Focus on investment as Shehbaz, MBS meet

PM thanks crown prince for organising a comprehensive programme for Pakistan

ISLAMABAD:

Prime Minister Shehbaz Sharif concluded his two-day visit to Saudi Arabia with a pivotal meeting alongside Crown Prince Mohammed bin Salman on Monday evening, expressing gratitude for the comprehensive program organized by the crown prince aimed at bolstering Saudi investments in Pakistan.

Throughout his bustling schedule in Riyadh, Prime Minister Shehbaz engaged in various significant activities. Notably, he addressed the plenary session of the World Economic Forum (WEF) under the theme of "Rejuvenating Growth." Amidst the forum, he seized the opportunity to convene with Saudi Commerce Minister, philanthropist Bill Gates, and several other global leaders.

During the productive discussions between the crown prince and the prime minister, both leaders expressed contentment regarding the advancements made on the decisions formulated during their previous meeting in Makkah, held during the holy month of Ramazan. Emphasizing their commitment to fostering bilateral cooperation across diverse sectors, they pledged to further elevate their collaborative efforts.

In a gesture of appreciation, the prime minister conveyed his gratitude to Crown Prince Mohammed bin Salman for dispatching a high-level delegation to Pakistan, led by the Saudi Foreign Minister, and for the subsequent missions focused on capital investments. Moreover, Prime Minister Shehbaz extended heartfelt thanks for the warm hospitality extended during his stay in Saudi Arabia.

Amidst the discussions, the dire situation in Gaza was also deliberated upon, underscoring the shared concerns of both nations. Prime Minister Shehbaz reiterated his invitation for the Saudi crown prince to visit Pakistan.

Earlier at the WEF plenary session, Prime Minister Shehbaz spoke about the issues facing Pakistan, listing inflation and debt as the two main problems. He termed the country’s debt a “death trap”, and said that the government was going for deep-rooted structural reforms to remedy the situation.

“We have a serious problem of inflation before us. And then we have a debt trap, I prefer calling it a death trap, which has crumbled our economy,” he said. “The power sector is in a shambles due to massive electricity theft and an elitist culture is doling out to those who did not deserve it,” he added.

“Our revenue sector is in tatters and what we receive annually in revenue, we lose four times due to leakages in the system. Unless we plug loopholes we will not recover from our problems in revenue collection,” he added.

To remedy the situation, he said, the government for the first time in the country’s history, removed high-level officers who were not functioning well and having grey records after getting credible input from agencies. “The government is going for deep-rooted structural reforms and meaningful austerity.”

In this regard, he listed his goals to achieve economic progress: promotion of agriculture through modern technology and by providing the best seeds and fertilisers to farmers; incentivising exporters and utilising mineral resources; and, provision of modern technological tools to the youth.

“Youth is our biggest asset and we have to provide them will modern tools and technology, including education in information technology and artificial intelligence and vocational training so that they can become self-earners and contribute in the nation building efforts,” he said.

Shehbaz also thanked the friendly countries, who supported Pakistan in its time of need. He particularly mentioned Saudi Arabia, saying: “I acknowledge from the core of my heart the support of Saudi leadership for Pakistan to overcome economic challenges. A friend in need is a friend indeed.”

In his speech, Shehbaz also mentioned many global events and natural calamities, which had devastating effects on Pakistan in particular and the other developing countries in general, such as floods, and the wars.

He said that the conflict in Ukraine brought to the world skyrocketing commodity prices, and Pakistan could not import or procure vital raw materials for industry and agriculture. “On top of that inflation is breaking the back of developing countries,” he said.

Coupled with that, Pakistan faced devastation in 2022 due to huge unimaginable floods. Pakistan’s economy suffered losses of $30 billion because of the floods, he said, adding that the government spent Rs100 billion from its scarce resources for the relief and rehabilitation of the flood-affected masses.

“Our country was hit in a way which I had not seen in my life time,” he said. “We are grateful to the friendly countries including Saudi Arabia, Gulf countries, the United Kingdom, the United States and many other countries for their support at a difficult time,” he acknowledged.

He said the Global North and the Global South were dependent on each other and had to work together to face the challenges. He stressed that peace in Gaza was imperative for peace in the world. “The world will not be in peace unless there is a permanent peace in Gaza.”

New era in Pak-Saudi ties

Meanwhile, Shehbaz met with Saudi Commerce Minister Majid al Kasabi, who called on him in Riyadh on the sidelines of the WEF. Talking to the minister, Shehbaz said that Pak-Saudi economic ties had entered a new era with bilateral trade poised for significant increase due to steps taken in this regard.
Al Kasabi told the prime minister that Pakistan was Saudi Arabia's priority for investment and trade as per the directives of Saudi Crown Prince Mohammed bin Salman. “Targets are being set to increase bilateral economic and trade relations during the next one to one and a half years,” he added.

While meeting with Minister Anwar Ibrahim, Shehbaz invited the Malaysian trade and business community to visit Pakistan to discuss enhancing trade and investment relations between the two countries. He also invited Prime Minister Anwar Ibrahim to visit Pakistan.

Later, Prime Minister Shehbaz met with Bill Gates, the founder and co-chair of the Bill and Melinda Gates Foundation. In the meeting, he called for sustained efforts by all the partners to reach the ultimate goal of a polio-free Pakistan.

The prime minister reaffirmed his commitment to continue working with Gates to ensure a stronger partnership between Pakistan and the Gates Foundation. He thanked the foundation for its longstanding support for polio eradication in Pakistan.

Gates acknowledged Pakistan's efforts and said polio eradication was vital to protect future generations from the crippling disease. In addition to polio, they also discussed progress on ongoing activities between Pakistan and the Foundation in the areas of immunisation, nutrition, and financial inclusion.

With input from APP