ISLAMABAD: Former Pakistani diplomats and analysts on Wednesday hailed Saudi Foreign Minister Faisal bin Farhan Al Saud’s “significant” visit to Pakistan, saying that investment agreements reached between the two sides could lead to the creation of thousands of jobs in the South Asian country and boost its economic prospects.
Prince Faisal bin Farhan arrived in Islamabad on a two-day official visit on Monday. The minister led a high-powered delegation to Islamabad with his visit aimed at enhancing bilateral economic cooperation and pushing forward previously agreed investment deals.
His trip came a little over a week after Crown Prince Mohammed bin Salman met Prime Minister Shehbaz Sharif in Makkah and reaffirmed the Kingdom’s commitment to expedite investments worth $5 billion.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and the top source of remittances to the cash-strapped South Asian country.
“Pakistan has longstanding ties with Saudi Arabia but now it has taken a new dimension of economic cooperation,” Zahid Hussain, a senior journalist and political analyst, told Arab News.
“And that’s why this visit was very significant.”
Hussain said the Saudi foreign minister’s visit had turned out to be a “very productive” one as both sides held discussions on investment opportunities that he said Pakistan could offer to Saudi businessmen.
“They have discussed various opportunities which are beneficial for Saudis for investment and that could be said as the turning point in the Pakistan and Saudi relationship,” Hussain added.
During his two-day official trip, the Saudi foreign minister held meetings with top civilian and military leadership including Prime Minister Shehbaz Sharif and army chief General Syed Asim Munir. The Saudi delegation was also briefed by the Special Investment Facilitation Council (SIFC), a key government body set up in June 2023 to fast-track decisions related to international investment in Pakistan’s key sectors IT, mining, energy and agriculture.
Speaking at a joint press conference in Islamabad on Tuesday along with his counterpart Ishaq Dar, Prince Faisal said there was a “significant opportunity” for the Kingdom to increase its investments in Pakistan.
Former diplomat Javed Hafeez said potential Saudi investments will enhance Pakistan’s exports and lead to the creation of thousands of new jobs for Pakistani professionals in the energy, mining, agriculture, and other sectors.
“This would have an overall positive effect on other sectors as well and on Pakistan’s economy,” he noted.
Hafeez said the Kingdom’s investments in Pakistan could increase to the tune of $25 billion from initial investments of $5 billion, provided Islamabad succeeds in ensuring a conducive environment for Saudi investors.
“I see it [initial investments of $5 billion] as a test case,” Hafeez said. “If we can provide the foolproof security [to Saudi investors] and if these projects are successful, then of course much more investment will come.”