ISLAMABAD: Prime Minister Shehbaz Sharif will embark on a four-day official visit to Saudi Arabia from March 19 to 22, aimed at enhancing bilateral relations, fostering economic cooperation, and promoting investment between the two countries.
High-Level Meetings with Saudi Leadership
During his visit, PM Shehbaz is scheduled to meet Saudi Crown Prince Mohammed bin Salman, where discussions will focus on:
- Boosting trade and investment partnerships
- Exploring new economic cooperation opportunities
- Enhancing collaboration in key sectors
- Regional and global developments of mutual concern
He is also expected to meet King Salman bin Abdul Aziz during his stay in Jeddah, where he will also visit Makkah and Madina for religious engagements.
Expanding Economic Cooperation
The visit reflects the historical ties between Pakistan and Saudi Arabia and is expected to pave the way for:
- Greater diplomatic coordination on bilateral, regional, and global issues
- Further economic collaboration in trade and investment
- Follow-ups on previous agreements and MoUs
In October 2024, PM Shehbaz attended the 8th Future Investment Initiative (FII) in Saudi Arabia, where Islamabad and Riyadh signed MoUs worth over $2 billion in key economic sectors.
Key Investment Agreements Between Pakistan and Saudi Arabia
Some of the major agreements signed during the Saudi delegation’s visit to Islamabad in October 2024 include:
- $70 million investment in Pakistan’s agriculture sector
- Advanced semiconductor chip manufacturing in Saudi Arabia
- Development of the textile industry
- White oil pipeline project
- Hybrid power project
- Establishment of transformer manufacturing facilities in both countries
- Cybersecurity initiatives for businesses and consumers
- Increased export of Pakistani spices and vegetables
Strategic Significance of the Visit
Pakistan and Saudi Arabia have long-standing economic, diplomatic, and security ties, and this visit is expected to further solidify these relations. The high-level talks will likely result in new investment commitments, particularly in energy, infrastructure, and technology sectors, reinforcing Saudi Arabia’s role as a key investor in Pakistan.
This trip also aligns with Pakistan’s efforts to attract foreign investment and strengthen economic ties with Gulf nations, amid ongoing economic challenges and IMF negotiations.
