IT was quite appreciable to note that through the determined, committed, sincerest and collaborative efforts of the political and military leadership, Pakistan was gradually moving upward trajectory economically and also overcoming chronic problem of isolation internationally. As these efforts were continuing objectively, foreign heads of states and governments as well as foreign dignitaries are visiting Pakistan and the country is hosting internationally important moots recently held Shanghai Cooperation Organization (SCO) Summit being the latest instant in this regard.
Prime Minister Muhammad Shehbaz Sharif recently concluded a fruitful visit to Saudi Arabia for the Future Investment Initiative (FII) and a significant meeting with Crown Prince Mohammad Bin Salman in Riyadh. Addressing the plenary session of FII’s 8th edition, the PM emphasized the need for global collaboration in Artificial Intelligence, Health and Education to tackle contemporary challenges, highlighting Pakistan’s journey towards a knowledge-based economy driven by innovation in these domains. He invited participants from around the world to invest in Pakistan, stressing that no nation could address today’s challenges alone or harness tomorrow’s potential without mutual support. Sharif underscored AI’s role as a revolutionary force in economic societies and industries, asserting Pakistan’s commitment to excelling in AI by encouraging young minds to redefine its boundaries, training skilled engineers and data scientists as the backbone of AI growth and equipping the workforce to leverage AI across industries.
The theme of the FII was “ Infinite Horizons ;Investing Today, Shaping Tomorrow” and focused on global investments aimed at addressing major issues such as artificial intelligence, robotics, education, energy, space, finance, healthcare and sustainability. The PM was addressing the moot for the second time during his second tenure, first one was in October 2022 during his first tenure. Saudi Crown Prince Mohammad Bin Salman (MBS) is a very sincere friend of Pakistan and its people and in furtherance of Saudi Arabia’s long standing history of helping this country in all difficult times, he was always quite willing to extend all possible help and assistance to Pakistan as and when it needed and required.
During his important one-on-one meeting with the Saudi Crown Prince on the sideline of the 8th edition of Future Investment Initiative, they discussed plans to further expand economic collaboration across various sectors including trade, investment and the broader economy, between Saudi Arabia and Pakistan. They also underscored the long standing and deepening religious and cultural relations between Pakistan and Saudi Arabia reflecting the strengthening relationship between the visiting Pakistani leader and Saudi Crown Prince. Highlighting the significance and importance of the FII Conference, the PM praised the Crown Prince’s visionary leadership, noting that Saudi Vision 2030 closely aligns with Pakistan’s key policy objectives. The PM also availed the opportunity and extended his best wishes for the health and well-being of King Salman bin Abdul-Aziz and expressed gratitude to the Crown Prince for his country’s support regarding international financial institutions such as the International Monetary Fund (IMF).
Ongoing situation in Gaza and persisting Israeli aggression also figured during the meeting and both the leaders expressed their deep concern in this regard and stressed the dire need for international intervention for restoring peace in the region at the earliest possible. This was not all. A very welcome announcement regarding increase in Saudi Arabia’s investment raising the total to $ 2.8 billion with a very recent increase of $ 600 million and signing of more Memorandum of Understandings (MoUs) in different sectors. This good announcement was made by Saudi Investment Minister Sheikh Khalid Bin Abdul Aziz Al Faleh in the presence of PM Shehbaz Sharif. He also said that the number of MoUs between the two countries has also risen to 34 which quite obviously signified a further deepening of economic ties between the two nations adding that five of these investment projects have already commenced focusing on key sectors such as healthcare and energy.
This very appreciable announcement was a follow up of a series of meetings and an earlier visit only last month by a Saudi delegation of investors and businessmen which attended the business conference and afterwards signed as many as 27 MoUs worth $ 2.2 billion. Furthermore, the Saudi investors have also taken significant steps by acquiring land and assets to establish integrated medical complexes in Pakistan signifying good development in the healthcare sector. The PM’s two-day visit to Saudi Arabia proved to be quite successful, despite being very hectic and rather short. This visit adds another feather to his cap as he actively pursues increased foreign investment in Pakistan, which now follows a policy of ‘Trade, Not Aid.’ This approach bodes well for sustainable economic development in the country and supports a gradual, determined effort to overcome its substantial foreign debt.
—The writer is Lahore-based Freelance Journalist, Columnist and retired Deputy Controller (News), Radio Pakistan, Islamabad.
