ISLAMABAD: Saudi Investment Minister Khalid bin Abdulaziz Al-Falih said on Friday Riyadh and Islamabad needed to enable private sector investments within existing government-to-government mechanisms like the Saudi-Pakistan Supreme Coordination Council (SPSCC) and Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector.
Islamabad and Riyadh signed an agreement to establish the SPSCC in 2021 to institutionalize and fast-track decision-making and implementation on political, security, economic and cultural areas of collaboration. The body aims to streamline bilateral cooperation between the two countries, particularly to remove hurdles in investment deals. Separately, Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector was created in 2022 to work to upgrade the construction sector and tackle project delays and hurdles.
On Thursday, Pakistani Prime Minister Shehbaz Sharif and Al-Falih, who is on a three-day visit to Islamabad, oversaw the signing of over $2 billion in agreements and memorandums of understanding (MoUs) between Saudi and Pakistani businesses.
In comments televised on Pakistan’s state APP news agency on Friday, Al-Falih said Pakistan and Saudi Arabia needed to activate work under existing G2G frameworks such as the Permanent Coordination Committee, which is being led by Mohammad Bin Mazyad Al-Tuwaijri, a Saudi politician and minister-ranked adviser at the Royal Court, with Petroleum Minister Dr. Musadik Malik as his Pakistani counterpart.
“And he [Al-Tuwaijri] has elected to place the Pakistan portfolio within the Royal Court team because he wants to personally have his finger on the pulse of how we are managing [Pakistani investments],” Al-Falih said.
“Within the scope of the G2G, his excellency Al-Tuwaijri and his team have asked MISA [Ministry of Investment for Saudi Arabia] to take the lead on everything about investment, everything about channeling private sector funding, everything about risk mitigation, everything about investment protection, everything about privatization, everything about funding.
“Ultimately what we need to do is enable the private sector.”
The Saudi minister is in Pakistan with a delegation of over 130 businesspeople representing various sectors, including energy, mining, agriculture, tourism, construction, IT and industry. The visit comes as Islamabad seeks closer economic cooperation with friendly countries and regional allies, with the aim to attract foreign investment and shore up its $350 billion economy, beset by a prolonged economic crisis that has drained foreign exchange reserves and weakened the national currency.
Pakistan and Saudi Arabia in particular have been working closely in recent months to increase bilateral trade and investment, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment earlier this year to expedite a $5 billion investment package for the South Asian country.
Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan
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Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan
- Pakistan and Saudi businesses signed over $2 billion in agreements and memorandums of understanding this week
- The deals have been signed during a visit to Islamabad by Saudi Investment Minister Khalid bin Abdulaziz Al-Falih
Bangladesh leader pushes for SAARC revival after meeting Indian, Pakistani dignitaries
- Muhammad Yunus met Pakistan’s parliamentary speaker, Indian FM at Khaleda Zia’s funeral on Wednesday
- SAARC has been dysfunctional since 2016, after India withdrew following a militant attack it blamed on Islamabad
ISLAMABAD: Bangladesh Chief Adviser Muhammad Younus this week pushed for reviving the South Asian Association for Regional Cooperation (SAARC) platform after meeting dignitaries from India, Pakistan and other parts of the region.
SAARC has been effectively dysfunctional since 2016, when its planned Islamabad summit collapsed after India withdrew following a militant attack it blamed on Pakistan. Islamabad denied involvement, but New Delhi’s decision prompted Afghanistan, Bangladesh and Bhutan to pull out, leading to the indefinite postponement of the summit.
Younus met Pakistan’s National Assembly Speaker Ayaz Sadiq and Indian External Affairs Minister Subrahmanyam Jaishankar at former Bangladesh premier Khaleda Zia’s state funeral in Dhaka on Wednesday. The funeral also saw a handshake between the Indian and Pakistani representatives, the first high-level contact between officials of the two countries since their conflict in May.
“During the meetings, Professor Yunus repeatedly emphasized the need to revive the South Asian Association for Regional Cooperation (SAARC),” Yunus’ account on social media platform X said.
“We witnessed a true SAARC spirit at the funeral yesterday,” the account quoted Yunus as saying. “SAARC is still alive. The SAARC spirit is still alive.”
The Bangladesh leader said apart from Jaishankar and Sadiq, representatives from South Asia who attended the funeral included Nepal’s Foreign Minister Bala Nanda Sharma, Sri Lanka’s Minister of Foreign Affairs, Employment and Tourism Vijitha Herath, and Maldives Minister of Higher Education and Labor Ali Haider Ahmed.
Yunus said he tried to convene an informal gathering of SAARC leaders on the sidelines of the UN General Assembly in New York last year.
His statement to revive SAARC follows that of Pakistan’s Prime Minister Shehbaz Sharif, who earlier this month also called for reviving the South Asian platform.
Sharif’s message last month came as the bloc marked the 40th anniversary of its founding charter. The Pakistani premier stressed the importance of deeper economic collaboration and collective responses to shared regional challenges such as poverty, climate-induced natural disasters, food and energy insecurity, and public-health vulnerabilities.
