Islamabad (TDI): Pakistan and Saudi Arabia on Thursday signed 27 memorandums of understanding (MoUs) valuing at $2.2 billion in multiple sectors.
The signing of the agreements was witnessed by Prime Minister Shehbaz Sharif, Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh and Chief of Army Staff (COAS) General Asim Munir.
The MoUs incorporate sectors of industry, agriculture, information technology (IT), food, education, mining and minerals, health, petroleum, energy and other areas of mutual cooperation.
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After the ceremony, the Saudi minister called on PM Shehbaz Sharif at his office.
The premier welcomed Al Faleh and highlighted the strong, brotherly ties between Pakistan and Saudi Arabia.
“Our bond grows stronger every day,” he said. Saudi Arabia has always supported Pakistan through tough times.
PM Shehbaz termed this meeting as a key step for boosting investment between the two nations.
He said the historic visit of the high-powered Saudi delegation under Al Faleh has set the stage for more cooperation in sectors of mutual interest for both nations.
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He congratulated Al Faleh for receiving the Hilal-e-Pakistan award. This award honors his efforts in improving Pakistan-Saudi relationships.
The PM sent his best wishes to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. He appreciated their role in bettering our ties.
He further said that the discussions at the Pakistan-Saudi Business Forum were fruitful.
“These talks open doors for new investments. It shows Saudi’s strong commitment to work closer with Pakistan,” he added.
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The premier also referred to his previous meeting with the Saudi Crown Prince during the World Economic Forum in Riyadh.
“This is the third top-level Saudi visit in six months,” he pointed out, showing how fast the relationship between the two countries is growing.
He also mentioned the Special Investment Facilitation Council (SIFC), which helps speed up foreign investments in Pakistan.
The PM apprised the Saudi delegation about Pakistan’s plan to privatize some sectors. He invited Saudi investment in aviation, especially in managing Pakistan’s international airports.
PM Shehbaz also praised Saudi Arabia’s role in the OIC, especially on critical issues like Palestine, Kashmir, and Islamophobia.
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Minister Al Faleh reaffirmed Saudi Arabia’s resolve to expand investments in Pakistan, focusing on mining, agriculture, food security, and infrastructure.
“The 27 MoUs signed today are just the start,” he said.
Deputy Prime Minister Ishaq Dar, Chief of the Army Staff General Asim Munir, and other ministers attended the meeting.
