Islamabad (TDI): Federal Minister for Planning, Development, and Special Initiative, Ahsan Iqbal met with Saudi Arabia’s Minister of Investment, Khalid Bin Abdul Aziz Al-Falih in Islamabad.
The discussion centered on deepening bilateral cooperation in trade, agriculture, and water management.
During the meeting, Ahsan Iqbal emphasized the long-standing and unique relationship between Pakistan and Saudi Arabia, stressing the need to enhance economic cooperation to match their strong political ties.
The Minister said that the political relationship would strengthen further through robust economic cooperation. He cited the $4.6 billion bilateral trade in 2022 and reiterated Pakistan’s commitment to significantly increasing this figure under Saudi Arabia’s dynamic leadership.
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Reflecting on Pakistan’s successful cooperation with China through the China-Pakistan Economic Corridor (CPEC), Iqbal noted how CPEC began in 2013 and has brought $25 billion in investments to Pakistan.
CPEC showed that with the right policies, Pakistan could attract global interest and investment. Unfortunately, due to policy missteps, that momentum was lost, but Pakistan is committed to restoring and strengthening it.
Highlighting the government’s 5Es framework developed through consultations with over 1,000 sector experts, Ahsan Iqbal stressed the urgent need for Pakistan to focus on an expert-led growth strategy to stabilize and grow the economy.
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He emphasized the importance of training and upgrading the technical skills of Pakistan laborers working in Saudi Arabia to avoid any reduction in FDI and remittances from the Kingdom.
The discussion also explored opportunities for collaboration in agriculture with Ahsan Iqbal highlighted Pakistan’s position as the third-largest milk producer in the world. It has the potential to export high-quality agricultural products. He also suggested joint efforts in exporting meat to third countries.
Addressing water scarcity, both ministers explored the potential for desalination technology. Ahsan Iqbal proposed a Pakistan-Saudi-China partnership to develop advanced solutions for water management.
Saudi Minister Al-Falih lauded Pakistan’s economic aspiration. He also reiterated Saudi Arabia’s commitment to lowering the cost of desalination to benefit both countries.
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He further pledged Saudi cooperation in helping Pakistan achieve its ambitious vision for 2025. This includes the goal of becoming a trillion-dollar economy by 2035.
The meeting ended with both ministers expressing optimism about the immense potential for future collaboration in key sectors. This paves the way for further strengthening Pakistan-Saudi economic ties.
