Saudi Minister of Investment Khalid bin Abdul Aziz Al Falih has said that the Pakistan-Saudi Arabia bilateral relations have reached new heights, and a new era of economic cooperation has begun.

He further said Pakistan is their home and family, and the relationship between the countries does not span a few decades only, but has been going on for 1,400 years.

Addressing the Pak-Saudi Business Forum in Islamabad on Thursday, the Saudi minister said this was not his first visit to Pakistan and whenever he has come he has been loved as a family member. "Our ilateral cooperation extends beyond trade to defense, education and culture," he added.

Khalid Bin Abdulaziz Al Falih said that the Pak-Saudi Business Forum is important for businessmen. He added that Pakistan and Saudi Arabia are strategic partners, both countries have a long history of relations and there is a religious and spiritual relationship between the two nations.

He further said that the two countries should take advantage of their geographical proximity to increase trade. There are vast opportunities for development in Central and South Asia, and Pakistanis living in Saudi Arabia have an important role in the development of their host nation.

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He told the gathering that 27 memorandums of understanding will be signed today, calling them important milestones in bilateral economic cooperation. "The agreements are an expression of commitment to strengthen investment relations," he highlighted.

Khalid bin Abdul Aziz lauded the efforts of the SIFC in the promotion of bilateral trade. "Army chief General Asim Munir presented statistics on how Pakistan can benefit from Saudi cooperation. He said the red tape will be replaced by red carpet for Saudi Arabia," he added.

Khalid bin Abdulaziz said that the bilateral trade was $3 billion in 2019, which has now increased to $5.8 billion. "The visit of the Pakistani prime minister and leadership to Saudi Arabia was encouraging. We are trying to make Pakistan our priority in the region." He claimed that Saudi Arabia was the best construction site in the world, generating business worth $200 billion annually.

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"Saudi Arabia is dependent on imports from other countries for construction. There are many opportunities for Saudi Arabia in Pakistan in many fields, such as minerals, IT, data processing, cloud computing, and artificial intelligence. Currently there are 50 Saudi companies operating in Pakistan and want thousands to come," the minister stated.

Addressing the ceremony, Federal Minister for Investment, Communications and Privatization Abdul Aleem Khan said that increasing Saudi investment in Pakistan is the first priority for the government, adding that all possible facilities will be provided to Saudi investors.

Aleem Khan described the diplomatic relations and friendship between the two countries as exemplary. He also invited investors from the friendly nation to take full advantage of the wider opportunities in Pakistan.

Commerce Minister Jam Kamal Khan said the vision of the Saudi crown prince will play an important role in the promotion of Pakistan-Saudi trade. Other speakers said that thanks to the Pak-Saudi Arabia Business Forum, the business communities of the two friendly countries will come closer to each other.

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It should be noted that a delegation of Saudi investors and businessmen under the leadership of Khalid Bin Abdulaziz Al Falih arrived in Islamabad on Wednesday. The objective of the 'Pak-Saudi Business Forum' in Islamabad is to consider further expansion of bilateral trade relations.

Before the official start of the ceremony, the delegation headed by the Saudi investment minister met army chief General Asim Munir, in which matters of mutual interest, especially measures to strengthen fraternal bilateral cooperation in various fields, were discussed.