Pakistani finance minister pitches key sectors to visiting Saudi investors, highlights reform drive

Pakistan's Finance Minister Muhammad Aurangzeb is addressing a Saudi business delegation via video conference call from Islamabad, Pakistan. (Pakistan's Finance Ministry)
Short Url
Updated 10 October 2025
Follow

Pakistani finance minister pitches key sectors to visiting Saudi investors, highlights reform drive

  • The delegation has held a series of meetings with federal ministers, received detailed presentations on various projects
  • On Thursday, the two sides signed two memorandums of understanding to strengthen investment in Pakistan’s energy sector 

ISLAMABAD: Pakistan’s finance minister, Muhammad Aurangzeb, on Friday held virtual talks with a Saudi business delegation, currently on a visit to Pakistan, highlighting the country’s economic reforms and investment opportunities it offered to investors.

A 16-member Saudi delegation, led by Prince Mansour bin Mohammed bin Saad Al-Saud, is currently visiting Pakistan amid efforts from the two countries to boost economic cooperation. 

The delegation, which arrived late Tuesday, held a series of meetings with federal ministers and received detailed presentations from the Special Investment Facilitation Council (SIFC) and Pakistani firms. 

On Friday, Aurangzeb held a virtual meeting with Saudi delegates as well as members of the Pakistan Business Council and the Overseas Investors Chamber of Commerce & Industry (OICCI).

“The visit of the Saudi delegation is very timely,” the minister said, adding his government would make sure “our existing investors also work in a good environment, and we don’t go through the boom-and-bust [like] in the previous years.”

Aurangzeb pointed out agriculture, mining, information technology (IT), pharmaceutical and tourism as some of the areas of mutual interest. He said there are two areas which Prime Minister Shehbaz Sharif is leading himself in and take stock on a weekly basis. 

“One is our taxation reform, and everything that is going on in terms of people, process, technology, to get the sort of the fiscal side of things moving forward,” he said.

“The second one... is our digital journey and moving toward cashless economy, because both of these are actually interrelated.” 

The finance minister urged the Saudi business delegation to explore opportunities in these and other sectors of Pakistan’s $411 billion economy.

The development came a day after the visiting Saudi business delegation signed two memorandums of understanding (MoUs) to strengthen investment in Karachi’s energy sector as Riyadh seeks deeper economic engagement with Pakistan under its Vision 2030 initiative.

The delegation, led by Prince Mansour who is the chairman of the Saudi-Pakistan Joint Business Council, finalized a share-sale agreement in KES Power Limited and a cooperation framework between K-Electric and Trident Energy Limited to explore new investment in Pakistan’s power and infrastructure markets.

Pakistan and Saudi Arabia have close religious, cultural, diplomatic and strategic ties, particularly in trade and defense. Last year, the two countries signed 34 agreements worth nearly $3 billion, of which, memorandums of understanding (MoUs) worth $700 million have already entered the implementation stage, according to Pakistani officials.


Pakistan’s army chief to get expanded powers under proposed reform

Updated 6 sec ago
Follow

Pakistan’s army chief to get expanded powers under proposed reform

  • Asim Munir, President Trump’s ‘favorite field marshal,’ to be head of all military forces, a new position
  • Constitutional cases to be taken away from Supreme Court, opposition raps changes as undemocratic

ISLAMABAD: Pakistan’s powerful army chief will be given an expanded role and the remit of the Supreme Court will be curbed under constitutional changes passed by the upper house of parliament this week, a move the opposition says will undermine democracy.

Pakistan, historically coup-prone, is seeing its longest period of elected government. But in recent years, after civilians have sought to assert more authority in governance, the military has taken tighter hold of the levers of power, while not staging an outright takeover.

The bill, passed on Monday by the Senate in about three hours, unusually fast for a constitutional change, after the opposition boycotted the debate, is now before the lower house before it can become law.

Army chief Asim Munir, described by US President Donald Trump as his “favorite Field Marshal,” would take overall command of the military — including air and naval forces — with the new position of Chief of Defense Forces under the proposed amendment. After completion of his term, he would retain his rank and have legal immunity for life.

While the military has long wielded extensive power, the reforms would give it greater constitutional backing that would not be easily reversed. Hitherto the army chief was the equal of the air force and navy chiefs, with a chairman of the joint chiefs sitting above him, a post that would be eliminated.

Constitutional cases would no longer be heard by the Supreme Court but by a new Federal Constitutional Court, with judges appointed by the government. In recent years, the Supreme Court has, at times, blocked government policies and ousted prime ministers.

Critics say handpicked judges would now hear the most politically sensitive cases impacting the government, with the Supreme Court dealing with civil and criminal matters.

Under the reforms, President Asif Zardari would also get immunity for life from prosecution.

“All these amendments are for governance, and the federal government’s coordination with the provinces, and to strengthen defense capability after winning a war,” Information Minister Attaullah Tarar said, referring to clashes with India in May.

The government said it was confident it had the numbers in parliament to approve the constitutional changes, which were unusually introduced to the Senate over the weekend. A two-thirds majority is required in the two houses that make up the parliament, the Senate and National Assembly.

The biggest opposition party, founded by jailed ex-prime minister Imran Khan, said it was not consulted. After a noisy protest, opposition parties walked out on Monday when the amendment was introduced to the Senate floor for debate.

Khan’s party PTI condemned the proposed changes.

“The amendment serves as a tool for the ruling coalition to bulldoze institutional checks and balances, silence the opposition, restrict fundamental rights, and concentrate power in its own hands,” PTI’s spokesman for international media, Zulfi Bukhari, told Reuters.

Munir was promoted from General to Field Marshal after the May conflict with India. Law Minister Azam Tarar said on Saturday the rank would be given constitutional protection “because he is the hero of the whole nation.”

The military did not immediately respond to a request for comment. Security officials said the changing nature of modern war, where land troops do not necessarily play the paramount role, requires unified command of all the armed forces.

The government says the court reforms are necessary because hearing constitutional cases takes up too much of the Supreme Court’s time, creating a case backlog.