Pakistan and Saudi Arabia have finalized seven investment agreements worth $560 million, underscoring a strengthened economic partnership. This development follows the signing of 34 memoranda of understanding (MoUs) between the two nations, signaling a shared commitment to enhancing collaboration across diverse sectors.
Prime Minister Shehbaz Sharif presided over a high-level meeting in Islamabad on Monday to assess the progress of these agreements. During the session, he highlighted the strategic importance of Pakistan-Saudi relations, which have consistently been pivotal in addressing Pakistan’s economic challenges.
The agreements, formalized under the Pakistan-Saudi Arabia Joint Task Force, emerged from its second meeting held in November. Officials briefed the premier, revealing that the $560 million investments will focus on critical sectors, marking a significant milestone in their bilateral cooperation.
Key participants in the meeting included Deputy Prime Minister Ishaq Dar, Federal Minister for Economic Affairs Ahad Khan Cheema, and Finance Minister Muhammad Aurangzeb. PM Sharif expressed satisfaction with the progress of ongoing projects and reiterated his government’s dedication to fostering closer ties with Saudi Arabia.
“Saudi Arabia has been a steadfast ally, providing crucial support in difficult times. We aim to deepen our collaboration in areas like energy, infrastructure, and economic development,” Sharif stated.
In related developments, PM Sharif is set to embark on a two-day visit to Saudi Arabia tomorrow. His itinerary includes participation in the Water Summit and attendance at COP 16 sideline events. The premier will be accompanied by key officials, including Federal Minister for Information Atta Tarar and Federal Minister for Petroleum Mosaddiq Malik.
