The Saudi touch

The landmark visit of Saudi Foreign Minister Faisal bin Farhan has laid the genesis of a long-term economic cooperation. The two-day visit of a high-powered delegation will surely reap dividends, as it was also a prelude to Crown Prince Mohammed bin Salman’s proposed sojourn in Pakistan. While investment and buoying of trade topped the agenda, what made this interaction resounding was the chairing of a special briefing of the Special Investment Facilitation Council by the Royal guest. At a time when chips are down in Pakistan, the Saudi involvement and their generosity to pick up the threads for knitting the fabric is duly appreciated. The Saudi initiative to proactively engage the business communities on either side and to push the envelope of big-ticket projects is likely to see expanded investments, thereby harnessing an era of renewed bilateralism.

The Saudi delegation members rubbed shoulders with their respective Pakistani counterparts, leading to expectations for significant benefits in days to come. An oil refinery project in Balochistan, petro-chemical deals and cooperation in food and agriculture sectors are on the cards, promising direct investment to the tune of $10 billion. Moreover, the SIFC eyes around $25 billion from various collaborative ventures, and the visit has simply confirmed the premise of confidence in Pakistan’s roadmap for development and regional cooperation. Perhaps, this is why Prince Farhan called for de-escalation in the region in the wake of an intending duel between Iran and Israel, likewise addressing the volatility in Gaza.

Pakistan has always been in a win-win situation owing to the benevolence of the Saudi leadership, and their coming to aid at this critical juncture is a case in point. A new deal with the IMF and a rejuvenated roadmap for minerals, industrial and petro-oil projects promise to put Pakistan on the path of prosperity. This new semblance necessitates continuity and profound transparency, as well as political stability. Such a theme is indispensable to solicit the confidence of mega businesses and also to ensure their profitability. The Saudi healing touch is a guarantee to success.

Published in The Express Tribune, April 18^th, 2024.

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