Saudi Arabia announced an additional $600 million investment in Pakistan, raising its total to $2.8 billion, in what Saudi Investment Minister Khalid bin Abdulaziz Al-Falih described as “the beginning of something very special.” This announcement followed productive meetings between Saudi and Pakistani officials, including Prime Minister Shehbaz Sharif’s discussions with Saudi Crown Prince Mohammed bin Salman (MBS) during his visit to Riyadh. This expanded commitment reflects 34 signed Memorandums of Understanding (MoUs), an increase from the initial 27 MoUs valued at $2.2 billion.
The newly inked MoUs span multiple sectors, including trade, finance, agriculture, technology, and manpower. During their meetings, both sides emphasized the potential for stronger economic ties under Saudi Vision 2030, with tangible exports from Pakistan already reported in agricultural and other sectors. Al-Falih also underscored Saudi Arabia’s demand for skilled Pakistani workers, noting that the Kingdom is positioning itself as a leader in digital technology and AI.
Prime Minister Shehbaz expressed optimism about the agreements, which align with the IMF-backed economic reforms aimed at stabilizing Pakistan’s economy. He also acknowledged the significant role of Pakistani expatriates, particularly the 2.5 million in Saudi Arabia, in contributing to the Kingdom’s development. Upon his return, Shehbaz hinted at “good news” for both nations, indicating further economic and diplomatic progress.
Strengthening Ties with Vietnam and Qatar
On the sidelines of the Future Investment Initiative, PM Shehbaz met Vietnamese Prime Minister Pham Minh Chinh to discuss enhancing trade and investment cooperation. Shehbaz proposed exchanges of business delegations and noted the potential for expanding tourism and trade ties. Recognizing Vietnam’s role within ASEAN, he sought support for Pakistan’s bid as a full dialogue partner in the bloc and extended an invitation for a state visit.
In a subsequent leg of his tour, Shehbaz arrived in Qatar, where he was welcomed by Qatari officials and is set to meet with the Qatari Emir, Sheikh Tamim bin Hamad Al Thani, to discuss bilateral cooperation, particularly in trade and investment. He will also inaugurate a cultural exhibition titled Manzar: Art and Architecture in Pakistan from 1940 to Present, aimed at showcasing Pakistan’s heritage and strengthening cultural ties.
Prime Minister’s Message of Inclusivity on Diwali
Prime Minister Shehbaz extended warm Diwali wishes to the Hindu community, reaffirming Pakistan’s commitment to inclusivity and equal rights. He emphasized Quaid-i-Azam Muhammad Ali Jinnah’s vision of a Pakistan where all communities live with equal opportunities, irrespective of their faith, race, or caste.
