ISLAMABAD: Prime Minister Sheh­baz Sharif will depart on Tuesday for Sau­di Arabia to attend the 8th edition of the Future Investment Initiative (FII) in Riyadh.

The prime minister will be accompanied on the trip by key cabinet ministers, the Foreign Office said in a statement on Monday.

The FII, scheduled for Oct 29-30, serves as a major platform for countries to promote economic potential, attract foreign investments, and discuss strategies for sustainable growth.

This year’s theme, “Infinite Horizons: Investing Today, Shaping Tomorrow,” focuses on investment in emerging fields, including artificial intelligence, robotics, education, energy, space, finance, healthcare, and sustainability.

On the sidelines of the conference, PM Shehbaz is expected to hold bilateral meetings with Saudi Crown Prince Mohammed bin Salman and other senior officials to discuss economic and strategic ties bet­ween Pakistan and Saudi Arabia, the FO said.

The agenda for bilateral meetings focu­s­ses on exploring opportunities for coope­ration in the economic, energy, and def­ence sectors. While at the FII, the PM will also meet with other international leaders and entrepreneurs attending the event.

In recent years, Pakistan and Saudi Arabia have witnessed remarkable growth in economic cooperation, transforming their historic bilateral relationship into a thriving strategic partnership.

This expansion is driven by increased Saudi investments across diverse sectors, reflecting the evolving nature of their cooperation.

A significant milestone was achieved earlier this month during Saudi Invest­ment Minister Khalid bin Abdulaziz Al-Falih’s visit to Pakistan, where he led a delegation of over 130 representatives from more than 50 Saudi companies. The visit resulted in the signing of 27 agreements and memoranda of understanding (MoUs) valued at over $2 billion.

Energy sector collaborations are a key focus area. Saudi investments aim to enh­ance Pakistan’s energy infrastructure, including a $1.5 billion initiative to upg­rade an existing refinery and a planned $7-10 billion greenfield refinery project.

Additionally, Engineering Dimension Holding, in partnership with Pakistan’s Welt Konnect, announced plans for a 500-megawatt hybrid wind and solar power project near Karachi. Beyond energy, Saudi companies are exploring opportunities in Pakistan’s healthcare and pharmaceutical sectors.

Published in Dawn, October 29th, 2024