrative destination.
“Several investors already working in the country are scaling up their business operations and entering into new joint ventures,” he said. “They see the current wave of economic growth as a significant opportunity.”
Ahmed added that the pace of growth in Pakistan is projected to pick up once the projects related to the China-Pakistan Economic Corridor (CPEC) are complete and the new infrastructure brings down the cost of doing business in the country.
“Saudi investors also recognize the vast economic potential emanating from the large domestic demand of the sixth-largest population in the world,” Ahmed pointed out.
Saudi Arabia views Pakistan as one of top destinations for investment: Saudi deputy minister
Saudi Arabia views Pakistan as one of top destinations for investment: Saudi deputy minister
Pakistan, UK sign £35 million Green Compact to strengthen climate resilience
- Pakistan ranks among nations most vulnerable to climate change and has seen erratic changes in its weather patterns
- UK will help Pakistan mobilize climate finance, strengthen regulatory frameworks and develop bankable climate projects
ISLAMABAD: Pakistan and the United Kingdom (UK) have formalized a comprehensive climate partnership with the launch of a Green Compact that aims to enhance climate resilience, accelerate clean energy transition and scale up nature-based solutions, including mangrove conservation, Pakistani state media reported on Sunday.
The agreement, signed in Islamabad by Federal Minister for Climate Change and Environmental Coordination Dr. Musadik Malik and UK Minister for International Development Jennifer Chapman, unlocks £35 million in targeted support for green development and long-term climate action, according to Radio Pakistan broadcaster.
Pakistan ranks among nations most vulnerable to climate change and has seen erratic changes in its weather patterns that have led to frequent heatwaves, untimely rains, storms, cyclones, floods and droughts in recent years. In 2022, monsoon floods killed over 1,700 people, displaced another 33 million and caused over $30 billion losses, while another 1,037 people were killed in floods this year.
Mohammad Saleem Shaikh, a spokesperson for Pakistan’s Ministry of Climate Change, described the compact as a “decisive move toward action-oriented climate cooperation,” noting that its implementation over the next decade will be critical for Pakistan which regularly faces floods, heatwaves and water stress.
“The Compact is structured around five core pillars: climate finance and investment, clean energy transition, nature-based solutions, innovation and youth empowerment, and adaptation and resilience,” the report read.
“Under the agreement, the UK will work with Pakistan to mobilize public and private climate finance, strengthen regulatory frameworks for green investment, and develop bankable climate projects.”
Clean energy forms a central component of Pakistan’s transition, with Islamabad planning to expand solar and wind generation to reduce fossil fuel dependence, improve energy security and stabilize power costs, according to Shaikh.
“Renewable energy is now economically competitive, making the transition both environmentally and financially viable,” he was quoted as saying.
“Nature-based solutions, particularly large-scale mangrove restoration, will protect coastal communities from storm surges and erosion while enhancing biodiversity and carbon sequestration.”
Under the Compact, technical support, mentoring and access to investors will be provided to climate-smart startups and young innovators, reflecting Pakistan’s recognition of youth-led initiatives as central to future climate solutions.
On the occasion, Chapman, on her first official visit to Pakistan, underscored the urgency of climate action, highlighting the UK’s support for renewable energy, mangrove and ecosystem restoration, early-warning systems, climate budgeting and international investment flows into Pakistan.
Shaikh described the Green Compact as “a strategic turning point” in Pakistan–UK relations on climate change, saying its effective implementation is essential for Pakistan to meet its national climate targets.
