Pakistan, Saudi Arabia ink 27 MoUs for cooperation in diverse fields

ISLAMABAD: Pakistan and Saudi Arabia have signed twenty-seven Memoranda of Understanding (MoUs) for cooperation in various fields, particularly in energy, agriculture, mining, human resources, and cyber security.

The MoUs were exchanged at a ceremony held in Islamabad on Thursday.  Prime Minister Shehbaz Sharif was also present on the occasion.

The agreements include a 70 million dollar investment in the agriculture sector, the establishment of advanced semiconductor chip manufacturing in Saudi Arabia, the establishment of a textile industry, a white oil pipeline project, an MoU for exploring investment opportunities, a hybrid power project, development of transformer manufacturing facilities in both the countries, cyber security measures for customers and businesses, and the export of spices and vegetables from Pakistan.

Additionally, the agreements outline the establishment of a manufacturing facility for surgical and dental equipment and collaboration on the federal government’s E-Taaleem and digitalization program.

Earlier, addressing the ceremony, Prime Minister Shehbaz Sharif said Pakistan’s economic indicators have improved manifold in recent months due to prudent economic policies of the government, and the cooperation of friends like Saudi Arabia and China.

He mentioned that our foreign remittances and exports are witnessing a surge, while inflation has decreased to 6.9 percent from 32 percent this month.

The Prime Minister said Pakistan is moving towards deep-rooted reforms in its economy through stringent measures.

He said while Pakistan and Saudi Arabia have always supported each other through thick and thin, the time has come now to transform these ties into a relationship of economic development, cooperation, and promotion of investment.

Shehbaz Sharif assured the Saudi delegates of the government’s all-out support and commitment to implement the bilateral projects and endeavors without any delays and hurdles.