PM Shehbaz Lauds Special Investment Facilitation Council's Role in Attracting Saudi Investment

Prime Minister Shehbaz Sharif praises SIFC's role in facilitating $5B Saudi investment in Pakistan, highlighting the potential for economic growth through international collaboration.

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Rizwan Shah
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PM Shehbaz Lauds Special Investment Facilitation Council's Role in Attracting Saudi Investment

PM Shehbaz Lauds Special Investment Facilitation Council's Role in Attracting Saudi Investment

Prime Minister Shehbaz Sharif praised the critical role of the Special Investment Facilitation Council (SIFC) in facilitating Saudi investment in Pakistan during a consultative meeting with federal ministers in Riyadh. The meeting was held as part of the World Economic Forum's Special Meeting on Global Collaboration, Growth and Energy for Development, which is being attended by around 1,000 leaders from 92 countries.

During the meeting, Prime Minister Shehbaz emphasized the need to work tirelessly for Pakistan's progress and prosperity, stating that "there is no room for laziness and that the country must move forward swiftly." He received detailed briefings from various ministries on the progress of investment with the Saudi government and consulted with federal ministers on how to effectively present Pakistan's stance at the World Economic Forum.

The Prime Minister's visit to Saudi Arabia has already yielded significant results, with a landmark investment commitment of $5 billion from the Kingdom. This investment is part of a larger $25 billion package over five years under the SIFC, aimed at revitalizing Pakistan's economy with a focus on sectors like minerals, energy, IT, agriculture, and defense.

During a high-level meeting led by the General Secretary of the Saudi-Pakistan Supreme Coordination Council, Mohammed bin al-Tuwaijri, the two countries discussed aligning economic ties with Saudi Arabia's 'Vision 2030' agenda. Al-Tuwaijri expressed Saudi Arabia's commitment to increasing investment in Pakistan and briefed Shehbaz on the objectives of Vision 2030, which aims to diversify the Saudi economy and position the country as a global investment hub.

Why this matters: The significant investment commitment from Saudi Arabia and the strengthening of economic ties between the two nations have the potential to provide a much-needed boost to Pakistan's economy. The focus on key sectors such as minerals, energy, and agriculture could lead to job creation, infrastructure development, and overall economic growth in Pakistan.

Prime Minister Shehbaz Sharif's successful visit to Saudi Arabia and the positive outcomes of the consultative meeting with federal ministers highlight the importance of international collaboration and investment in driving Pakistan's economic progress. The Prime Minister's emphasis on tireless work and swift action underscores his commitment to steering the country towards prosperity and development.

Key Takeaways

  • PM Shehbaz praised SIFC's role in facilitating Saudi investment in Pakistan.
  • Pakistan secured a $5 billion investment commitment from Saudi Arabia as part of a $25 billion package.
  • The investment aims to revitalize Pakistan's economy in sectors like minerals, energy, IT, and agriculture.
  • Saudi Arabia and Pakistan discussed aligning economic ties with Saudi's 'Vision 2030' agenda.
  • The investment commitment and strengthened ties have the potential to boost Pakistan's economy.