Islamabad, Oct 30: Saudi Arabia Announces Additional $600 Million Investment in Pakistan. The Saudi Investment Minister described the Kingdom of Saudi Arabia’s recent $2.2 billion investment in Pakistan as “just the beginning of something very special,” and on Wednesday, the kingdom announced an additional $600 million Investment.
Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih made the announcement in a joint press release after their “very productive” meeting that covered bilateral cooperation in a number of areas, including trade, finance, agriculture, technology, and skilled labor.
The prime minister is currently on a two-day official visit to Saudi Arabia at the invitation of Saudi Crown Prince Mohammed bin Salman. While in Riyadh, he spoke at the Future Investment Initiative’s (FII) 8th edition on “Infinite Horizons: Investing Today, Shaping Tomorrow,” where world leaders joined him to discuss how investment could act as a catalyst for a prosperous and sustainable future.
Saudi Minister Al Falih told the media during his recent visit to Pakistan that both sides had signed 27 Memorandums of Understanding for investment totaling $2.2 in Pakistan, accompanied by Advisor at the Royal Court Mohammad Maziad Al-Tuwaijri.
He declared that after Prime Minister Shehbaz and the Crown Prince met and talked, the number of Memorandums of Understanding (MoUs) had been raised from 27 to 34 in order to add $600 million investment, bringing the total to $2.8 billion.
In addition to telling the media that some of the initiatives decided upon during the recent Saudi delegation’s visit were being carried out, Prime Minister Shehbaz described the discussions with the Crown Prince and Al Falih as comforting.
He stated that both parties would work on the project’s timeframes and that it was hoped that, under the Saudi crown prince’s leadership, the two countries would improve their bilateral ties for the good of the entire Muslim Ummah as well as the people of Saudi Arabia and Pakistan.
“I have good news for the people of Saudi Arabia and Pakistan when I return.” We will be able to forge on with your invaluable assistance and shortly be able to make significant announcements,” the prime minister said.
Following their visit to Pakistan, Minister Al-Falih stated that both parties held “extensive” working-level meetings to advance bilateral relations to new heights in the areas of trade, finance, the economy, and people-to-people interactions.
He said that several of the Memorandums of Understanding have led to Pakistan exporting goods in a variety of industries, including agriculture. As the world looked to Saudi Arabia to become a major player in digital technology, he also stated the Saudi government’s desire to import Pakistan’s skilled labor force.
Additionally, Prime Minister Shehbaz thanked the Saudi leadership for their assistance to Pakistan, which was essential to the success of the IMF program. He claimed that Pakistan would advance economically and prosperably with the help of the friendly nations and the government’s dedication and teamwork.
In addition, he commended the 2.5 million Pakistani expats for their contributions to Saudi development and promised that Pakistan will seek to train a workforce with the necessary skills to meet Saudi standards and make a significant contribution to the Kingdom’s development agenda.
