PM Shehbaz
ISLAMABAD: Prime Minister Shehbaz Sharif is set to embark on an official visit to Saudi Arabia tomorrow (Tuesday) to participate in the 8th Edition of the Future Investment Initiative (FII) taking place in Riyadh from October 29 to 30. Accompanying the Prime Minister will be key cabinet ministers, as indicated in a curtain raiser issued by the Foreign Office.
The Future Investment Initiative is a pivotal platform that allows countries to showcase their economic strengths, attract foreign investments, and engage in meaningful dialogue aimed at shaping a sustainable future.
This year’s theme, “Infinite Horizons: Investing Today, Shaping Tomorrow,” will concentrate on global investment strategies that address pressing issues in various sectors such as artificial intelligence, robotics, education, energy, space, finance, healthcare, and sustainability.
During his visit, PM Shehbaz is anticipated to hold significant bilateral discussions with Saudi Crown Prince and Prime Minister Mohammed bin Salman, along with other senior officials.
These talks are expected to cover a wide range of topics related to the economic and strategic partnership between Islamabad and Riyadh, with a focus on enhancing bilateral cooperation in the economic, energy, and defense sectors.
Additionally, the Prime Minister will engage with other leaders and entrepreneurs participating in the conference, fostering connections that could lead to future collaborations.
Earlier this month, Pakistan and Saudi Arabia solidified their commitment to enhancing bilateral trade and investment by signing several memorandums of understanding (MoUs) valued at over $2 billion.
These agreements were finalized during the visit of a Saudi delegation to Islamabad, led by Minister for Investment Khalid bin Abdulaziz Al-Falih.
The delegation included representatives from various sectors such as construction, engineering, financial services, information technology, hospitality, agriculture, energy, and petroleum.
Among the key agreements is a $70 million investment in Pakistan’s agriculture sector, the establishment of advanced semiconductor chip manufacturing in Saudi Arabia, and the development of a textile industry.
Additional projects include a white oil pipeline initiative, an MoU for exploring further investment opportunities, a hybrid power project, and the development of transformer manufacturing facilities in both countries.
Moreover, the agreements aim to enhance cybersecurity measures for customers and businesses, facilitate the export of spices and vegetables from Pakistan, and establish a manufacturing facility for surgical and dental equipment.
The visit highlights the commitment of both nations to deepen their economic ties and explore new avenues for collaboration, especially in light of the recent agreements that promise to enhance trade relations and foster mutual growth.
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