ISLAMABAD: On Thursday, Prime Minister Shehbaz Sharif announced the signing of several memorandums of understanding (MoUs) with Saudi Arabia, securing over $2 billion in bilateral investment aimed at enhancing trade and economic cooperation.
The ceremony in Islamabad was attended by Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih and Chief of Army Staff General Syed Asim Munir. The Saudi delegation, which arrived for a three-day official visit, underscores the importance of the kingdom’s commitment to Pakistan, as emphasized by PM Sharif.
“The visit by the Saudi delegation, led by the investment minister, is crucial. Crown Prince Mohammed bin Salman has a vested interest in Pakistan’s development,” stated PM Sharif during the signing event.
He expressed optimism that this investment would strengthen bilateral cooperation further, assuring that the government is committed to facilitating the implementation of these agreements. “Economic relations between our two nations will continue to flourish. Pakistan and Saudi Arabia share decades of brotherly ties,” he added.
The prime minister acknowledged Saudi Arabia’s unwavering support for Pakistan and deemed the minister’s visit a significant step towards enhancing investment and economic relations. The meeting also included Deputy Prime Minister Ishaq Dar and other senior officials.
PM Sharif noted the pivotal role of the Special Investment Facilitation Council (SIFC) in attracting foreign investment and welcomed the Saudi delegation with an overview of Pakistan’s privatization plans. He emphasized his determination to eliminate barriers to investment agreements.
The agreements encompass a variety of sectors, including a $70 million investment in agriculture, advanced semiconductor chip manufacturing, textile industry establishment, a white oil pipeline project, and initiatives in hybrid power and transformer manufacturing. They also address cybersecurity measures and the export of spices and vegetables from Pakistan.
Additionally, the MoUs include plans for a manufacturing facility for surgical and dental equipment, along with collaborations on the federal government’s E-Taaleem and digitalization initiatives.
PM Sharif also noted Pakistan’s successful acquisition of an International Monetary Fund (IMF) bailout package, attributing its realization to the support of Saudi leadership. “We anticipate this to be our last program, having already seen improvements in economic indicators, including a reduction in inflation from 32% to 6.9% this month,” he remarked, thanking the Saudi leadership for their invaluable assistance.
He concluded by extending warm regards to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, acknowledging their efforts to strengthen bilateral relations.
