اردو(Urdu) English(English) عربي(Arabic) پښتو(Pashto) سنڌي(Sindhi) বাংলা(Bengali) Türkçe(Turkish) Русский(Russian) हिन्दी(Hindi) 中国人(Chinese) Deutsch(German)
Friday, June 14, 2024 20:58
Question of Palestine Eternal Wisdom: Iqbal Building Futures: Empowering Pakistan's Youth for Tomorrow Tourism: An Essential Element for Sustainable and Inclusive Growth Connecting Youth to Global Opportunities Algorithms: The Silent Architects of Warfare Pakistani Youth: The Driving Force for National Progress Investing in Future Generations: Pakistan Army Lost Voices: The Systematic Marginalization of Indian Muslims Parallel Struggles: Examining the Palestinian and Kashmiri Quests for Self-determination Emergence of BJP as a Hindutva Force The Fourth Industrial Revolution: Transforming Pakistan Building Sustainable Cities: Urban Search and Rescue Preparedness Simulation Exercise In the Pursuit of Happiness: Understanding Hedonia, Eudemonia, and Naikan COAS’ U.S. Visit: Strengthening Ties and Fostering Collaboration A Biological Marvel of Human Heart Educational Empowerment: FC Balochistan (North) Initiates Literacy Program for Soldiers Digital Pakistan Journey: Pioneering Towards a Connected Future Driving Digital Transformation: Pakistan CJCSC Calls on His Majesty King Abdullah II Ibn Al Hussain During His Visit to Jordan COAS' Peshawar Visit Highlights Security, Socioeconomic Development and National Unity Unity in Diversity: COAS Joins Christmas Celebrations with Christian Community in Rawalpindi Chief of the Naval Staff Attends Indian Ocean Naval Symposium in Bangkok Strengthening Bonds and Elevating Collaboration: Combat Commander Turkish Air Force Calls on Chief of the Air Staff Closing Ceremony of Multinational Special Forces Exercise Fajar Al Sharq-V Strengthens Counterterrorism Collaboration Off the Beaten Track: Exploring Jiwani's Coastal Marvels and Heritage Special Investment Facilitation Council: A Game Changer for the Economy of Pakistan Rising Stars: Pakistan’s Youth Shines Bright in 2023 Indian Supreme Court’s Decision and the International Law Challenges to Justice: The Indian Supreme Court’s Fallacy in IIOJK Belt and Road Initiative: Strengthening Global Ties with Unhindered Trade and Connectivity The Media Matrix: Unraveling How Technology Shapes Our Perception Decoding Human Interaction: The Comprehensive Guide to Reading Body Language The Magic of Moscow On the Same Wavelength: Suno FM's Impact on Community Empowerment, Diversity, and Social Progress in Pakistan The Journey of SAIL: A Beacon of Hope for Autism in Gilgit-Baltistan Pakistan National Youth Convention 2024: COAS Stresses Youth's Vital Role, Urges Unity, and National Strength Vice Foreign Minister of the People’s Republic of China Calls on COAS COAS Attends Inauguration Ceremony of the Second Chapter of NASTP Silicon PAF's Induction and Operationalization Ceremony Showcases Technological Advancements and Operational Excellence COAS Witnesses Firing of Different Air Defense Weapon Systems During Exercise Al-Bayza-III, 2024 COAS Visits POF Wah, Highlights Importance of Indigenous Defense Industry Exercise Sea Guard-24: Strengthening Maritime Security Al-Noor Special Children School and College Celebrates International Day of Persons with Disabilities 2023 in Multan Garrison Exercise BARRACUDA-XII: Strengthening Global Cooperation for Maritime Safety and Environmental Protection Pakistan-Qatar Joint Aerial Exercise "Zilzal-II" Held in Qatar March 23, 1940: Charting the Course for Pakistan's Future Peshawar’s Namak Mandi: A Gemstone Heaven Genocide in Palestine Rising Cities, Shrinking Spaces: Tackling Overpopulation and Urbanization in Pakistan Impact of Pakistan Resolution Day on National Identity Building Leaders: Jinnah and Iqbal's Timeless Wisdom for Today's Youth National Parks–Natural Assets India's New Playbook for Extraterritorial Assassination of Opponents The Legacy of Khan Brothers in Pakistan Armed Forces (Part II) Beyond the Battlefield: AIMH’s Quest for Military History Preservation The Siege of 634 A.D. (Part II) SIFC, From Vision to Reality (Part II) A New Dawn in Pakistan's Agriculture The Crowdsourcing Practices The Last Post: Eulogy of a Hero Securing Tomorrow’s Food: Sustainable Agriculture and Aquaculture in Pakistan The Saindak Copper-Gold Project: A Beacon of Pak-China Friendship and Prosperity Prime Minister of Pakistan, Prime Minister of Azad Jammu and Kashmir, and COAS Visit Muzaffarabad CJCSC Calls on Minister of Defense, KSA 7th International PATS Exercise-2024 Held at NCTC, Pabbi CNS Visits Coastal Belt of Sindh and Coastal Areas of Balochistan to Oversee the Conduct of Exercise Seaspark-2024 Keel Laying Ceremony of the Second HANGOR Class Submarine Held at Karachi Shipyard and Engineering Works Chinese Ambassador Calls on Chief of the Air Staff Pakistan Navy Demonstrates Combat Readiness with Live Missile Firing Exercise in the North Arabian Sea PAF's Jf-17 Thunder Block-III Fighter Jet Participates in World Defense Air Show-2024 A Day of Celebration and Global Solidarity: Pakistan Day Parade 2024 Gaza: A Tragedy Beyond Words Better Late than Never... Escalating Tensions: India's Violations of the Indus Waters Treaty Preserving Pakistan Pakistan Day Parade-2024: A Celebration of National Unity and Strength Demolition of Muslim Properties in India: A Weapon of Choice and State Policy Sustainable Energy Transition: Strategies for Pakistan’s Shift towards Renewable Resources and Energy Efficiency The Impact of Climate Change on Global Health: Building Resilient Health Systems SIFC, From Vision to Reality (Part III) Emerging from the Depths: The Pakistan Army Dedicated to Promoting Tolerance and Diversity: Pakistan Army, in Collaboration with the University of Peshawar, Hosts a Successful Grand Peace Fair Pak-Saudi On Job Training 2024 CJCSC Addresses SCO Military Medical Seminar 2024 on Challenges in Military Medicines Loyalty, Honor, Duty: The Pivotal Role of Pakistan Armed Forces in Upholding Peace and Security From Darkness to Light–One Year On: Contemplating May 9, 2023 to May 9, 2024 Beyond the Smoke and Mirrors Global Perspectives on Content Regulation: Examining Network Enforcement Act and Disinformation Laws The Issue of Palestine: A Historical, Religious, and Humanitarian Perspective Modi’s Guarantee and Hindutva Incorporated Divide and Conquer: The Dangerous Surge of Anti-Muslim Rhetoric in Indian Politics India's Hybrid Warfare in Kashmir India: Where the Price of Protest is Death! Pakistani Peacekeepers and the International Peacekeeping Day Empowering Pakistan: Navigating the Path to Sustainable Energy Autarky Overpopulation: Navigating Challenges and Charting Solutions for Pakistan Pakistan and Saudi Arabia Friendship: Dawn of a New Era SIFC, From Vision to Reality (Part IV) A Tale of Two Sultans: Brigadier Sultan Ahmed, SJ & Bar (Part II) In the Footsteps of Valor: A Journey through Peshawar Garrison Pakistan Military Academy Passing Out Parade-2024 CGS Turkish Armed Forces Calls on COAS Green Pakistan Initiative Conference Highlights National Commitment to Agricultural Innovation and Economic Growth Commander Turkish Land Forces Calls on COAS Minister of Foreign Affairs, KSA, Calls on COAS Assistant Minister of Defense, KSA, Calls on COAS PAF Academy Asghar Khan Hosts Prestigious Graduation Ceremony for Aviation Cadets Faculty and Students from Muzaffargarh Government Post Graduate College Visit Multan Garrison SIFC's First Year: Transforming Pakistan's Investment Landscape SIFC’s First Birthday SIFC Building an Investor's Paradise: A Major Improvement in Pakistan's Investment Environment SIFC, From Vision to Reality (Part V) : Driving Growth in Industry, Tourism, and Privatization SIFC and Pakistan’s Economic Landscape: A Year in Review China Social Media in Pakistan: Balancing Risks and Governance for National Security Indian Ambitious “Make in India” Approach for Defense Production: An Appraisal India's Bold Shift: Extraterritorial Killings and Regional Instability as the 'New Normal' Charting a Path Towards Water Sustainability: Pakistan Comparative Analysis of IQ, EQ, SQ and AQ Harboring Opportunities: The Socioeconomic Benefits of Gwadar Port Development for Pakistan and the Region From Gridlock to Green Lanes: OLMRTS Drive Progress Evolution of Multan: A Journey Through the Past, Present, and Future Empowering Tomorrow's Entrepreneurs: The Al Barq e-Business Hub Embracing Tradition: Welcoming the 17th Entry to Military College Sui Balochistan Champions of the Desert: Balochistan Sheikha Fatima Bint Mubarak Girls Cadet College Turbat Hosts First Passing-out Parade Secretary General of Defense and National Armaments, Italy, Calls on CJCSC U.S. CENTCOM Commander Calls on COAS Chief of Defense Forces Australia Calls on COAS Turkish Foreign Minister Visits COAS COAS and CGS UK Army’s Address at 6th Pakistan-UK Regional Stabilization Conference GHQ Investiture Ceremony Held at General Headquarters COAS Extends Condolence to Iran Following Helicopter Crash That Claimed Top Officials CNS visits PLA (Navy) Headquarters China CNS Attends 19th Western Pacific Naval Symposium CNS Attends the Launching Ceremony of 1st HANGOR Class Submarine CAS Calls on General Secretary of MOD and Commander of Iraqi Air Force Commander Southern Command and 2 Corps Visits Khairpur Tamewali Pakistan-U.S. Navy Bilateral Exercise Inspired Union 2024 Pakistan Navy's Humanitarian Mission in Balochistan's Flood-ravaged Villages
Advertisements

Hilal English

Pakistan and Saudi Arabia Friendship: Dawn of a New Era

May 2024

A Reflection on the Pakistan-Saudi Arabia Investment Conference 2024


This article provides an enriching narrative of Pakistan and Saudi Arabia's profound bond, marked by shared history, culture, and strategic interests, as they forge ahead into a promising era of economic collaboration showcased vividly at the 2024 Investment Conference, promising a brighter future for both nations.


Pakistan maintains strong bilateral relations with all Muslim countries worldwide. However, its relations with Saudi Arabia have remained particularly special. The reasons behind the warm relationship between the two countries are rooted in enduring and mutual religious, defense-related, cultural, and mercantile ties. Both countries have remained committed to supporting each other since the signing of the Treaty of Friendship in 1951. Over the years, they have also succeeded in developing a unique synergy for mutual development.
Saudi Arabia hosts the largest Pakistani diaspora, which has played a pivotal role in bolstering institutional infrastructure across various sectors, including engineering, medicine, and economics. Pakistani professionals have been instrumental in advancing the Kingdom's development goals, while skilled and non-skilled workers have contributed significantly, underscoring their importance as valuable assets to Saudi Arabia's growth trajectory.


The ‘Vision 2030’ of Muhammad Bin Salman Al Saud, the Crown Prince of Saudi Arabia, revolves around a few key elements, which include the revival of the administrative system, improving the political ecosystem, and developing a culture where law-abiding is considered a prime responsibility. 


Being two leading members of the Organization of Islamic Cooperation (OIC), both countries, in consonance with each other, have played an important role in uniting the Muslim world on a common platform. In the recent past, this relationship between the two countries has taken a new turn and embarked upon a path of mutual benefit and support. The ‘Vision 2030’ of Muhammad Bin Salman Al Saud, the Crown Prince of Saudi Arabia, revolves around a few key elements, which include the revival of the administrative system, improving the political ecosystem, and developing a culture where law-abiding is considered a prime responsibility. Embedded in these objectives is economic diversity through exploring options other than oil, pilgrimage, as well as ensuring food security for the population.
Main Elements of the Pakistan-Saudi Arabia Investment Conference
Pakistan has aligned itself with the objectives of Saudi Arabia's 'Vision 2030' and has offered a long list of investment opportunities to Saudi Arabia with bilateral benefits and advantages. The visit of the Prime Minister of Pakistan to Saudi Arabia during the month of Ramadan and the plan of the Saudi Crown Prince to visit Pakistan in the near future are links in the same chain. After the Prime Minister of Pakistan's visit to Saudi Arabia, a high-level delegation from Saudi Arabia visited Pakistan on April 15, 2024, welcomed by the Pakistan Foreign Minister. The delegation had a formal meeting with the Special Investment Facilitation Council (SIFC) as well, during which various aspects were discussed. A brief overview of the Pakistan-Saudi Arabia Investment Conference, held on April 16, is provided below:
▪ The Saudi delegation, led by the Saudi Foreign Minister, was accompanied by a myriad of officials, experts, and corporate sector leaders.
▪ The conference commenced with opening remarks by counterparts from both countries, followed by a detailed presentation of investment opportunities available in Pakistan for mid-to-high-level investments.
▪ This presentation was followed by a question-answer session during which Saudi officials posed intriguing questions about the pitched opportunities.
▪ Following a brief break, both sides were divided into small groups for a series of breakout sessions related to their respective sectors. These sessions served as the main course of the conference, allowing discussions on relevant projects.
▪ During these breakout sessions, officials from both countries convened in separate lounges, where detailed presentations of available projects were made.
▪Towards the conference's conclusion, it was mutually agreed to make the frequency of such meetings and conferences regular, at least once every month. Both countries also agreed to establish joint working groups for each sector to monitor progress on agreed-upon projects.
▪ Finally, both countries decided to create a digital dashboard regularly updated to allow both sides to track the degree and level of completion of agreed-upon projects.


After the Prime Minister of Pakistan's visit to Saudi Arabia, a high-level delegation from Saudi Arabia visited Pakistan on April 15, 2024, welcomed by the Pakistan Foreign Minister.


Peculiarities of the Pakistan-Saudi Arabia Investment Conference 
There have been numerous conferences, meetings, and delegation visits in the past, but the recent conference carries a unique façade never seen before. Several special features of the recent Pakistan-Saudi Arabia Investment Conference are highlighted below:
▪ The conference was conducted to enhance collaboration between the two countries regarding business operations, joint ventures, and investment opportunities. No discussions were held related to loans, grants, aids, or similar passive financial models.
▪ A detailed and deliberate meeting plan was prepared in advance, focusing on tangible investment opportunities available in Pakistan for Saudi Arabia to capitalize on. This resulted in the execution of objectively concluded meetings, with the Saudi side clear on what was to be offered and on what terms.
▪A detailed pitch book was prepared highlighting investment opportunities in various sectors in Pakistan, including agriculture, information technology, telecommunications, petroleum, energy, tourism, and human resource development.
▪ The pitch book served as a teaser for available projects in the mentioned sectors. Each project was further broken down into various parts, including its description, market dynamics, unique value proposition, business model, and investment valuation. Key factors such as likely output, infrastructure development requirements, and manpower needs were outlined for each project, along with a brief financial layout including Internal Rate of Return, payback period, and likely project duration.


Towards the conference's conclusion, it was mutually agreed to make the frequency of such meetings and conferences regular, at least once every month. Both countries also agreed to establish joint working groups for each sector to monitor progress on agreed-upon projects.


▪ During the breakout sessions, experts, officials, and corporate sector leaders from both countries convened in dedicated lounges for detailed discussions on the available projects.
▪ With Saudi Arabia's confidence in Pakistani business models and opportunities improving, other Gulf countries are likely to follow suit. Pakistan has already entered into a number of Memorandums of Understanding (MoUs) with Middle Eastern countries. It is likely that with Saudi Arabia as an investment partner with Pakistan, those countries will also expedite the finalization of deals and agreements.
▪The world perceives Pakistan's seriousness of purpose through SIFC, which is moving in a straightforward direction with a single-point agenda: improving the economy. In just a little less than a year, SIFC has proven its mettle by identifying problem areas in economic development, highlighting key sectors critical to achieving economic growth objectives, and taking baby steps towards development in those sectors.
Underlying Opportunities
The conference holds great significance due to the various geopolitical and geostrategic dynamics affecting Pakistan in the region and globally. This unique environment presents a fleeting opportunity, the failure to seize which could result in substantial losses for Pakistan. Some of these dynamics include:
▪ Pakistan is grappling with a burdensome debt, which is draining its economy and posing a significant obstacle to development. The country struggles to generate sufficient funds to repay loan installments burdened with hefty interest rates, hindering progress towards forward-leaning development and growth.
▪ Saudi Arabia and other countries in the Middle East, Asia, and Africa are striving to secure food supplies for their populations in the coming years. As an agrarian nation embarking on its second agricultural revolution, Pakistan offers opportunities for addressing food security concerns in these countries.
▪ Pakistan possesses untapped treasures in the energy, mining, mineral, and IT sectors, which serve as lifelines for industries worldwide.
▪ India's religious extremism and terrorist activities through proxies in various countries are tarnishing its international reputation, resulting in the severing of business ties and collaborations with India. Pakistan can leverage this situation by offering opportunities to countries critical of India, such as Canada, China, and select Asian and European nations, providing them with markets for their goods and investment opportunities.
▪ Escalating tensions in Palestine have sparked global reactions, leading to mass boycotts of Israeli products and demands for an end to atrocities in Gaza. This places a responsibility on all Muslim countries, including Pakistan, to condemn the situation and attract investment from other nations while developing domestic products to achieve self-sufficiency, growth, and development.
In previous articles, I have mentioned that the SIFC is expected to help Pakistan emerge from its current dire situation within six to eight years. However, considering the pace at which the organization is operating and the initiatives by the government to overcome economic hurdles, it is anticipated that SIFC's main objectives will be achieved within a relatively shorter timeframe.



 

Article was read 436 times