ISLAMABAD: Prime Minister Shehbaz Sharif praised Saudi Arabia’s investment of $2.2 billion in Pakistan as the two countries signed several Memoranda of Understanding (MoUs) to boost bilateral trade and investment.
At a ceremony in Islamabad, PM Shehbaz, along with Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih and Chief of Army Staff (COAS) General Syed Asim Munir, witnessed the exchange of signed MoUs.
This development follows the arrival of a high-level Saudi delegation, led by the kingdom’s investment minister, on a three-day official visit to Pakistan.
During the ceremony, PM Shehbaz emphasized the importance of the visit, stating, “Crown Prince Mohammed bin Salman has a special interest in Pakistan’s development.” He expressed optimism that bilateral cooperation would continue to strengthen over time and assured that the government would take all necessary steps to implement the agreements.
“Economic relations and cooperation between Pakistan and Saudi Arabia will grow even further in the future. Our countries have enjoyed decades of brotherly relations,” the prime minister added, thanking Saudi Arabia for its consistent support.
He highlighted the significant role of the Saudi investment minister’s visit in advancing investment and economic ties, noting that Saudi Arabia has always supported Pakistan through challenging times.
The meeting was attended by Deputy Prime Minister Ishaq Dar, federal ministers, and other senior officials. PM Shehbaz also underscored the efforts of the Special Investment Facilitation Council (SIFC) in accelerating foreign investments.
Welcoming the Saudi delegation, PM Shehbaz discussed Pakistan’s privatization program and reiterated his commitment to removing any obstacles to smoothen the investment process between the two countries.
The signed agreements include a $70 million investment in the agriculture sector, the establishment of advanced semiconductor chip manufacturing in Saudi Arabia, a textile industry, a white oil pipeline project, and MoUs exploring further investment opportunities. Additional projects cover a hybrid power initiative, transformer manufacturing facilities in both nations, cybersecurity measures for businesses, and the export of spices and vegetables from Pakistan.
Moreover, the agreements involve setting up manufacturing facilities for surgical and dental equipment and collaborating on Pakistan’s E-Taaleem and digitalization programs.
The prime minister also acknowledged Pakistan’s recent success in securing an International Monetary Fund (IMF) bailout package, expressing gratitude to the Saudi leadership for their support, which was crucial in securing the deal. He expressed hope that this would be the last IMF program as Pakistan has made significant economic progress.
“Thanks to teamwork, we’ve improved our economic indicators: inflation has dropped from 32% to 6.9%, the policy rate has decreased from 23% to 17.5%, and exports and foreign remittances are on the rise,” PM Shehbaz stated.
The prime minister also extended his warm regards to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, acknowledging their leadership and commitment to strengthening bilateral ties.
