ISLAMABAD  -   Saudi Arabia has expressed its keen interest in exploring more avenues for investment in Gwadar, saying there is a huge potential for trade and economic activities in the port city of Pakistan.

This was deliberated during a meeting of chairman of Saudi Shura Council with Chairman Senate Muhammad Sadiq Sanjrani at a reception hosted in honour of the council.

Senate Chairman while talking to Chairman of Saudi Shura Council Dr Abdullah Bin Muhammad Bin Ibrahim Al-Shaikh on Thursday and addressing a reception in honour of the visiting delegation at a local hotel observed that mutual trust and confidence had been witnessed in the decades’ long friendship between the two sides. Referring to the investment opportunities in Pakistan, the Senate chairman observed that conducive environment existed for multi-sector investment and Saudi investors could benefit from the investment opportunities.

Sanjrani considered the visit of Saudi Crown Prince Muhammad Bin Salman highly important, saying it would help in laying the foundation for a new era of cooperation.  Chairman Senate said that Saudi investment has helped in rejuvenating the confidence of international community on Pakistan.

He said that during visit of the Crown Prince, MoUs envisaging Saudi investment worth $20 billion were signed which is a manifestation of the fact that Saudi Arabia considered Pakistan an important country.  He further said that the recent high level reciprocal visits would usher into a new era of economic cooperation.  He called for developing an institutional mechanism and legal framework for better institutional collaboration.  Sanjrani also praised vision 2030 unveiled by Saudi Arabia and hoped that the initiative would help reduce unemployment and develop linkages with international markets besides offering a win-win situation for all.

Both the leaders exchanged views on matters of mutual significance and bilateral importance. Chairman Senate also appreciated the launching of Pakistan Saudi Arabia Supreme Coordination Council, hoping that the Council would take tangible steps for promoting political, economic, social and cultural linkages. He welcomed the decision of increasing Hajj quota for Pakistanis and further reducing the visa fee saying that these steps would further help promote people to people contact. 

Chairman of the Saudi Shura Council thanked Senate chairman and members of the Pakistan side for warm welcome.  He said that Saudi Arabia accorded high importance to its relations with Pakistan. He said that mutual exchange of frequent delegations would further boost the linkages between the two countries. He agreed on enhancing institutional cooperation between Senate and the Shura Council.

The members of the visiting delegation while talking on the occasion said that Saudi Arabia was very keen to benefit from the economics prospects being offered by future economic hub of the region—Gwadar and willing to invest there.

The Chairman Senate expressed hope that Saudi Arabia would explore investment in different areas. The cooperation in defence sector also came under discussion and both looked forward to enhanced cooperation.

The Saudi delegation also witnessed the Senate session. The political leadership of the Senate, federal ministers and other dignitaries attended the reception.