On Thursday, Pakistan and Saudi Arabia solidified their economic ties by signing multiple memoranda of understanding (MoUs) worth over $2.2 billion, aimed at boosting bilateral trade and investment. Prime Minister Shehbaz Sharif expressed gratitude to Saudi Arabia for its significant investment, underscoring the pivotal role of Crown Prince Mohammed bin Salman in fostering closer economic ties between the two nations.
During the signing ceremony, PM Shehbaz emphasized that the agreements mark a milestone in strengthening the long-standing brotherly relations between Pakistan and Saudi Arabia. He assured that his government would take necessary steps to ensure the successful implementation of these agreements, highlighting the deep-rooted bond shared by the two countries, both in economic and cultural spheres.
Saudi Minister for Investment Khalid bin Abdulaziz Al-Falih, who led a high-level 135-member Saudi delegation, confirmed that 27 MoUs would be signed during the three-day visit, covering various sectors. He noted the historical ties between the two countries and emphasized Saudi Arabia’s commitment to strengthening Pakistan’s economy. Al-Falih also highlighted that bilateral trade had surged by 80%, increasing from $3 billion in 2019 to $5.4 billion today, and praised Pakistan’s economic recovery and potential.
The Saudi minister further acknowledged the Special Investment Facilitation Council (SIFC) in easing bureaucratic hurdles and emphasized the Crown Prince’s earlier commitment to a $5 billion investment in Pakistan, announced during PM Shehbaz’s recent visit to Saudi Arabia. The visit is expected to create tangible outcomes in sectors such as mining, IT, agriculture, and renewable energy, with major players from the private sector, like Lucky Cement and Engro, presenting proposals to the Saudi delegation.
In addition, Chief of Army Staff (COAS) General Asim Munir and President Asif Ali Zardari held key meetings with the Saudi delegation, emphasizing the strategic importance of Pakistan for Saudi Arabia and reaffirming the deep fraternal ties between the two nations. Both leaders stressed that collaboration in mining, IT, and agriculture would further strengthen economic cooperation.
The visit symbolizes a new era in Pakistan-Saudi relations, with both sides committed to enhancing bilateral cooperation in key economic areas, paving the way for future growth and prosperity.
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