KARACHI: President Asif Ali Zardari on Friday invited Saudi businesses to explore investment opportunities in Pakistan, underscoring the historic relationship between the two countries and Riyadh’s critical role in helping Islamabad through difficult times.
Zardari’s remarks come as Pakistan looks to attract foreign investment to strengthen its economy. Saudi Arabia played a key role in stabilizing Pakistan’s finances in recent years, depositing $2 billion into Pakistan’s central bank in June 2023 to bolster foreign reserves.
The Kingdom also helped unlock a $3 billion loan from the International Monetary Fund later in the same year.
“Pakistan and Saudi Arabia enjoy deep-rooted and historic relations based on shared faith and mutual trust,” the president said during a meeting with Saudi Ambassador Nawaf bin Said Al-Malki in Islamabad according to a statement circulated by the presidency. “We invite Saudi investors to explore investment opportunities in various sectors of the Pakistani economy.”
The Saudi financial assistance to Pakistan two years ago came as the South Asian nation’s reserves had dropped to a level where it could barely cover a few weeks of imports, bringing the country to the brink of sovereign default.
Zardari expressed appreciation for Riyadh’s continued support during the meeting and called for deeper engagement between the two nations on regional and international forums.
Pakistan has been trying to further strengthen its economic relations with the Gulf countries amid improving macroeconomic indicators.
It also signed 34 memorandums of understanding worth $2.8 billion with Saudi Arabia in October 2024, part of Islamabad’s broader push to accelerate its economic recovery through export-led growth and foreign investment.
