ISLAMABAD: Saudi Arabia has agreed to invest another $600 million in Pakistan as it signed seven more memoranda of understanding (MoUs), taking their total number from 27 — signed recently in Pakistan — to 34 MoUs.

The announcement was made in a joint press stakeout by Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih, on Wednesday, following their “very productive” meeting in Riyadh. The meeting discussed bilateral cooperation in trade, finance, agriculture, technology, and skilled labour among other sectors.

Accompanied by Royal Court Adviser Mohammad Maziad Al-Tuwaijri, Saudi Minister Al Falih informed media persons that during his recent visit to Pakistan, both sides had signed 27 MoUs for a $2.2 billion investment in Pakistan.

After the new MoUs announced on Wednesday, the number increased from 27 to 34 and the announcement of $600 million investment has taken the total amount to $2.8 billion, he added. PM Shehbaz said the meetings with the crown prince and Al Falih were reassuring and some of the projects agreed upon during the visit of the Saudi delegation to Pakistan were already materialising.

The Saudi 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. PM Shehbaz also expressed gratitude to the Saudi leadership for support to Pakistan which was critical to achieving the IMF programme.

PM Shehbaz arrives in Qatar on two-day visit to woo investors

PM Shehbaz also thanked the Saudi investment minister for his efforts and commitment towards strong economic cooperation with Pakistan.

He said both sides would work on the timelines of the projects and expressed the hope that under the leadership of the Saudi crown prince, they would strengthen bilateral relations, not only for the benefit of the people of Pakistan and Saudi Arabia but for the entire 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,” he remarked.

Qatar trip

Following his visit to Saudi Arabia, Prime Minister Shehbaz Sharif reached Doha on a two-day official visit at the invitation of Sheikh Tamim bin Hamad Al Thani, the Qatari emir.

According to the PM’s Office, in Doha, the prime minister will meet Sheikh Al Thani, and Qatari PM Mohammed bin Abdulrahman bin Jassim to review bilateral relations and explore new avenues of cooperation in trade and investment.

The delegations of the Qatar Investment Authority (QIA) and the Qatar Businessmen Association (QBA) will also call on the premier to explore investment opportunities in Pakistan.

The prime minister, who wrapped up his two-day trip to Saudi Arabia to attend the Future Investment Initiative conference in Riyadh, also lambasted Israeli actions in Gaza.

With input from APP

Published in Dawn, October 31st, 2024