Saudi Arabia’s Crown Prince Mohammed bin Salman has reiterated the government’s commitment to economic growth and diversification through an expansive budget for 2024. According to Saudi Press Agency, the Crown Prince said the budget announced by King Salman will help support various ongoing programmes and initiatives to improve the KSA’s investment environment, strengthen infrastructure and raise quality of services provided to citizens, residents and visitors to the country
The Crown Prince indeed has shown a clear vision and farsightedness to drive the Kingdom on path of diversification of economy that is not reliant alone on oil exports. For this, he has come forward with some very important projects. The Crown Prince has also particularly highlighted the intention to develop promising economic sectors, with a key emphasis on stimulating industrial sector. The goal is to increase local content and bolster non-oil exports. With the Saudi workforce reaching 2.3 million this year, the Kingdom is clearly making strides in employment and economic participation. Additionally, emphasis on tourism and sports sectors highlights a multifaceted approach to economic development. This approach indeed will foster innovation and employment opportunities as well as further strengthen the Kingdom’s stature and position at global level. The KSA is setting a remarkable example for others.
The people of Pakistan share a special bond of love and affection with the KSA, and witnessing its remarkable development and progress brings great happiness to hearts of Pakistanis. The deep-rooted ties between two nations go beyond diplomatic relations as they are built on a foundation of shared values, cultural affinities and a mutual commitment to each other’s well being. As we are close to signing a free trade agreement with the Gulf Cooperation Council (GCC), we expect its materialisation will open new doors of cooperation and investment between Pakistan and Gulf countries. We must also consider diversifying our export portfolio to substantially enhance our exports to Gulf countries, particularly Saudi Arabia, which exhibits a high demand for various products due to rising number of religious tourists there.
