ISLAMABAD: Foreign Minister Bilawal Bhutto-Zardari on Wednesday emphasized the need for Pakistan to develop “mutually beneficial” economic relationships with Saudi Arabia and the United Arab Emirates (UAE), adding that the outgoing government focused on partnerships and investment opportunities with the two Gulf countries.
Saudi Arabia and the UAE are counted among Pakistan’s most important trade and investment partners. In June, Pakistan set up a high-level hybrid civil-military forum to draw international attention, particularly from Gulf countries, in the sectors of agriculture, mining, information technology, and defense production.
Both Saudi Arabia and the UAE played a vital role in helping Pakistan avoid a sovereign default by securing a $3 billion standby agreement with the International Monetary Fund (IMF). Before Pakistan received the formal nod for the agreement from the IMF, Saudi Arabia deposited $2 billion with Pakistan’s central bank while the UAE contribute with $1 billion.
The two countries are sources of remittances worth millions of dollars for Pakistan and are home for millions of Pakistan expatriates.
“Saudi Arabia and UAE are our brothers in good times and bad times,” Foreign Minister Bilawal Bhutto-Zardari told reporters at a farewell media briefing.
“I want us to strategically develop a mutually beneficial relationship so that we do not need to go to them for help again and again,” he added.
Bhutto-Zardari said his government has held talks with the Gulf countries on investments and partnerships, including investing in various sectors of Pakistan and providing jobs to people.
“It will provide a lot of opportunities for the people of Pakistan,” he said, adding that it made diplomacy even stronger between Pakistan and the two countries during his stint as foreign minister.
“My only wish is that the work we have started continues and that our bureaucracies will not create obstructions as it is our responsibility to deliver our promises,” Bhutto-Zardari said.
The foreign minister acknowledged Saudi Arabia, UAE, and China for helping Pakistan out during its toughest financial crunch. “Our relations with Saudi Arabia, UAE, and China have flourished during the short tenure of this government,” he added.
Bhutto-Zardari said realizing the importance that the foreign ministry held in managing intergovernmental relations, he ensured the ministry had a seat at the table on forums where discussions focused on economy, trade, and foreign investment.
Speaking about his achievements as foreign minister, Bhutto-Zardari said Pakistan successfully exited the Financial Action Task Force’s (FATF) grey list and mobilized global support after the devastating floods of 2022. He said Pakistan was also able to persuade world powers to create a loss and damage fund at the COP-27 conference.
“Pakistan remained engaged with all countries as we are not interested in any polarization and becoming a part of any block politics,” he added.
He said the outgoing government also succeeded in reviving bilateral relations with Washington, which were strained during the last government’s tenure.
