Imagine the potential benefits for Pakistan from the ambitious Saudi Vision 2030

Saudi Vision 2030 signifies a substantial pivot towards establishing a diversified economy, reducing the historic dependence on oil revenue, and striving to position Saudi Arabia as a pivotal trade hub linking Europe, Africa, and Asia. Initiated in 2016, under the leadership of MBS, Saudi Arabia has been diligently pursuing three principal objectives: fostering a dynamic society, nurturing a prosperous economy, and cultivating an aspiring nation.

The Kingdom of Saudi Arabia (KSA) is set to reach its objectives by enhancing religious tourism and raising the number of Umrah pilgrims from eight million to an impressive 30 million per year. This will be accomplished by highlighting Islamic heritage with the establishment of the largest Islamic museum in the world. Moreover, KSA intends to advance its urban development to place three of its cities in the global top 100, and to foster the expansion of cultural and entertainment options. In addition, KSA is committed to promoting a healthy lifestyle among its populace.

Saudi Arabia is actively working to diminish its dependence on oil and fortify its economy. The nation intends to accomplish this by privatizing various industries and fostering growth in emerging sectors like tourism, renewable energy, and manufacturing. Moreover, Saudi Arabia is striving to overhaul its education system to have five universities ranked among the top globally by 2030. Additionally, the country is concentrating on bolstering small businesses to generate employment opportunities and amplify their contribution to the economy.

Saudi Arabia is also striving to enhance its governance by enforcing a zero-tolerance approach to corruption and bolstering transparency with online services. Furthermore, the King Salman Program is dedicated to the advanced training of 500,000 government employees to foster a more effective public sector.

While Saudi Vision 2030 is centered on internal development, it also opens doors for Pakistan. Given its strategic position, skilled labor force, and untapped possibilities, Pakistan stands to benefit significantly from Saudi Arabia’s ambition to transform into a worldwide investment powerhouse.

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Consequently, KSA has declared its plan to invest 20 billion dollars in Pakistan. Pakistan has outlined 25 diverse billion-dollar projects for potential investment, including PIA, Airport Privatization, Basha Dam, Rahim Yar Khan and Ghazi Brotha projects, and Faisalabad transmission lines, among others. Facing a severe financial crunch, revitalizing the economy poses a substantial challenge for the government. Thus, the Pakistani government is actively striving to foster an investment-friendly climate through the establishment of a special investment facilitation council. The investment from KSA is expected to not only mitigate the nation’s economic woes but also stimulate additional foreign direct investment.

The historical relationship between KSA and Pakistan is marked by cooperation. Pakistan has consistently supported KSA in times of need, and the support has been reciprocated. For instance, in 2021, when Pakistan faced a severe economic crisis with rapidly depleting foreign reserves, KSA contributed three billion dollars to Pakistan’s central bank. Furthermore, around 2.7 million Pakistani professionals, skilled workers, and entrepreneurs are employed in Saudi Arabia, contributing significantly to its development and prosperity while also remitting billions of dollars to Pakistan. Statistical data indicates that a substantial portion of Pakistan’s remittances comes from its diaspora in KSA.

For both nations, particularly Pakistan, the pressing agenda is to pursue economic empowerment. With KSA’s economic influence in the Middle East and Pakistan’s military prowess, their collaboration promises to open new avenues in the economic and defense sectors.