Premium Content

Pakistan and Saudi Arabia Sign $2.2 Billion in Agreements Across Various Sectors

Print Friendly, PDF & Email

A high-level delegation from Saudi Arabia, led by Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh, visited Islamabad and signed 27 memorandums of understanding (MoUs) worth $2.2 billion in sectors such as industry, agriculture, information technology, food, education, mining and minerals, health, petroleum, and energy. The exchange of the signed MoUs was witnessed by Prime Minister Shehbaz Sharif, Al Faleh, and Chief of Army Staff (COAS) General Asim Munir.

During the event, Prime Minister Shehbaz Sharif expressed gratitude for the Saudi business delegation’s visit, emphasizing the sincerity and affection it demonstrated towards the people of Pakistan. He assured the delegation of the government’s commitment to implement the MoUs and transform them into future agreements through hard work and untiring efforts. Additionally, the prime minister thanked the Saudi leadership for their support in achieving an International Monetary Fund (IMF) program and expressed hope that it would be the last program, citing significant improvements in economic indicators.

Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh addressed the Pakistan Saudi Arabia Business Forum, highlighting the limitless potential for economic cooperation between the two countries. He praised Pakistan’s efforts in economic stabilization and emphasized the importance of supporting Pakistan in continuing its economic stability. The minister also expressed satisfaction with the increasing trade between the two countries and underscored Pakistan’s strategic location and potential for investment.

Finance Minister Muhammad Aurangzeb expressed optimism about Pakistan’s economic prospects, noting tangible progress in macroeconomic stability over the last 12 to 14 months. He also acknowledged the Kingdom of Saudi Arabia’s critical role in supporting Pakistan’s economic turnaround journey.

Deputy Prime Minister and Foreign Minister Ishaq Dar highlighted Pakistan’s shift towards reforms aimed at fostering private investment and enhancing public services, inviting Saudi investors to participate in sectors such as mining, information technology, agriculture, and renewable energy.

The pledge to enhance cooperation between Pakistan and Saudi Arabia was reaffirmed during a meeting between the visiting Saudi delegation and President Asif Ali Zardari. Both sides emphasized the need to work together to build a prosperous and peaceful future for the region and for Muslim countries. The meeting also highlighted Saudi Arabia’s recognition of Pakistan’s strategic geographical significance and potential for natural resources and renewable energy, with plans to invest in the infrastructure and mining sectors of Pakistan.

Separately, the Saudi investment minister and his delegation met with COAS Munir in Rawalpindi, focusing on strengthening bilateral cooperation in various sectors. The COAS expressed appreciation for Saudi Arabia’s support for Pakistan and conveyed optimism for promising outcomes that would mutually benefit both nations.

Leave a Comment

Your email address will not be published. Required fields are marked *

Latest Videos