KSA to help Pakistan avert economic crisis: ex-envoy

ISLAMABAD: Saudi Arabia is committed to helping Pakistan in averting the current economic crisis and its worsening caused by the recent flood disaster, as this is crucial for achieving political stability and safeguarding national security of the country, says Dr Ali Awadh Asseri, the KSA former ambassador to Pakistan.

“This is clear from Crown Prince Muhammad bin Salman’s personal resolve for not only addressing Pakistan’s immediate financial needs but also guaranteeing long-term investments in the energy sector,” he said while speaking at the Islamabad Conclave organised by the Institute of Strategic Studies here on Wednesday. “I have no doubt that Prime Minister Shehbaz Sharif has the ability, courage and will to take Pakistan forward. And, he can count on the Saudi nation and its leadership for whatever support is needed for economic and political stability,” said Asseri, who is currently a board member at RASANAH, the premier Saudi think-tank on Iranian affairs.

The second round of the Islamabad Conclave, titled “75 Years of Independence: Achieving Comprehensive National Security”, includes several prominent speakers from home and abroad in five working groups. Dr Asseri, an expert on regional issues, spoke on “enhancing Pakistan’s economic outreach to Saudi Arabia and the GCC”. The Saudi Vision 2030 offered enormous opportunities for Pakistan’s trade and investment relationship with the kingdom and employing its skilled manpower in mega development projects, said the former envoy while urging the government to take remedial measures such as promoting vocational training and commercial linkages.

Dr Asseri had played an important role in boosting ties between Pakistan and his country during his diplomatic tenure in Pakistan. He conducted several high-profile visits of leaders during 2001 and 2009 that helped enhance economic cooperation between the two brotherly countries.

In his thought-provoking address, he said that a major transformation was under way in Pakistan-Saudi economic relations, whereby the kingdom was interested in long-term investment in Pakistan’s development sector while continuing to shore up its foreign reserves.

“The Saudi leadership is committed to $20 billion investment in refinery, petrochemical complex, mining and renewable energy projects in Pakistan. But there is also a tremendous scope for Saudi public and private investment in other sectors such as textiles, sports, leather goods and surgical equipment,” Dr Asseri said. “We have a unique, profound and durable relationship in the political, security, economic and cultural spheres of cooperation. There is no doubt that this brotherly bond will reach new heights under our dynamic and visionary leaderships.”