LAHORE - The business community Thursday termed Saudi financial support of $6 billion good news for Pakistan economy, as all financial markets have reacted positively and buoyed by Riyadh’ rescue deal.
They said that China and UAE have shown willingness to cooperate in economic terms and hopefully Prime Minister’s visit to China next month will bring more good news.
LCCI president Almas Hyder said that the support extended by Saudi Arabia will help create conducive environment for both local and foreign investments.
“It would have a far reaching impact because improvement in economic indicators has already started appearing due to the many actions taken by the government”, he said and added that this morning both the stock market and the currency markets are positive. Obviously this is a direct result of the news of Saudi support totaling 6 billion dollars. With one announcement, the markets changed their sentiment and responded positively.
He said that the economy wasn’t as bad as the PTI government had made it to look. Fundamentals of the economy are strong even today. Proof is that one positive news and the outlook starts looking good. In order to address current account issues, there's no way but to build up our reserves.
SAARC Chamber of Commerce and Industry (CCI) Senior Vice President Iftikhar Ali Malik also termed Prime Minister Imran Khan’s visit to Saudi Arabia as result oriented and will help steer the country out of imminent financial crunch. He said PM visit to brotherly Islamic country was imperative in changing global scenario as it yielded loud and clear message to the world that Pakistan and Saudi Arabia‘s bilateral relations are long lasting.
He said prime minister’s visit has great significance, during which, Salman bin Abdulaziz demonstrated extraordinary warmth for him.
He said the visit would help in further strengthening the bilateral, brotherly, strategic and economic relations. Both the countries were ready to work together under 2030 Vision which was a game changer for Saudi Arabia, Middle East and the Muslim countries, he added. He said Pakistan had huge potential of natural and mineral resources.
Iftikhar Malik further said there were great investment opportunities in Pakistan, and the Pakistani community was playing important role in the development of Saudi Arabia. The veteran trade leader said it is good omen that Saudi Arabia is too investing in CPEC, a harbinger of prosperity and progress for Pakistan as our future depends on the success of this mega project. He said all political parties have divergent interests and he is much optimistic that sense prevails in all political parties and they would work together to resolve their differences and make CPEC a success.
