MoUs for investment worth $2.2bn with Riyadh
ISLAMABAD: Pakistan and Saudi Arabia have signed 27 Memoranda of Understanding (MoUs) for over $2.2 billion in investments in agriculture, IT, food, education, mining, health, petroleum and energy sectors.
Prime Minister Shehbaz Sharif, Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih and Chief of Army Staff Gen Asim Munir witnessed the signing ceremony on Thursday.
While addressing the event, PM Shehbaz expressed his government’s resolve to implement these MoUs and transform them into agreements in future through “hard work and untiring efforts”.
He hailed the Saudi minister for his efforts to promote the Saudi economy. “[W]e will have his full cooperation to promote bilateral investments and business opportunity,” he remarked while referring to Mr Al Falih.
Pakistan, Saudi Arabia agree to cooperate in agriculture, IT, energy sectors; PM invites Riyadh to invest in aviation industry
He assured the Saudi dele-gation that the MoUs signed today would be fully materialised and there would be no delay or red tape in the implementation process.
He thanked the Saudi leadership for their support in securing the International Monetary Fund (IMF) loan programme.
The PM assured that his government was committed towards structural reforms through strict fiscal measures.
Meetings with govt figures
The visiting delegation also met with the civil and military leadership, and both sides reaffirmed their commitment to enhancing cooperation and bilateral ties.
In the meeting on Thursday between President Asif Ali Zardari and the visiting Saudi delegation, led by Minister for Investment Khalid bin Abdulaziz Al-Falih, both sides underlined the need to work together for a prosperous and peaceful future for the region, according to a President House press release.
Pakistan wants to elevate the bilateral ties into a long-term strategic and economic partnership, the president said.
President Zardari reaffirmed Pakistan’s deep respect for King Salman bin Abdulaziz and reiterated the commitment to stand in solidarity with Saudi Arabia.
The Saudi minister said his country recognised Pakistan’s geographical significance and its potential for natural resources and renewable energy.
Saudi Arabia plans to invest in Pakistan’s infrastructure and mining sectors to boost economic cooperation between the two nations, he added.
In his meeting with the visit-ing delegation, PM Shehbaz invited Saudi Arabia to invest in the aviation sector, especially in the outsourcing of Pakistan’s airports.
The PM said Pakistan-Saudi Arabia relations were based on decades-long brotherly ties and were becoming stronger with each passing day.
He added that the kingdom stood by Pakistan in every difficult situation and reaffirmed Pakistan’s unwavering commitment to Saudi sovereignty and territorial integrity.
Referring to the Saudi investment minister’s visit, the prime minister said it was an important milestone in the strengthening of bilateral investment.
The PM highlighted the progress made through the Special Investment Facilitation Council (SIFC), which has been instrumental in accelerating foreign investment in Pakistan.
He hailed Saudi Arabia’s leadership within the Organisation of Islamic Cooperation, particularly on the issues of Palestine, India-held Kashmir, and combating Islamophobia.
The Saudi investment minister said the 27 MoUs signed today were just the beginning of the journey.
One of the MoUs signed on Thursday was solemnised with Saudi fast food chain Al-Baik.
Interaction with army chief
The Saudi minister and his delegation also met with COAS Munir here in Rawalpindi on Thursday.
The meeting focused on matters of mutual interest, particularly initiatives to strengthen bilateral cooperation in various sectors, an Inter-Services Public Relations (ISPR) news release said.
A meeting also took place between the visiting delegation and Punjab Chief Minister Maryam Nawaz Sharif, who assured the Saudi business leaders of complete assistance from the government.
“We welcome the Saudi delegation from the core of our hearts,” Ms Sharif said, adding the PML-N government is determined to make Pakistan an attractive destination for investors.
She said there were lucrative investment opportunities for Saudi investors in Punjab.
“Punjab provides excellent investment opportunities for Saudi infrastructure in agriculture, livestock, IT and telecom. We will provide complete facilitation and assistance to the Saudi investors in the energy, industry, tourism and textiles sectors.”
Published in Dawn, October 11th, 2024