PM Sharif emphasized that the signed agreements represent a new chapter in Pakistan-Saudi relations, vowing to ensure the implementation of these initiatives.
Pakistan & Saudi Arabia strengthen ties with multiple cooperation agreements. Prime Minister Shehbaz Sharif welcomed on Thursday a $2 billion Saudi investment in Pakistan, saying that the bilateral cooperation between the two countries will further strengthen over the time.
In a significant development for bilateral relations, Pakistan and Kingdom of Saudi Arabia have signed various agreements amid at enhancing cooperation across multiple sectors, including construction, textiles, petroleum, energy, transportation and cybersecurity.
As per the details, the agreements were formalized during a ceremony held in Islamabad, attended by Pakistan’s Prime Minister Shehbaz Sharif, Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih, Chief of Army Staff General Asim Munir, and other high-ranking officials.
The event marked a pivotal moment in the relationship between the two nations, with a particular focus on semiconductor manufacturing.
Prime Minister Sharif welcomed Saudi Arabia’s commitment of $2 billion in investments, highlighting the importance of Minister Al-Falih’s visit as a demonstration of Saudi Arabia’s interest in Pakistan’s development. He noted that Saudi Crown Prince Mohammed bin Salman has shown a strong commitment to strengthening ties, suggesting that the partnership will continue to grow over time.
Sharif emphasized that the signed agreements represent a new chapter in Pakistan-Saudi relations, vowing to ensure the implementation of these initiatives.
He remarked that the Saudi delegation’s visit symbolized a close familial bond between the two countries, acknowledging the significant role played by Minister Al-Falih in boosting Saudi Arabia’s economy.
During his address, Prime Minister Sharif expressed gratitude towards Saudi Arabia, China, and the UAE for their support in successfully completing Pakistan’s Stand-By Arrangement with the International Monetary Fund (IMF). He reiterated Pakistan’s commitment to supporting Saudi Vision 2030 and strengthening defense relations, aiming to transform the brotherly relationship into a robust economic partnership.
Minister Al-Falih, during discussions with the Prime Minister, emphasized that the signing of 27 memorandums of understanding is merely the beginning of a fruitful journey between the two nations. He reaffirmed Saudi Arabia’s commitment to expanding its investment portfolio in sectors such as mining, agriculture, food security, and infrastructure.
The Prime Minister acknowledged the longstanding brotherly ties between Pakistan and Saudi Arabia, which have only strengthened over the years, especially during challenging times. He viewed Al-Falih’s visit as a milestone in solidifying investment and economic relations between the two countries, promising that discussions between Pakistani and Saudi business communities would pave the way for new investment opportunities.
Furthermore, Sharif congratulated Al-Falih on receiving the Hilal-e-Pakistan award, recognizing his exemplary services in advancing Pakistan-Saudi relations. He extended his best wishes to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, expressing his hope for continued collaboration.
The Prime Minister also highlighted the progress made through the Special Investment Facilitation Council (SIFC), which plays a crucial role in accelerating foreign investment in Pakistan. He urged Saudi Arabia to consider investing in Pakistan’s aviation sector, particularly in the outsourcing of international airports.
In discussing regional matters, Sharif reiterated Pakistan’s unwavering commitment to Saudi Arabia’s sovereignty and regional integrity in the face of global challenges. He praised Saudi Arabia’s leadership within the Organization of Islamic Cooperation (OIC) regarding issues such as Palestine, Kashmir, and Islamophobia, emphasizing the importance of these causes.
The meeting concluded with recognition of the significant contributions of Pakistani expatriates to the economic development of both nations. The gathering also saw the presence of Deputy Prime Minister and Minister of Finance Ishaq Dar, Chief of Army Staff General Asim Munir, and other federal ministers, reflecting the high level of diplomatic engagement between Pakistan and Saudi Arabia.
