RIYADH: The Kingdom of Saudi Arabia on Wednesday announced to add another $600 million to its recently announced $2.2 billion investment in Pakistan what Saudi Arabia’s Minister of Investment called “only the beginning of something very special”, Pakistan’s state news agency APP reported.
The announcement was made in a joint press talk by Pakistan’s Prime Minister Shehbaz Sharif and Saudi Minister of Investment Khalid bin Abdulaziz Al Falih, after their “very productive” meeting encompassing the bilateral cooperation in multiple sectors including finance, agriculture, trade, technology and skilled manpower.
At the invitation of Saudi Crown Prince and Prime Minister, Prince Mohammed bin Salman, Prime Minister Shehbaz Sharif is currently on a two-day official visit to Saudi Arabia where he addressed the 8th edition of the Future Investment Initiative (FII) on ‘Infinite Horizons: Investing Today, Shaping Tomorrow’ held in Riyadh and joined by the global leaders to discuss how investment could serve as a catalyst for a prosperous and sustainable future.
Accompanied by Advisor at the Royal Court Mohammad Maziad Al-Tuwaijri, Saudi Minister of Investment Khalid bin Abdulaziz Al Falih told the media that during his recent visit to Pakistan, both sides had signed 27 Memorandums of Understanding (MoUs) for investment worth $2.2 in Pakistan.
The Saudi Minister of Investment said that following Prime Minister Shahbaz Sharif’s meeting with Crown Prince and their discussion, the number of MoUs has been increased from 27 to 34 to add $600 million in investment, taking its volume to $2.8 billion.
Speaking on the occasion, Pakistan’s Prime Minister Shehbaz Sharif said the meetings with the Crown Prince and Minister of Investment Al Falih were reassuring and told the media that some of the projects agreed upon during the recent Saudi delegation’s visit were under implementation.
The Prime Minister said both sides would work on the time-lines of the project and expressed the hope that under the leadership of the Saudi crown prince, both sides would strengthen bilateral ties, not only for the benefit of the people of Pakistan and Saudi Arabia but the entire Muslim Ummah.
“When I come back, I will have good news for the people of Pakistan and Saudi Arabia. With your valuable support, we will be able to carve our way forward and soon be able to make big announcements,” PM Shehbaz remarked.
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Saudi Minister of Investment Al-Falih said that as a follow-up of their Pakistan visit, both sides had “extensive” working-level meeting to elevate the bilateral ties to yet higher horizons in the fields of finance, trade, economy and people-to-people contacts.
The Saudi Investment Minister said that some of the MoUs had resulted in exports from Pakistan in agriculture and other fields. He also expressed the Saudi government’s willingness to import Pakistan’s skilled workforce. He said the world was looking towards Saudi Arabia becoming a key driver in digital technology and artificial intelligence.
Prime Minister Shehbaz Sharif also expressed gratitude to the Saudi leadership for support to Pakistan which was critical to achieving the IMF program.
The Prime Minister said with the commitment and collective efforts by the government and the support from the brotherly countries, Pakistan would march towards economic progress and prosperity.
PM Shehbaz also thanked 2.5 million Pakistani expatriates for contributing to Saudi Arabia’s development and assured that Pakistan would make efforts to prepare a skilled workforce to meet Saudi Arabia’s requirements to contribute in a big way to the Kingdom’s development programme.
