Saudi Arabia’s third high-profile reassurance to bolster investments in Pakistan is commendable. The visit of the Kingdom’s Deputy Investment Minister Ibrahim Almubarak has finally set the ball rolling after fruitful discussions between the Crown Prince and the Prime Minister a week ago in Riyadh. The word from the Royals that they see potential in Pakistan as a hub for big ventures is enough to nail down lethargy and scepticism that was dubbed as a constant. The entourage of investors with Ibrahim Almubarak should go on to pinpoint the avenues of interest and jot down a roadmap for sailing through. The level of confidence must solicit right returns and the onus is now on Islamabad to make sure that red-tapism is done away with, and an aura of international standards sets in.
Almubarak was generous to say it in so many words that Pakistan is a major strategic partner, and his country has immense interest in its demography, location and natural resources. That is what Pakistan has been purporting for a long time, as it sits on the crossroads of Southwest and Central Asia, and is a linchpin of Chinese multibillion dollar BRI’s extended canvas. Perhaps that is why Saudi Arabia eyes the coastal areas of Balochistan as a profitable outlet to its investments in minerals and petro-chemical initiatives. The visiting dignitary’s submission that the public and private sectors of both the countries must partner new deals to the next level is worth implementing in letter and spirit.
With Pakistan winning over the IMF and kick-starting a programme of restructuring, it hopes to bring down the current account deficit to less than a billion dollars, and shore up its forex reserves. The bullish bourse and the confidence that the rupee is gathering are signs of a turnaround, and this aspect can be further bolstered with the Saudi healing. With CPEC and Saudi muscle, there is no reason to believe that a pestering slump could not be overcome. Time to transform the understanding with the Kingdom of Saudi Arabia into a Marshal Plan of reinvigoration.
Published in The Express Tribune, May 7th, 2024.
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