Saudi Arabia reiterates commitment to expedite $5bn investment in Pakistan

The Kingdom of Saudi Arabia (KSA) reaffirmed its commitment to accelerate the initial phase of its $5 billion investment in Pakistan, as stated in a joint announcement released by the Office of the Spokesperson of the Ministry of Foreign Affairs on Monday.

Prime Minister Shehbaz Sharif called on Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, at Al-Safa Palace in Makkah Al-Mukarramah on Sunday, April 7, the statement said.

Both parties, as per the handout, affirmed their commitment to expediting the first wave of investment package worth $5 billion which was discussed previously.

During the meeting, emphasis was placed on the Kingdom's supportive role in Pakistan's economy and the mutual desire to strengthen trade and investment ties.

According to the handout, the Saudi crown prince extended his congratulations to PM Shehbaz on assuming office, and expressed warm wishes for his tenure, while the latter conveyed gratitude for the kingdom's steadfast support and hospitality, and reaffirmed commitment to bolstering bilateral ties and economic cooperation, it added.

The discussions centered on fortifying the fraternal relations between the two brotherly nations and exploring avenues for enhanced collaboration across various sectors.

During the meeting, emphasis was placed on the kingdom's supportive role in Pakistan's economy and the mutual desire to strengthen trade and investment ties. Both parties affirmed their commitment to expediting the first wave of investment package worth $5 billion which was discussed previously.

Both leaders also exchanged views on regional and global developments of mutual interest, including the worrying situation in Gaza. They urged for international efforts to halt Israeli military operations in Gaza, mitigate humanitarian impact and underscored the imperative for the international community to pressure Israel to cease hostilities, adhere to international law, and facilitate unhindered humanitarian aid access to Gaza.

They discussed the need for advancing the peace process in accordance with relevant resolutions of the Security Council and the General Assembly as well as the Arab Peace Initiative aimed at finding a just and comprehensive solution, for the establishment of an independent Palestinian state with East Jerusalem as its capital.

The two sides stressed the importance of dialogue between Pakistan and India to resolve the outstanding issues between the two countries, especially the Jammu and Kashmir dispute to ensure peace and stability in the region.

Premier Shehbaz invited the crown prince to undertake an official visit to Pakistan, at the earliest convenience, which was accepted by MBS, according to the official statement.