ISLAMABAD: Pakistan and Saudi Arabia on Thursday inked 27 Memorandum of Understandings (MoUs) worth US $2.2 billion in various areas including industry, agriculture, Information Technology (IT), education, food, mining & minerals, petroleum, health, energy and other areas of mutual cooperation.
Pakistan’s Prime Minister Muhammad Shehbaz Sharif, Saudi Minister of Investment Eng. Khalid Al-Falih, and Chief of Army Staff (COAS) General Syed Asim Munir witnessed the signing of MoUs.
Addressing on the occasion, the prime minister said the visit of the Saudi business delegation was a true manifestation of great sincerity and affection for the people of Pakistan from Crown Prince and Prime Minister of Saudi Arabia Prince Mohammad bin Salman bin Abdulaziz Al Saud.
He hailed Saudi Arabia’s US $ 2.2 billion investment in Pakistan. The prime minister, hailing the investment, said that the bilateral cooperation between both countries will get stronger with time.
“Economic relations and cooperation between the two countries will further increase in the future. Pakistan and Saudi Arabia have decades of brotherly relations,” he added.
“Our Saudi brothers lead by Eng. Khalid Al-Falih have done a remarkable job to promote the Saudi economy and with his presence here, we will have his full cooperation to promote bilateral investments and business opportunities,” he remarked.
He noted that Pakistan has recently secured the International Monetary Fund (IMF) programme which would be the last programme.
“Finally, this programme is through, but we hope that this will be the last programme as we have already through wonderful team work”, he said.
Earlier during a meeting with PM Shehbaz, Saudi Minister of Investment Eng. Khalid Al-Falih, said that the signing of 27 MoUs with Pakistan is just the beginning of a new journey.
The Saudi Investment Minister reiterated the commitment of Saudi Arabia to increasing its investment portfolio in Pakistan, particularly in the fields of Agriculture, food security, Mining and infrastructure. He further said that the 27 MoUs being signed today was just the beginning of the journey.
Prime Minister Muhammad Shehbaz Sharif during the meeting invited Saudi Arabia to invest in Pakistan’s aviation sector, especially in the outsourcing of international airports of the country.
The prime minister warmly welcomed the Saudi Investment Minister and his delegation to Pakistan. He said that Pakistan-Saudi Arabia ties were based on decades-long brotherly ties and were becoming stronger with each passing day. He further said that Saudi Arabia had always stood by Pakistan in every difficult situation.
Referring to the current visit of the Saudi Investment Minister, the prime minister said that this visit was an important milestone in enhancing investment ties between Pakistan and Saudi Arabia, setting the stage for greater collaboration in the sectors of common interest between the two countries.
He also congratulated Khalid Al-Falih on receiving the prestigious Hilal-e-Pakistan Award.
The prime minister also conveyed his warm regards to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, acknowledging their leadership and support in boosting bilateral relations.
The prime minister said that the dialogue between the Pakistani and Saudi business communities had paved the way for new investments, demonstrating Saudi Arabia’s commitment to deepening economic cooperation with Pakistan.
He recalled his visits to Saudi Arabia, including the meeting with Crown Prince Mohammed bin Salman in Makkah, and his participation in the World Economic Forum in Riyadh. He added that this visit represents the third high-level Saudi delegation to Pakistan within six months, a testament to the growing momentum in the bilateral relationship.
He reiterated Pakistan’s unwavering commitment to Saudi Arabia’s sovereignty and territorial integrity, especially in the face of regional and international challenges. He said Pakistan is eager to strengthen defence ties with Saudi Arabia, including support for Vision 2030, which seeks to develop indigenous defence and security capabilities.
He thanked Saudi Arabia’s leadership within the Organization of Islamic Cooperation (OIC), especially on issues of vital importance such as Palestine, Kashmir, and combating Islamophobia.
The prime minister stressed that the Pakistani diaspora plays an important role in the economic development of both nations and expressed his commitment to further strengthening consular services for their welfare.
Deputy Prime Minister and Minister for Foreign Affairs Ishaq Dar, Chief of the Army Staff General Asim Munir and Federal Ministers also attended the meeting.
Earlier, Pakistan Ministers, Jam Kamal Khan, Abdul Aleem Khan, Masadik Masood Malik and Chaudhry Salik Hussain, along with leaders from the private sector, held a meeting with the Saudi delegation.
The meeting focused on strengthening trade and exploring investment opportunities between the two nations.
Prominent Pakistani companies, including Lucky Cement, Engro, and Arif Habib, presented proposals that were well-received by the Saudi side.
