Investment in Pakistan to reach $2.8bn: Saudi minister

RIYADH: Saudi Arabia on Wednesday announced to add another $600 million to its recently announced $2.2 billion investment in Pakistan in what the kingdom’s investment minister called “only the beginning of something very special”.

The announcement was made in a joint press stakeout by Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih, following their “very productive” meeting encompassing the bilateral cooperation in multiple sectors including trade, finance, agriculture, technology and skilled manpower.

At the invitation of Saudi Crown Prince Mohammed bin Salman (MBS), the prime minister was on a two-day official visit to Saudi Arabia where he addressed the 8th edition of the Future Investment Initiative on ‘Infinite Horizons: Investing Today, Shaping Tomorrow’ held in Riyadh and joined by the global leaders to discuss how investment could catalyze a prosperous and sustainable future.

Accompanied by Adviser at the Royal Court Mohammad Maziad Al-Tuwaijri, Saudi Minister Al Falih told the media that during his recent visit to Pakistan, both sides had signed 27 MoUs for investment worth $2.2 in Pakistan. He announced that following Prime Minister Shehbaz’s meeting with the crown prince and their discussion, the number of MoUs has been increased from 27 to 34 to add $600 million in investment, taking its volume to $2.8 billion.

Minister Al-Falih said that as a follow-up of their Pakistan visit, both sides had “extensive” working-level meetings to elevate the bilateral relations to yet higher horizons in the fields of economy, finance, trade and people-to-people contacts. He said that some of the MoUs had resulted in exports from Pakistan in agriculture and other fields. He also expressed the Saudi government’s willingness to import Pakistan’s skilled workforce as he said the world was looking towards Saudi Arabia becoming a key driver in digital technology and artificial intelligence.

Shehbaz said the meetings with the crown prince and Al Falih were reassuring and told the media that some of the projects agreed upon during the recent Saudi delegation’s visit were under implementation. He said both sides would work on the timelines of the project and expressed the hope that under the leadership of the Saudi crown prince, both sides would strengthen bilateral relations, not only for the benefit of the people of Pakistan and Saudi Arabia but the entire Muslim Ummah. “When I return, I will have good news for the people of Pakistan and Saudi Arabia. With your valuable support, we will be able to carve our way forward and soon be able to make big announcements,” the prime minister remarked.

The prime minister also expressed gratitude to the Saudi leadership for support to Pakistan which was critical to achieving the IMF programme. He said with the commitment and collective efforts by the government and the support from the brotherly countries, Pakistan would march towards economic progress and prosperity. He also thanked 2.5 million Pakistani expatriates for contributing to Saudi development and assured that Pakistan would make efforts to prepare a skilled workforce to meet Saudi requirements to contribute in a big way to the Kingdom’s development programme.

Earlier, the prime minister met with the Saudi investment minister and advisor at the Saudi Royal Court wherein he called for continuing the momentum to create new opportunities for developing a strong economic partnership between the two countries. In the meeting held on the sidelines of the FII, both sides reviewed the progress that has been made on various economic initiatives between the two countries. Shehbaz thanked Khalid Al Falih for his efforts and commitment towards strong economic cooperation with Pakistan.

He underscored the need to benefit from tremendous economic opportunities for both countries that have emerged in the backdrop of Saudi Arabia’s Vision 2030. Recalling the Saudi investment minister’s recent visit to Pakistan on October 09 along with a large private sector delegation, the prime minister noted that the B2B MoUs signed in Pakistan during the visit had started to materialise into solid investment and commercial deals.

Separately, on the sidelines of the 8th FII Conference, PM Shehbaz met with his Vietnamese counterpart Pham Minh Chinh and expressed Pakistan’s desire to enhance its ties with Vietnam, while highlighting the immense potential of the two countries to enhance trade and investment cooperation. The two leaders discussed ways to strengthen bilateral relations, particularly in trade and investment.

Shehbaz proposed an exchange of trade and business delegations between both countries to further explore these opportunities. The two leaders reaffirmed their commitment to strengthening people-to-people ties and promoting tourism between the two countries. Appreciating Vietnam’s role in the Asean region, Prime Minister Shehbaz sought support for Pakistan’s efforts to become a full dialogue partner of Asean. He also extended an invitation to the Vietnamese prime minister to undertake an official visit to Pakistan.

Separately, the prime minister extended deepest sympathies and solidarity to the people of Spain and Prime Minister Pedro Sanchez over the loss of lives due to floods. “On behalf of the people and government of Pakistan, I extend our deepest sympathies and solidarity to the people of Spain and Prime Minister Pedro Sanchez following the tragic floods and loss of life. Our thoughts and prayers are with all those affected,” the prime minister posted on X handle. He further said that Pakistan stood in solidarity with the friendly people of Spain at this challenging time.

Meanwhile, PM Shehbaz Sharif departed for Doha on a two-day official visit, in the second leg of his two-nation foreign visit. Deputy Governor of Riyadh Province Prince Mohammed bin Abdulrehman bin Abdulaziz saw off the prime minister at the Royal Terminal of King Khalid International Airport. Ambassador of Pakistan to Saudi Arabia Ahmed Farooq and senior Saudi officials were also present at the airport.

Later, the prime minister arrived in Doha on a two-day official visit at the invitation of Emir of State of Qatar Sheikh Tamim bin Hamad Al Thani. At the airport, the prime minister was received by Qatari Minister of State Mohammed bin Abdulaziz Al-Khulaifi, Pakistan’s ambassador and other diplomatic staff, the PM Office Media Wing said in a press release. Federal ministers Khawaja Muhammad Asif, Mohammad Aurangzeb, Jam Kamal Khan and Attaullah Tarar also accompanied the prime minister.

On his X handle, the prime minister said that he had just arrived in Doha at the invitation of Emir Sheikh Tamim bin Hamad Al Thani. “During this special visit, I look forward to a productive exchange of views with the Qatari leadership to further enhance our brotherly relations. I will also inaugurate a special exhibition at Qatar Museum highlighting the cultural heritage of Pakistan,” he further posted.

During his visit, the prime minister will hold bilateral meetings with Sheikh Tamim bin Hamad Al Thani, and Qatari Prime Minister/ Minister for Foreign Affairs Mohammed bin Abdulrahman bin Jassim Al-Thani. In these meetings, the two sides would review the entire gamut of bilateral relations and explore new avenues of cooperation especially in trade and investment.

The leadership-level delegations of Qatar Investment Authority (QIA) and Qatar Businessmen Association (QBA) would call on the prime minister to explore investment opportunities in Pakistan. Shehbaz would also inaugurate the cultural exhibition “Manzar: Art and Architecture in Pakistan from 1940 to present” today (Thursday). The exhibition will showcase Pakistan’s rich cultural and architectural heritage and underline deep people-to-people linkages between Pakistan and Qatar.

Meanwhile, in a message on the occasion of Diwali being celebrated today (October 31), Prime Minister Shehbaz said that Father of the Nation Quaid-i-Azam Muhammad Ali Jinnah had envisioned a Pakistan where all communities enjoyed equality and freedom regardless of religion, race, or caste. “My government is firmly committed to upholding these values and ensuring that each community in Pakistan enjoys equal rights and opportunities, irrespective of their beliefs,” he said. The prime minister also extended his warm greetings to all the members of the Hindu community across Pakistan and around the world on the occasion of Diwali. Diwali, he said, the festival of lights, symbolised the triumph of light over darkness and hope over despair.

“As we come together to celebrate, let this occasion inspire us to look toward the future with optimism and unity,” the PM Office Media Wing, in a press release, quoted the prime minister as saying. As Pakistanis, he further said, they cherished their diversity, which strengthened their national fabric and enriched the shared culture.

On this occasion, the prime minister also paid tribute to the valuable contributions of the vibrant Hindu community in Pakistan, whose role in the socio-economic and political spheres continued to strengthen the nation. The prime minister wished the Hindu community that the festival of lights might bring peace and prosperity to their lives and foster stronger bonds of unity and brotherhood among people of all faiths in the country.