Saudi Arabian Minister for Investment Khalid bin Abdulaziz Al Falih has said he followed advice of Federal Minister for Petroleum Musadik Malik on how to build industrial cluster in Saudi Arabia.
Speaking at the Pak-Saudi Business Forum in Islamabad on Thursday, he said the industrial cluster led to growth of their industrial sector.
“Musadik mentioned he was a consultant and a subject matter expert. He mentored and taught me. He was very humble when he called me his boss,” the Saudi minister stated.
He said the petroleum minister told him how an industrial cluster could be built in Saudi Arabia, which they followed.
"We took his advice and we are very proud that our industrial sector is booming. It is one of the fastest growing and most competitive certainly in the region,” he added.
The Saudi investment minister is leading a high-level government cum business delegation, that arrived in Pakistan on October 9 for a three-day visit.
Pakistan and Saudi Arabia on Thursday signed 27 Memorandum of Understandings (MoUs) valuing $2.2 billion in various sectors including industry, agriculture, Information Technology (IT), food, education, mine & minerals, health, petroleum, energy and other areas of mutual cooperation.
Prime Minister Muhammad Shehbaz Sharif accompanied by Saudi Investment Minister Khalid and Chief of Army Staff General Syed Asim Munir witnessed the exchange of the signed copies of the MoUs.
Addressing on the occasion, the prime minister said the visit of Saudi business delegation was a true manifestation of great sincerity and affection for people of Pakistan from Saudi Crown Prince Mohammad bin Salman.
He expressed the government’s resolve to implement these MoUs and to transform them into agreements in future through “hard work and untiring efforts”.
“Our Saudi brothers lead by Khalid Bin Abdul Aziz Al Falih have done remarkable job to promote Saudi economy,” he remarked.
Warmly welcoming the Saudi investment minister and his delegation to Pakistan, PM Shehbaz informed him about the privatisation programme, stressing that he was 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.
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