Pakistan, Saudi Arabia reaffirm commitment to accelerate initial phase of $5bn investment package

Pakistan and Saudi Arabia reaffirmed their commitment to expediting the first phase of the previously discussed investment package worth $5 billion.

According to the state-run news agency, Prime Minister Muhammad Shehbaz Sharif called on Saudi Crown Prince Mohammed Bin Salman on Monday at Al-Safa Palace in Makkah.  

The discussions between the two leaders centered on fortifying the fraternal relations between Pakistan and Saudi Arabia and exploring avenues for enhanced collaboration across various sectors. Emphasis was laid on the Kingdom’s supportive role in Pakistan’s economy and the mutual desire to strengthen trade and investment ties, said the joint statement issued after the meeting.

Two sides discussed the need for advancing the peace process in accordance with relevant resolutions of the Security Council and the General Assembly as well as the Arab Peace Initiative aimed at finding a just and comprehensive solution, to establish an independent Palestinian state with East Jerusalem as its capital.

The two sides also stressed the importance of dialogue between Pakistan and India to resolve the outstanding issues between the two countries, especially the Jammu and Kashmir dispute to ensure peace and stability in the region.

The Crown Prince congratulated Prime Minister Shehbaz Sharif on assuming the office and expressed warm wishes for his tenure.

Prime Minister Shehbaz also conveyed gratitude for the Kingdom’s steadfast support and hospitality and reaffirmed Pakistan’s commitment to bolstering bilateral ties and economic cooperation.

PM Shehbaz invited the Crown Prince to undertake an official visit to Pakistan at the earliest convenience which he accepted.