ISLAMABAD: Pakistani Minister for Planning and Development, Ahsan Iqbal, said on Wednesday the government was working on setting up a “streamlined one-window operation” for foreign investors, with a focus on investments and joint ventures with Middle Eastern nations.
Pakistan has close ties with a number of Middle Eastern countries, especially Saudi Arabia and UAE, which are the largest source of remittances to the South Asian nation.
“Pakistan is currently striving to establish a streamlined one-window operation within its Board of Investment (BOI) to revitalize the national economy and attain sustained growth, with a particular focus on fostering partnerships and securing direct foreign investment from Middle Eastern countries through joint ventures,” Iqbal said on Wednesday.
He was addressing a conference titled, “Developments in the Middle East: Lessons and Opportunities for Pakistan,” jointly organized by the Islamabad Policy Research Institute (IPRI) and the digital news platform, We News.
“Pakistan can tap into Middle Eastern countries’ interests and requirements, particularly in the agriculture sector, by attracting investments for modernization and joint projects, aiming to meet domestic needs and boost agricultural exports,” the planning minister said.
Pakistan could also leverage its young population and IT skills to become an information powerhouse, aligning with the fast-growing Middle Eastern market, Iqbal added.
“Our national center for artificial intelligence is working in close collaboration with Saudi Arabia, which is a very welcoming development,” he said, adding that Pakistan could also explore opportunities in green energy projects to benefit from investment by Middle Eastern countries in the energy sector.
“We can enhance mineral exports through joint mining ventures and benefit from Middle Eastern companies’ expertise in tourism development to tap the vast potential in this sector,” he added.
The minister said the Middle East was witnessing “fast-paced development projects” for which skilled manpower was needed, which is why the federal government had recently established a task force to align Pakistan’s workforce and youth with market-based demands.
Dr. Ali Awadh Asseri, former Saudi ambassador to Pakistan, said the Kingdom’s Vision 2030 had successfully diversified its economy, presenting abundant opportunities for friendly nations like Pakistan.
“The region is going through a major shift from geopolitics to geoeconomics as China has emerged as a key partner in the region investing in the Belt and Road Initiative (BRI), and historic turnaround of Iran-Saudi Arabia relations have opened new opportunities, especially in China Pakistan Economic Corridor (CPEC) and economic integration of Central Asia through it,” Asseri said while addressing the conference through video link from Saudi Arabia.
Former Pakistani ambassador to Riyadh, Vice Admiral (retired) Khan Hasham Bin Siddiqui, said Saudi Arabi’s Vision 2030 emphasized new mega infrastructure projects and the privatization of several state-owned industries including energy, health care, and education, which created a lot of opportunities for allies like Pakistan.
“These developments are creating more demands and opportunities,” he said, “which Pakistan can avail by sending more skilled labor and also exporting its products required in new projects.”
