At the end of Ramadan, the prime minister flew to the kingdom to see the holy cities and meet with the crown prince. The de facto Saudi ruler had provided favourable signals about his country’s investment in Pakistan. Following the mini-summit, the Saudi foreign minister paid a visit to Islamabad last month.Accompanied by many other ministries, the kingdom’s top diplomat reaffirmed his country’s intention to invest in Pakistan. During Shehbaz Sharif’s most recent trip to Saudi Arabia, which coincided with a World Economic Forum event in Riyadh, the prime minister met with Mohammed bin Salman and numerous Saudi ministers. The atmosphere at these encounters were also encouraging, and the message was consistent: Saudi Arabia wishes to invest in the country.
At a time when the government is attempting to revive the economy, news of Saudi money entering Pakistan can only be positive. Riyadh appears to be more interested in investing in agriculture, while energy projects were also mentioned during Mr Sharif’s recent visit. As the Saudi commerce minister stated, the crown prince is “prioritising trade and investment in Pakistan.”
It is now up to us to decide how to take use of this chance. We have the option of using these investments to create local jobs and growth, or we can squander this opportunity, as we have done in the past due to incompetence and political instability.Thankfully, there appears to be a recognition at the top that we must improve our internal dynamics in order to attract international investment and make Pakistan an appealing destination for abroad capital. Mr Sharif hinted at the need to clean up our stables when he confessed at a WEF gathering in Riyadh that Pakistan’s income sector is “in tatters”.
Revenue is not the sole area for progress. It is also critical to eliminate corruption and red tape, as well as create a regulatory and administrative environment that prioritises ease of doing business. It is hoped that the Saudi offers will be fulfilled shortly, while other foreign investors from the Gulf and beyond are also invited to investigate potential in Pakistan.However, it should be noted that in order to attract maximum international investment, an environment of domestic political stability is required.
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