Fozia Azam

Saudi Arabia is committed to helping Pakistan overcome its current economic crisis, made worse by recent flood disasters, for achieving political stability and preserving national security, a former Saudi ambassador to Pakistan, Dr Ali Awadh Asseri said. Speaking at the Islamabad Conclave, hosted by the Institute of Strategic Studies, he said, Saudi support is evident from Crown Prince Mohammed bin Salman’s personal commitment to ensure long-term investments in the energy sector, in addition to meeting Pakistan’s immediate financial demands.

He said that the Saudi leadership has committed to investing $20 billion in projects in Pakistan, including a refinery, a petrochemical complex, mining, and renewable energy. There is also a tonne of room for Saudi public and private investment in other industries, including textiles, sports, leather products, and surgical equipment, Dr Asseri added. He said that the economic relationship between Pakistan and Saudi Arabia is undergoing a significant transformation, with the Kingdom interested in long-term investments in Pakistan’s development sector while still strengthening its foreign exchange reserves.

“We have a unique, profound, and durable relationship in the political, security, economic, and cultural spheres of cooperation. There is no doubt that this brotherly bond will reach new heights under our dynamic and visionary leadership,” Dr Asseri added. He said he was sure that Prime Minister Shahbaz Sharif possesses the skills, courage, and determination necessary to move Pakistan forward. He can rely on Saudi Arabia and its leadership for whatever assistance is required for political and economic stability, according to Dr Asseri, who is a board member of RASANAH, the leading Saudi think tank on Iranian matters.

He urged the government to take corrective action by fostering commercial ties and vocational training. He added, “The Saudi Vision 2030 offers enormous opportunities for Pakistan’s trade and investment relationship with the Kingdom and employing its skilled manpower in mega development projects.” The Islamabad Conclave’s second session, themed “75 Years of Independence: Achieving Comprehensive National Security,” included a number of eminent domestic and international speakers in five working groups. The topic of Dr Asseri’s speech was “Enhancing Pakistan’s Economic Outreach to Saudi Arabia and the Gulf Cooperation Council.”

Credit : Independent News Pakistan-WealthPk