RIYADH: Saudi Arabia on Wednesday announced the signing of additional memoranda of understanding with Pakistan, taking the investment volume to $2.8 billion, during Prime Minister Shehbaz Sharif’s visit to the kingdom.

“This is just the beginning of something very special,” Saudi Investment Minister Khalid bin Abdulaziz Al Falih said after a “very productive” meeting with Prime Minister Shehbaz held on the sidelines of the 8th edition of the Future Investment Initiative (FII) in Riyadh.

According to a joint press release, the meeting focused on bilateral cooperation in multiple sectors, including trade, finance, agriculture, technology and skilled manpower.

At the invitation of Saudi Crown Prince Mohammed bin Salman, the Prime Minister is currently on a two-day official visit to Saudi Arabia where he addressed the FII debate on “Infinite Horizons: Investing Today, Shaping Tomorrow “. and joined world leaders to discuss how investment could serve as a catalyst for a prosperous and sustainable future.

Accompanied by Royal Court Advisor Mohammad Maziad Al-Tuwaijri, Saudi Minister Al Falih told the media that during his recent visit to Pakistan, the two sides signed 27 memoranda of understanding (MoU) for an investment of value of 2.2 dollars in Pakistan.

He announced that following Prime Minister Sehbaz’s meeting with the Crown Prince and their discussion, the number of MoUs was increased from 27 to 34 to add $600 million in investment, bringing the investment volume at 2.8 billion dollars.

Speaking on the occasion, the Prime Minister said the meetings with the Crown Prince and Al Falih were reassuring, adding that some of the projects agreed during the recent visit of the Saudi delegation were being implemented.

He said both sides would work on the timeline of the project and expressed hope that under the leadership of the Saudi Crown Prince, both sides would strengthen their bilateral relations, not only for the benefit of the people of Pakistan and Saudi Saudi Arabia, but also of the entire Muslim Umma.

“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 chart our course and soon make big announcements,” he said.

Minister Al-Falih said that following their visit to Pakistan, the two sides held an “in-depth” working meeting to elevate bilateral relations to even higher horizons in the areas of economy, finance, commerce and interpersonal relations. contacts.

He said some of the MoUs had resulted in exports from Pakistan in agricultural and other fields. He also expressed the Saudi government’s keenness to import Pakistan’s skilled workforce, saying the world hoped that Saudi Arabia would become a key driver in digital technology and artificial intelligence.

Prime Minister Shehbaz also expressed gratitude to the Saudi leadership for their support to Pakistan, which is essential for the realization of the IMF agenda.

He said that with the commitment and collective efforts of the government and the support of brotherly countries, Pakistan would move towards economic progress.

He also thanked the 2.5 million Pakistani expatriates for their contribution to the development of Saudi Arabia and assured that Pakistan would make efforts to prepare a skilled workforce meeting Saudi requirements to contribute in a meaningful way. important to the development program of the Kingdom.

Earlier this month, Islamabad and Riyadh signed several memorandums of understanding, worth over $2 billion, to boost bilateral trade and investments during the visit to Islamabad of a Saudi-led delegation by the Saudi Minister of Investment.

The delegation led by Khalid included Saudi companies from various sectors, including construction, engineering, financial services, IT, hospitality, agriculture, food, energy and petroleum, which make part of the visiting delegation.

The agreements include a $70 million investment in the agricultural sector, the establishment of an advanced semiconductor chip manufacturing plant in Saudi Arabia, the creation of a textile industry, a white oil pipeline project, a protocol agreed to explore investment opportunities, a hybrid energy project, development of transformer manufacturing facilities in both countries, cybersecurity measures for customers and businesses, and export of spices and vegetables from the Pakistan.

In addition, the agreements provide for the establishment of a manufacturing plant for surgical and dental equipment and collaboration on the federal government’s E-Taaleem and digitalization programs.

The Prime Minister expected in Doha

Meanwhile, Prime Minister Shehbaz is expected to undertake a two-day official visit to Qatar on October 30-31, 2024, at the invitation of the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani.

During this first leg of his foreign visits, the Prime Minister paid a two-day visit to Saudi Arabia where he addressed the FII conference in Riyadh, besides meeting Saudi Crown Prince Salman.

In Doha, the Prime Minister will hold bilateral meetings with the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani, and the Prime Minister/Foreign Minister, Mohammed bin Abdulrahman bin Jassim Al-Thani, according to a levee curtain published by the Ministry of Foreign Affairs. Desk.

During these meetings, the two sides will review the full range of bilateral relations and explore new avenues of cooperation, particularly in the areas of trade and investment.

High-level delegations from the Qatar Investment Authority (QIA) and Qatar Businessmen Association (QBA) will call on the Prime Minister to explore investment opportunities in Pakistan.

The Prime Minister will also inaugurate the cultural exhibition “Manzar: Art and Architecture in Pakistan from 1940 to Present” on Thursday. The exhibition will showcase Pakistan’s rich cultural and architectural heritage and highlight the deep connections between the people of Pakistan and Qatar.