Daily Times

Federal Minister for Finance Muhammad Aurangzeb has stated that Saudi Arabia’s private sector will make investments in Pakistan.

Addressing the Pak-Saudi Arab Business Forum event, the finance minister said Pakistan was on the track of economic development and stability. He welcomed the Saudi investors in Pakistan and hailed their investment decision. He said work on Reko Diq would begin soon.

Pakistan has been witnessing continuous economic stability under the leadership of PM Shehbaz Sharif for the last one year and reaping the benefits of a stable economy.

Aurangzeb asserted that Pakistan saw reduction in current account deficit, decrease in inflation and stability in rupee besides surge in foreign exchange reserves. Reduction in interest rate was expected to restore economic activities, the minister said.

He said the government was committed to undertaking economic reforms and microeconomic stability. These measures would promote sustainable growth and tax reforms that would led to a better position on the economic front, he added.

The government wasn’t supposed to do business but to provide facilities and conducive environment for business. Economy would grow in partnership with the private sector, he said. Earlier, Federal Minister for Commerce Jam Kamal stated that Pakistan was a pivotal investment and trade partner for Saudi Arabia having multiple opportunities for investment. Saudi Arabia would invest in agriculture, mining and IT sectors and the business forum would boost investment in various sectors, he said.

Separately, Deputy Prime Minister Ishaq Dar has expressed Pakistan’s firm commitment to working closely with Saudi Arabia to explore the potential for cooperation in various fields between the two countries. Addressing Pak-Saudi Business Forum in Islamabad on Tuesday, he said Pakistan offers a wide range of investment opportunities especially in the areas of IT, mines and minerals, renewable energy and agriculture and livestock.

Deputy Prime Minister said that Pakistan is actively fostering innovation, enhancing its infrastructure and streamlining regulatory framework to create an investment friendly climate.