Prime Minister Muhammad Shehbaz Sharif met with Saudi Investment Minister Engr. Khalid bin Abdulaziz Al-Falih and Saudi Royal Court Advisor Mohammad Bin Mazyad Al-Tuwaijri on Wednesday, he urged them to keep up the momentum and find new ways to build a solid economic partnership between the two nations.
Both parties evaluated the progress made on different economic projects between the two nations during the meeting held here on the sidelines of the Future Investment Initiative.
Minister Khalid Al Falih was commended by Prime Minister Shehbaz Sharif for his efforts and dedication to a robust economic partnership with Pakistan. He emphasised the importance of taking advantage of the enormous economic prospects that have arisen for both nations against the backdrop of Saudi Arabia’s Vision 2030.
The prime minister mentioned that the business-to-business agreements (B2B MoUs) inked in Pakistan during the recent visit by the Saudi investment minister and a sizable team from the private sector, which took place from October 9–11, had begun to develop into strong business and investment agreements.
To head Pakistan’s team to the 8th Future Investment Initiative in Riyadh from October 29 to 30, Prime Minister Shehbaz Sharif is travelling to Saudi Arabia for two days.
The Saudi Investment Minister described the Kingdom of Saudi Arabia’s recently announced $2.2 billion investment in Pakistan as “just the beginning of something very special,” and on Wednesday, the kingdom announced an additional $600 million.
Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih made the announcement in a joint press release after their “very productive” meeting that covered bilateral cooperation in a number of areas, including trade, finance, agriculture, technology, and skilled labour.
The prime minister was currently on a two-day official visit to Saudi Arabia at the invitation of Saudi Crown Prince Mohammed bin Salman. He spoke at the Future Investment Initiative’s (FII) 8th edition on “Infinite Horizons: Investing Today, Shaping Tomorrow,” which was held in Riyadh and attended by world leaders. The leaders discussed how investment could act as a catalyst for a prosperous and sustainable future.
Saudi Minister Al Falih told the media during his recent visit to Pakistan that both sides had signed 27 Memorandums of Understanding for investment totalling $2.2 in Pakistan, accompanied by Advisor at the Royal Court Mohammad Maziad Al-Tuwaijri.
He declared that after Prime Minister Sehbaz and the Crown Prince met and talked, the number of Memorandums of Understanding (MoUs) had been raised from 27 to 34 in order to add $600 million in investment, bringing the total to $2.8 billion.
In addition to telling the media that some of the initiatives decided upon during the recent Saudi delegation’s visit were being carried out, Prime Minister Shehbaz described the discussions with the Crown Prince and Al Falih as comforting.
