- The number of memorandums of understanding increased after the meeting between the Prime Minister and Mohammed bin Salman.
- $600 million Saudi dollars will raise the volume of investment in Pakistan to $2.8 billion.
- The Prime Minister praises the support of the Saudi leadership to secure the International Monetary Fund program
RIYADH: In a positive development, Saudi Arabia on Wednesday announced another $600 million addition to its recently pledged $2.2 billion investment in Pakistan, with Saudi Investment Minister Khalid bin Abdulaziz Al-Falih describing it as “just the beginning of something very special.”
This development came during a meeting between Prime Minister Shehbaz Sharif and the Saudi minister held on the sidelines of the eighth edition of the Future Investment Initiative (FII) in Riyadh.
The “highly productive” meeting included bilateral cooperation in multiple sectors including trade, finance, agriculture, technology and skilled manpower, according to a joint press report.
At the invitation of Saudi Crown Prince Mohammed bin Salman, the Prime Minister is currently on a two-day official visit to Saudi Arabia where he discussed the Future Investment Initiative discussion on “Infinite Horizons: Investing Today, Shaping Tomorrow”. They joined world leaders to discuss how investment can serve as a catalyst for a prosperous and sustainable future.
Saudi Minister Al-Falih, accompanied by Royal Court Advisor Mohammed Mazyad Al-Tuwaijri, told the media that during his recent visit to Pakistan, the two sides signed 27 memorandums of understanding to invest in Pakistan worth $2.2.
He announced that after Prime Minister Shahbaz met and discussed the Crown Prince, the number of memorandums of understanding was increased from 27 to 34 to add $600 million in investments, bringing the volume of investment to $2.8 billion.
The Prime Minister said on this occasion that the meetings with the Crown Prince and Al-Falih were reassuring, adding that some of the projects that were agreed upon during the Saudi delegation’s recent visit are under implementation.
He said that the two sides will work on the project timelines and expressed his hope that under the leadership of the Saudi Crown Prince, the two sides will strengthen bilateral relations not only for the benefit of the people of Pakistan and Saudi Arabia but for the benefit of the entire Islamic nation.
He added: “When I return, I will have good news for the people of Pakistan and Saudi Arabia. With your valuable support, we will be able to make our way forward and will soon be able to make big announcements.”
Minister Al-Falih said that as part of the follow-up to their visit to Pakistan, the two sides held an “extended” meeting at the working level to advance bilateral relations to higher heights in the fields of economy, finance, trade and people-to-people issues. communication.
He said that some memorandums of understanding resulted in Pakistan’s exports in agriculture and other fields. He also expressed the Saudi government’s willingness to import skilled manpower from Pakistan, as he said the world is looking forward to Saudi Arabia becoming a major driver in digital technology and artificial intelligence.
Prime Minister Shehbaz also expressed his gratitude to the Saudi leadership for its support to Pakistan which is crucial to the realization of the IMF programme.
He said that thanks to the commitment and collective efforts of the government and the support of sister countries, Pakistan will move towards economic progress.
He also thanked 2.5 million Pakistani expatriates for their contribution to Saudi development and stressed that Pakistan will make efforts to prepare a skilled workforce to meet Saudi requirements to contribute significantly to the Kingdom’s development programme.
Earlier this month, Islamabad and Riyadh signed several memorandums of understanding worth more than $2 billion to boost bilateral trade and investment during a visit to Islamabad by a Saudi delegation headed by the Saudi Minister of Investment.
The delegation led by Khaled includes Saudi companies from various sectors including construction, engineering, financial services, information technology, hospitality, agriculture, food, energy and petroleum.
The agreements include investing $70 million in the agricultural sector, establishing a company to manufacture advanced semiconductor chips in the Kingdom of Saudi Arabia, establishing a textile industry, a white oil pipeline project, a memorandum of understanding to explore investment opportunities, a hybrid energy project, and developing electrical energy. Transformer manufacturing facilities in both countries, cyber security measures for customers and companies, and export of spices and vegetables from Pakistan.
Additionally, the agreements specify the establishment of a surgical and dental equipment manufacturing facility and cooperation on the federal government’s e-learning and digitalization programs.
Prime Minister Shahbaz arrives in Doha
On the second leg of his two-nation foreign visit, Prime Minister Shehbaz – after concluding his trip to Saudi Arabia – arrived in Doha on a two-day official visit.
The Prime Minister was received at the airport by the Qatari Minister of State, Mohammed bin Abdulaziz Al-Khulaifi, the Pakistani ambassador, and a number of other diplomats.
Federal Ministers Khawaja Muhammad Asif, Muhammad Aurangzeb, Jam Kamal Khan and Ataullah Tarar also accompanied the Prime Minister during the visit.
In Doha, the Prime Minister will hold bilateral meetings with the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani, and the Minister of Foreign Affairs, Mohammed bin Abdul Rahman bin Jassim Al Thani, according to a statement issued by the Ministry of Foreign Affairs.
Prime Minister Shehbaz will also inaugurate the cultural exhibition “Manzar: Art and Architecture in Pakistan from 1940 to the Present” on Thursday. The exhibition will highlight Pakistan’s rich cultural and architectural heritage, and emphasize the deep people-to-people ties between Pakistan and Qatar.
The Prime Minister told X, formerly known as Twitter, that he had just arrived in Doha at the invitation of the Emir of Qatar.
He added, “I look forward to a fruitful exchange of views with the Qatari leadership to further strengthen our brotherly relations.”