PM Shehbaz hails Saudi Arabia’s over $2 billion investment in Pakistan

Prime Minister Shehbaz Sharif welcomed on Thursday a $2 billion Saudi investment in Pakistan, saying that the bilateral cooperation between the two countries will further strengthen over the time.

PM Shehbaz accompanied by Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih and Chief of Army Staff (COAS) General Syed Asim Munir witnessed the exchange of the signed copies of the MoUs at a ceremony in Islamabad.

The development comes as a high-level Saudi delegation, led by the kingdom's investment minister, arrived in Islamabad a day earlier on three-day official visit.

"The visit of Saudi delegation, headed by investment minister, is important. Crown Prince Mohammed bin Salman has a special interest in the development of Pakistan," said the prime minister during the MoU signing ceremony.

The prime minister, hailing the investment, said that the bilateral cooperation between both countries will get stronger with time. He said that the government will ensure all measures to implement the agreements.

"Economic relation and cooperation between the two countries will further increase in the future. Pakistan and Saudi Arabia have decades of brotherly relations," he added.

PM Shehbaz said that the kingdom has supported Pakistan through thick and thin, adding that the Saudi minister's visit is an important milestone for strengthening investment and economic relations.

The meeting was also attended by Deputy Prime Minister Ishaq Dar, federal ministers and other top officials.

The prime minister also said that the Special Investment Facilitation Council (SIFC) is playing an important role in accelerating foreign investment.

Warmly welcoming the Saudi investment minister and his delegation to Pakistan, PM Shehbaz informed him about the privatisation programme, stressing that he is determined to remove all obstacles in investment agreements between the two countries.

The agreements include a $70 million investment in agriculture sector, 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 programmes.

Recently, he said that Pakistan had secured the International Monetary Fund (IMF) bailout package which he hoped would be the last programme. He thanked the Saudi leadership for their support in securing the IMF package as without their support, the programme could not have materialised.

“Finally this programme is through, but we hope that this will be the last programme as we have already through a wonderful team work, managed to improve our economic indicators, inflation came down from 32% to 6.9% this month, our policy rate has come down from 23% to 17.5%, exports are increasing, foreign remittances are also increasing," he said.

The prime minister also conveyed his warm regards to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and the crown prince, acknowledging their leadership and support in enhancing bilateral ties.