Saudi Arabia’s Minister for Investment announced an increase in memorandums of understanding (MoUs) with Pakistan from 27 to 34, with five operational agreements. The total value of these agreements has risen to $2.8 billion. Prime Minister Shehbaz Sharif expressed gratitude for the support from Saudi leadership during a press conference, emphasizing the significance of these agreements for both nations.
On Wednesday, Saudi Arabia’s Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, announced that the number of memorandums of understanding (MoUs) signed between Saudi Arabia and Pakistan has risen from 27 to 34, with five of these agreements already in operation. This statement was made during the Future Investment Initiative (FII) event in Riyadh, in the presence of a Pakistani delegation led by Prime Minister Shehbaz Sharif. The minister highlighted that during his recent visit to Pakistan, 27 MoUs worth $2.2 billion were finalized, and in a short span of two to three weeks, this number has grown significantly. Minister Al Faleh stated, “When we came to Pakistan we concluded, in three days, 27 MOUs at 2.2 billion dollars and I mentioned at that time during various events that this was only the beginning. And to prove that, here we are — two or three weeks later — and I’d like to announce that the number has increased from 27 MOUs and agreements to 34.” He elaborated that the estimated funding for these MoUs has now increased to $2.8 billion, though several agreements were still awaiting valuation. The minister expressed his satisfaction regarding the operational status of five agreements that are contributing to economic development in both nations, particularly in the agriculture sector. He mentioned that these collaborations include projects in healthcare, where Saudi investors are set to develop an integrated medical complex in Pakistan. During the press conference, Prime Minister Shehbaz Sharif expressed his appreciation for the cooperation from the Saudi leadership, noting that the discussions were productive and that implementation of the agreements is already underway. He asserted, “The meetings last night have been really reassuring and on the MOUs signed a few weeks ago in Islamabad — the ink hasn’t dried and implementation has started.” The Prime Minister also informed that Pakistan has benefited from the support of Saudi leadership in securing an International Monetary Fund (IMF) program, expressing hope that it would be the final one needed for the country. In summary, the relationship between Pakistan and Saudi Arabia is steeped in historical ties, extending across cultural, economic, and defense sectors. The recent agreements illustrate the ongoing commitment of Saudi Arabia to bolster Pakistan’s economy, which is particularly significant in the context of the financial assistance rendered during times of economic crisis.
Saudi Arabia and Pakistan share a long-standing brotherly relationship characterized by mutual cooperation across various sectors including culture, economy, and defense. The recent visit of Saudi ministers to Pakistan aimed to strengthen these ties further through financial agreements. The support extended by Saudi Arabia has historically been crucial for Pakistan, especially during financial difficulties. Recent developments such as the increase in memorandums of understanding highlight the ongoing commitment from Saudi Arabia to support Pakistan’s economic growth.
The recent increase in the number of agreements between Saudi Arabia and Pakistan from 27 to 34, alongside the operational status of several projects, reflects a robust partnership aimed at economic growth. Prime Minister Shehbaz Sharif’s remarks highlight the productive nature of Saudi-Pakistani discussions, underscoring the importance of this bilateral relationship, particularly in times of economic challenge. The continued support from Saudi Arabia signals a hopeful financial future for Pakistan.
Original Source: www.dawn.com
