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RIYADH: Saudi Arabia’s influence in regional economic transformation is expanding, with Pakistan acknowledging the Kingdom’s progress under Vision 2030 as a valuable model, according to a senior official.
In an interview with Arab News during the AlUla Conference for Emerging Market Economies, Pakistan’s Finance Minister Muhammad Aurangzeb emphasized that Saudi Arabia’s leadership in economic reforms offers important lessons for Pakistan as it embarks on its own structural changes.
“Pakistan and the Kingdom of Saudi Arabia have been long-standing partners, one of the strongest partnerships that we have,” Aurangzeb said.
“As we go through our own structural reforms at this point in time, on the back of the macroeconomic stability that we have achieved, there’s a lot to learn from Vision 2030,” the minister said.
He also stated that the Kingdom is well ahead of its targets of Vision 2030, “so there’s so much to learn in Pakistan from our partners in Saudi Arabia.”
Saudi investments
The finance minister also highlighted the growing Saudi investments in Pakistan, particularly in the business-to-business sector. He pointed to recent developments such as Saudi Aramco’s foray into the downstream petroleum industry and ongoing talks concerning government-to-government agreements.
“We’ve already had a few investments coming through from Saudi Arabia in the B2B space, and then of course, we have just seen Aramco coming into downstream, so these are all very, very good investments,” Aurangzeb said.
“There are a number of G2G transactions which are underway at this point in time to be announced later in the year.”
Aurangzeb underscored the potential for boosting exports from Pakistan to Saudi Arabia, especially in the skilled labor sector.
He noted that this aligns with the Kingdom’s expanding workforce needs as it progresses toward its Vision 2030 objectives.
The minister added: “Meanwhile, we remain grateful for the support that we have received from Saudi Arabia, especially with respect to our IMF program.”
The minister noted that the conference serves as an important multilateral platform to discuss economic resilience and cooperation among emerging economies.