By realizing the potential of untapped economic development, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said on Tuesday that his visit to Pakistan will yield “significant benefits” in the coming months.
After meeting with Foreign Minister Ishaq Dar at the Ministry of Foreign Affairs, the Saudi ambassador was speaking at a joint press conference in Islamabad.
A powerful team is being led by the Saudi foreign minister on an official visit to Pakistan. On Monday, the delegation landed in Pakistan.
Days have passed since Prime Minister Shehbaz Sharif and Crown Prince Mohammed bin Salman met in Makkah, where they decided to move quickly to complete Pakistan’s first tranche of a $5 billion Saudi investment package. Under the Special Investment Facilitation Council, Saudi Arabia has pledged to spend $25 billion in Pakistan over the course of the next five years, with a particular emphasis on the energy, IT, minerals, defense, and agricultural sectors.
Speaking to the media, the Saudi envoy reported that he had held a “productive series” of meetings with Pakistani officials, emphasizing the “importance and strategic depth” of the two nations’ bilateral relations as well as the kingdom’s resolve to forging new paths to further develop those ties.
“The proactive approach we observed in our discussions, particularly with the [Special] Investment [Facilitation] Council (SIFC), and the strong business-focused approach on addressing possibilities and problems and emphasizing the work we can accomplish together, have greatly pleased us.
“With this mindset, with this approach of focus on results [and] overcoming hurdles, I feel very confident that the results of this visit and the work being done between the two respective teams will deliver significant benefits for both of our countries [and] will significantly accelerate the process of achieving those investments that we’re looking at together.” The Saudi foreign minister stated, “I can say that there is a significant opportunity to increase the level of investment that is already on the table.”
The Saudi ambassador described the visit as “very positive” and stated that “significant and important work to be done in the next few months in order to achieve all of the potential that exists” has been put down as a result of the interaction thus far.
He declared that Pakistan’s unrealized potential was something the kingdom firmly believed in, especially with regard to its “clear to everyone” potential for economic development.
In addition to thanking Pakistani authorities for their insights into the “excellent opportunities” surrounding investment that may potentially be realized, he said, “Working together, we will do what we can with our colleagues in the Government of Pakistan to make that happen.”
He claimed to have discussed every topic of mutual concern in regional foreign affairs with FM Dar.
Dar, meanwhile, said that the two conducted in-depth conversations covering a wide range of topics regarding their diverse forms of collaboration. He said that the visit had given the Saudi team direct knowledge of the SIFC and that he appreciated the “keen interest” of the Saudi leadership in boosting investments in Pakistan.
UN efforts to end the Gaza conflict are “wholly insufficient,” according to Saudi FM
During the news conference, the foreign minister of Saudi Arabia also discussed the situation in Gaza, stating that current international efforts to achieve a truce were “wholly insufficient.”
“We have killed well over 33,000 civilians by this point. People in Gaza were starving to death because humanitarian supplies was not getting to them, he said, adding, “We are now actively discussing the potential for famine there.”
“This circumstance is intolerable.
He declared, “The international system, as well as the systems of international law and government, have completely failed to live up to their responsibilities.”
The Saudi FM declared, “There is no justification for the restriction of humanitarian aid in entering Gaza,” adding that “we have not seen sufficient data [on aid] entering” in spite of two UN Security Council resolutions.
“A change in the aid situation is finally starting to become apparent. He denounced the “double standards” of Western countries and added, “Unfortunately, that happened after six western aid workers were killed by Israel, but it didn’t happen after 33,000 Palestinians were killed.”
“We believe that everyone’s top priority should be de-escalation, and we’ll do everything within our power to advance that goal,” he stated.
Gaza was a topic of bilateral discussion between the foreign ministers, according to FM Dar, who also expressed Pakistan’s “deep concern” over the situation.
He asserted that awareness around the planet needs to awaken. Dar stated that responsibility for the atrocities done must be taken, and the displaced Palestinians must be allowed to return.
“We think that the establishment of a Palestinian state in accordance with the 1964 resolution will be the permanent solution to this issue,” FM Dar stated.
Attending the SIFC conference is Saudi FM
According to a news release from the Foreign Office (FO), the Saudi diplomat had earlier attended the Saudi Arabia-Pakistan Investment Conference organized by the SIFC.
It also stated that FM Dar emphasized the value of strengthened bilateral strategic and economic cooperation as well as the critical role Saudi investments play in fostering bilateral ties between the two nations.
Furthermore, he elucidated Pakistan’s objective of optimizing investment procedures and guaranteeing prompt decision-making via the SIFC, so cultivating a thriving investment-friendly milieu within the nation. Dar invited Saudi investors to participate in win-win collaborations by showcasing the wealth of potential in the mining, agriculture, and IT industries.
FM Dar projected substantial economic development and long-term advantages, expressing confidence in the deepened ties between the two nations. He urged positive participation and teamwork in the direction of shared wealth and growth in his closing remarks.
According to the FO, SIFC representatives provided in-depth briefings on the potential and investment prospects in important areas of Pakistan’s economy. “In order to crystallize investment opportunities in Pakistan, both sides held extensive deliberative sessions at the functional level,” the FO continued.
The Saudi side conveyed gratitude for the International Financial Corporation’s (SIFC) assistance in mediating the kingdom’s business and investment-related disputes amicably, and they indicated a strong desire to participate in Pakistan’s most important sectors. The Saudi side was promised full support and expedited procedures in order to expedite the kingdom’s potential multibillion-dollar investments in Pakistan by the Pakistani side.
The FO stated that in order to translate the sovereign promises into concrete economic results, “the two sides also finalized a bilateral implementation mechanism to closely coordinate and execute investment related matters at the functional level.”
To accelerate Saudi investments, we must collaborate: PM Shehbaz
Prime Minister Shehbaz Sharif stated earlier today that in order to expedite the first phase of Saudi investments in Pakistan under the new structure, Islamabad and Riyadh needed to collaborate closely.
During a meeting with the Saudi foreign minister, he said this.
Following the meeting with the Saudi delegation, the Prime Minister’s Office (PMO) released an official handout in which the PM expressed his profound gratitude for the leadership of the kingdom and sent his best wishes to King Salman bin Abdul Aziz Al Saud and Crown Prince Mohammed bin Salman.
The prime minister emphasized the importance Pakistan places on its long-standing friendship, business partnership, and geopolitical alliance with Saudi Arabia. He claimed that both nations had always stood united, according to the statement.
The visit of the Saudi group was a “manifestation of the strong commitment of both countries to the strengthening of bilateral relations focused on mutually beneficial economic cooperation,” he said, recalling his “warm and productive” meeting with the crown prince earlier this month.
In order to expedite the first phase of Saudi investments in Pakistan under the new arrangement, the prime minister stated that both parties required to work closely in this respect, according to the statement.
The Saudi delegation was also briefed by PM Shehbaz about the SIFC’s efforts to encourage investment in Pakistan.
“He also emphasized the critical role of General Syed Asim Munir, the Chief of Army Staff (COAS), and the collaboration of all institutions for the promotion of investment in the nation through SIFC,” the release read.
The Saudi foreign minister, meantime, conveyed the kingdom’s gratitude for the kind welcome extended to the group and emphasized how highly valued its relations with Pakistan were.
It said, “The kingdom’s commitment to an enhanced strategic and economic partnership with Pakistan was also conveyed by the foreign minister.”
The statement went on, “The worsening situation in the occupied Palestinian Territories was also discussed.”
Saudi Arabia and Pakistan reaffirm their commitment to fostering economic relations.
At the Aiwan-i-Sadr, the Saudi delegation also had a meeting with President Asif Ali Zardari. Pakistan and the Kingdom of Saudi Arabia (KSA) have reaffirmed their intention to forge a solid alliance and advance economic cooperation for the benefit of both of their countries, according to a statement released by the President’s House on X.
The two nations have a long-standing relationship, as Zardari acknowledged, with Pakistan hoping to develop those ties into a long-term strategic and economic alliance.
He pointed out that Saudi Arabia’s advancement was correlated with the wealth of the Islamic world. The crown prince’s inspirational leadership and the advancements made possible by the Vision 2030 economic diversification plan were also praised by the president.
The president expressed gratitude to Saudi Arabia for helping Pakistan through hard times and reaffirmed Pakistan’s support for the kingdom and its highest admiration for King Salman.
President Zardari was echoed by the Saudi Foreign Minister, who stated that the Kingdom of Saudi Arabia was “committed to building a strong partnership” with Islamabad and that it regarded its relations with Pakistan as crucial.
He also emphasized the close ties and decades of mutual assistance between the two nations. The Pakistani diaspora made significant contributions to the kingdom’s growth, as acknowledged by the Saudi FM.
The two parties urged for an immediate and unconditional ceasefire as well as a stop to the horrors in Gaza at the meeting and talked about regional dynamics and current Middle East developments.
According to the statement, both parties also discussed matters of mutual concern and the difficulties facing the Muslim Ummah.
getting along with COAS
According to an Inter Services Public Relations statement, the Saudi foreign minister also had a meeting with General Asim Munir, the Chief of Army Staff (COAS).
Their conversation focused on strategies and shared interests to strengthen bilateral cooperation in a number of sectors.
The Saudi ambassador emphasized the strategic and long-lasting nature of the two countries’ relationship and the need to explore various options for the ongoing development of bilateral ties.
“COAS expressed gratitude for the delegation’s visit and reaffirmed the historical ties of fraternity that bind the Kingdom of Saudi Arabia and Pakistan together. He emphasized the respect and fondness Pakistanis have for their Saudi brothers and sisters.
“COAS expressed his best wishes for mutually beneficial outcomes from the interaction for both states and reiterated full support for the delegation,” the ISPR stated.
