News
October 11 , 2024
Pakistan and Saudi Arabia Sign MoUs Worth $2.2 Billion in Several Sectors
Islamabad: Pakistan and Saudi Arabia signed 27 memorandums of understanding (MoUs) worth $2.2 billion in various sectors on Thursday.
Last night, a high-powered Saudi delegation led by its Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in Islamabad on a three-day official visit.
Prime Minister Shehbaz Sharif, Al Faleh and Chief of Army Staff (COAS) General Asim Munir witnessed the exchange of the signed copies of the MoUs in the sectors of industry, agriculture, information technology (IT), food, education, mining and minerals, health, petroleum, energy and other areas.
In an address 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 Saudi Crown Prince Mohammed bin Salman. He hoped that the ceremony would lead to many more similar events in times to come.
The premier expressed the government’s resolve to implement the MoUs and to transform them into future agreements through “hard work and untiring efforts”.
“Our Saudi brothers led by Khalid Bin Abdul Aziz Al Falih have done a remarkable job of promoting the Saudi economy and with his presence here, we will have his full cooperation to promote bilateral investments and business opportunities,” PM Shehbaz remarked.
The prime minister conveyed his warm regards to King Salman bin Abdulaziz and the Saudi Crown Prince, acknowledging their leadership and support in enhancing bilateral ties.
‘No limits’ to Pak-Saudi economic cooperation
Earlier, Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh on Thursday hailed Pakistan-Saudi Arabia ties, saying there were “no limits” to the possibilities of economic cooperation between the two countries.
Addressing the Pakistan Saudi Arabia Business Forum in Islamabad, Al Faleh said: “I think there are essentially no limits to what Saudi Arabia and Pakistan can do in the economic sphere, just like there are no limits to our friendship, to our bonds, to our historic relations.”
He confirmed that the two countries were presiding over 27 “organic agreements” and MoUs worth around $2bn, which would be signed throughout the day.
“First and foremost, we want to support Pakistan in continuing its economic stabilization. Without Pakistan reaching its economic stability, it’s very difficult to do things together,” the minister said, praising Pakistan’s efforts in the last two years as “quite impressive”.
Referring to his meeting earlier in the day with COAS Munir, Al Faleh said the former “spoke from the heart as well as from the mind, as well as expressing numbers that are very, very compelling with the value proposition to the Saudi private sector for partnering with Pakistan”.
The Saudi minister said that the army chief had expressed his commitment that all matters of “red tape would be replaced with a red carpet treatment”, adding that this was through the “special one-stop shop” under the Special Investment Facilitation Council (SIFC).
Minister Faleh also expressed his satisfaction on trade between the two countries, noting that it had increased by 80pc — from $3bn in 2019 to $5.4bn.
Recalling an investment package agreed upon in April during PM Shehbaz’s visit to Saudi Arabia, the minister said his country was “committed to and extremely encouraged” by the Saudi Crown Prince’s announcement “committing the front end of Saudi investment to Pakistan which is $5bn”.
“I think these numbers are only the tip of the iceberg,” Al Faleh emphasized.
He noted Pakistan’s unique strategic location: “You also need geographic reach and we see that Pakistan is uniquely positioned geographically, with your location extending from the Arabian Sea all the way to the heart of Asia.”
In his address, Finance Minister Muhammad Aurangzeb expressed optimism about Pakistan’s prospects, stating the country was in a good situation on the economic front and was open to business.
“Over the last 12 to 14 months, we’ve made tangible progress in terms of macroeconomic stability,” Aurangzeb highlighted. - APP
Courtesy APP
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