By Staff Reporter
ISLAMABAD: Saudi Foreign Minister Faisal bin Farhan Al Saud on Tuesday pledged to enhance economic collaboration with Pakistan, saying “very, very positive” investment-focused discussions were held during his recent visit to Islamabad.
At a joint press conference with his Pakistani counterpart Ishaq Dar, Prince Faisal expressed admiration for the proactive approach of Pakistan’s Special Investment Facilitation Council, a body established to expedite foreign investment processes.
“We were extremely impressed by the very, very proactive attitude that we saw in our meetings, especially with the [Special] Investment [Facilitation] Council,” Prince Faisal said.
Prince Faisal arrived in Pakistan on Monday for a two-day visit to enhance bilateral economic cooperation and advance previously agreed investment deals. His trip comes just over a week after Crown Prince Mohammed bin Salman met with Prime Minister Shehbaz Sharif in Makkah and reaffirmed the Kingdom’s commitment to expedite investments worth $5 billion.
“I feel very, very confident that the results of this visit and the work being done by the two respective teams, with this attitude and approach focused on results and overcoming hurdles, will deliver significant benefits,” the Saudi foreign minister said.
He said there was a “significant opportunity” for the Kingdom to increase its investments in Pakistan, adding that his engagements with Pakistani leaders had laid the groundwork for “significant and important work to be done” in the months ahead.
“There is a lot of untapped potential that is clear to everyone. It just needs to be tapped… And here, working together, we will do what we can with our colleagues in the government of Pakistan to make that happen.”
Pakistani Foreign Minister Dar said both sides had held comprehensive discussions covering various aspects of Pak-Saudi cooperation.
“We have given them a big menu which they will take home and discuss, as we aim to take this relationship to a Strategic Economic Partnership,” Dar said.
Media reports said that Pakistan has unveiled a portfolio of 25 projects, seeking over $32 billion in investments from Saudi Arabia. The proposals include a $2 billion rail link to connect key mining areas with the port city of Gwadar. Additionally, the government has spotlighted the Diamer Bhasha Dam, a long-anticipated venture, calling for a $1.2 billion equity investment to support its completion. Islamabad has also invited Saudi investors to explore the feasibility of a new luxury five-star hotel, with prime land already secured through the Capital Development Authority.
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