Pakistan and Saudi Arabia have signed 27 Memoranda of Understanding (MoUs) for cooperation in diverse fields, including in the fields of energy, agriculture, mining, human resources, and cyber security.

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

The agreements include a $70 million investment in the agriculture sector, the establishment of advanced semiconductor chip manufacturing in Saudi Arabia, 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 digitalisation programme.

Addressing the ceremony, the prime minister said Pakistan’s economic indicators have improved manifold in recent months due to prudent economic policies of the government, and the cooperation of friends, such as Saudi Arabia and China.

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

The premier 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 now come to transform these ties into a relationship of economic development, cooperation and promotion of investment.

PM Sharif assured the Saudi delegates of the government’s support and commitment to implement these bilateral projects and endeavours without any delays or hurdles.

This content is an advertisement by Ministry of Information & Broadcasting and is not associated with or necessarily reflective of the views of Dawn.com or its editorial staff.