ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed 27 Memorandum of Understandings (MoUs) valuing US$2.2 billion in various sectors including industry, agriculture, Information Technology (IT), food, education, mine & minerals, health, petroleum, energy and other areas of mutual cooperation.
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 Pakistan Prime Minister Shehbaz Sharif, Saudi Minister of Investment Khalid Bin Abdulaziz Al-Falih, Chief of Army Statt General Asim Munir and other high-ranking officials.
Prime Minister welcomed Saudi Arabia’s commitment of $2.2 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.
During his address, Prime Minister expressed gratitude towards Saudi Arabia, China and UAE for their support in successfully completing Pakistan’s Stand-By Arrangement with International Monetary Fund (IMF). He reiterated Pakistan’s commitment to supporting Saudi Vision 2030 and strengthening defence 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 Arabi’s commitment to expanding its investment portfolio in sectors such as mining, agriculture, food security and infrastructure.
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.
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