ISLAMABAD: Saudi Arabia has pledged to invest an additional $600 million in Pakistan, bringing the total number of memoranda of understanding (MoUs) signed to 34. This follows the recent signing of 27 MoUs during a meeting in Pakistan. The announcement was made during a joint press conference by Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih on Wednesday, after their “highly productive” discussions in Riyadh, which focused on enhancing bilateral cooperation in areas such as trade, finance, agriculture, technology, and skilled labor.
Accompanied by Royal Court Adviser Mohammad Maziad Al-Tuwaijri, Minister Al Falih shared that during his recent trip to Pakistan, 27 MoUs were established, amounting to a $2.2 billion investment. With the new agreements announced on Wednesday, the total now stands at 34, increasing the investment total to $2.8 billion. PM Shehbaz conveyed that his discussions with the crown prince and Minister Al Falih were encouraging, with several projects already progressing since the Saudi delegation visited Pakistan.
The Saudi minister noted that some MoUs have facilitated exports from Pakistan in agriculture and other sectors and expressed the Saudi government’s eagerness to import skilled labor from Pakistan. PM Shehbaz also expressed gratitude to the Saudi leadership for their crucial support in advancing Pakistan’s IMF program.
Additionally, PM Shehbaz expressed appreciation to the Saudi investment minister for his dedication to fostering robust economic ties. He emphasized that both countries would coordinate on project timelines and voiced hope that under the Saudi crown prince’s leadership, bilateral relations would strengthen for the benefit of both nations and the wider Ummah. “Upon my return, I expect to bring good news for the people of Pakistan and Saudi Arabia. With your invaluable support, we will pave the way forward and soon make significant announcements,” he remarked.
Following his engagement in Saudi Arabia, Prime Minister Shehbaz Sharif arrived in Doha for a two-day official visit at the invitation of Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar.
