Saudi delegation at OICCI: Pakistan's private sector takes center stage

October 10, 2025 (MLN): A prominent Saudi business delegation attended a high-level business session at the Overseas Investors Chamber of Commerce & Industry (OICCI) in Karachi today, where Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb virtually addressed the gathering, reaffirming Pakistan's commitment to private sector-led economic growth.

The event was co-hosted by the Overseas Investors Chamber of Commerce & Industry (OICCI) and the Pakistan Business Council (PBC), bringing together Saudi business leaders and Pakistani investors to explore bilateral investment opportunities.

Senator Aurangzeb, who participated virtually due to his departure for Washington to attend the annual IMF and World Bank meetings, expressed gratitude to OICCI and PBC leadership for organizing the session.

The Finance Minister emphasized that the Government of Pakistan firmly believes the private sector must take the lead in driving the country's economic growth, with the government's role being to provide an enabling ecosystem.

He recalled his recent interaction with His Highness Prince Mansour and the Saudi delegation at a luncheon hosted by the Prime Minister.

Highlighting Pakistan's improving macroeconomic indicators, Senator Aurangzeb stated that stability has been restored, with all three major global rating agencies now aligned after several years.

Stable financing rates, a steady foreign exchange regime, and adequate reserves have made capital and profit repatriation routine matters rather than challenges.

The Minister referenced the timely repayment of Pakistan's $500million Eurobond on September 30, noting that "when there is macroeconomic stability, such events become non-events there is no drama."

While acknowledging stabilization progress, the government is simultaneously pursuing structural reforms in taxation and energy sectors through consultation with the private sector.

Senator Aurangzeb appreciated valuable input from both OICCI and PBC in shaping these reforms.

The Finance Minister appreciated the strategic partnership developing with Saudi Arabia, particularly learning from Saudi Arabia's Vision 2030 and its successful execution.

He stressed Pakistan's focus on strengthening export-led growth as a key opportunity for sustainable development.

Senator Aurangzeb informed participants that the Federal Cabinet had formally approved the historic Security Pact signed between Saudi Crown Prince and Prime Minister Muhammad Shehbaz Sharif the previous day, terming it a significant step in deepening bilateral ties.

Pakistan currently enjoys a unique confluence of macroeconomic stability and positive geopolitical tailwinds, with longstanding partners including Saudi Arabia, China, and the United States engaging on trade and investment.

The Finance Minister emphasized that the Saudi delegation's visit is strategically important for unlocking new bilateral cooperation avenues.

On domestic matters, Senator Aurangzeb said the government is finalizing rapid damage assessments following recent floods and will prioritize domestic resources for rescue and relief operations before seeking external assistance.

Regarding IMF engagement, the Minister confirmed that talks remain constructive with only a few outstanding issues, expressing optimism about reaching a staff-level agreement during his Washington meetings.

The Minister highlighted two major reform tracks personally led by the Prime Minister: taxation reforms and Pakistan's digital transformation toward a cashless economy.

He revealed that while Pakistan's recorded economy stands at $411bn, nearly half remains undocumented, meaning "the real size of our economy is close to a trillion dollars."

Digitization and documentation will be pivotal in broadening the tax base and improving fiscal discipline, he added.

Addressing Prince Mansour and the Saudi business delegation, Senator Aurangzeb commended the professionalism of Pakistan's private sector represented by OICCI and PBC.

The session highlighted key sectors of mutual interest including agriculture, mining, IT, pharmaceuticals, and tourism, while presenting concrete project opportunities.

The Finance Minister extended best wishes to the Saudi delegation for their engagements in Karachi and Lahore, expressing hope for fruitful deliberations and enhanced investment partnerships between both countries' business communities.

He looked forward to meeting Saudi leadership again at the forthcoming Future Investment Initiative (FII) in Riyadh.

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