Prime Minister Shehbaz Sharif met Saudi crown prince Mohammed Bin Salman on Thursday where they discussed the strengthening of bilateral cooperation in several sectors, including economic, commercial, investment, energy and defense.
The meeting, which is part of the four -day visit of Shehbaz Sharif in Saudi Arabia, comes while Pakistan seeks to strengthen its trade and investment relations with global partners, in particular in the light of its continuous economic challenges.
Saudi Arabia has committed an investment set of $ 5 billion in Pakistan, aimed at stabilizing its foreign reserves and combating its payment balance crisis.
This follows a series of understanding agreements and memorandums of understanding (MUS), including 34 agreements worth 2.8 billion dollars signed last year to improve the private sector and commercial collaboration.
The two nations are also in advanced discussions on investment in the Reko Diq Copper and Gold mine, one of the largest unlikely copper zones in the world.
In addition, Pakistan signed an agreement with the Saudi Development Fund last month to postpone a payment of $ 1.2 billion on oil imports for a year.
During the meeting today, Prime Minister Shehbaz Sharif expressed his appreciation for Saudi Arabia’s commitment to increase investments, which will contribute to the economic stability of Pakistan.
The two parties reaffirmed their historical links and highlighted the importance of improving defense and security cooperation to meet regional challenges.
They also discussed regional and geopolitical developments and agreed to work in close collaboration to promote peace, stability and prosperity.
The two leaders highlighted the need for stronger links of people to the person, cultural exchanges and educational collaboration.
Meanwhile, Prime Minister Shehbaz also had discussions with Saudi investment minister Khalid Al-Falih and Mohammad Al-Tuwaijri, head of the joint working group for economic engagement, during his four-day visit to Saudi Arabia.
The talks have focused on strengthening economic cooperation, the attraction of Saudi investments and accelerating joint initiatives in the key sectors. Prime Minister Sharif expressed Pakistan’s commitment to facilitate Saudi investors, emphasizing the country’s strategic location and its policies adapted to investments.
Sharif underlined Pakistan’s potential in sectors such as energy, infrastructure, agriculture and technology, encouraging Saudi companies to explore the opportunities of the Special Investment Facilitation Council (SIFC).
In response, Minister Al-Falih and Al-Tuwaijri have transmitted the interest of Saudi Arabia to deepen economic ties with Pakistan. The discussions also included improving institutional collaboration to accelerate investment projects and ensure their effective implementation.
The meeting has reaffirmed the commitment of the two countries to develop a long -term and mutually beneficial economic relationship.
Prime Minister Shehbaz Sharif was accompanied by the Deputy Prime Minister and Minister of Foreign Affairs Muhammad Ishaq Dar, Chief Minister of Punjab Maryam Nawaz Sharif, the Minister of Climate Change Musadik Malik and the National Coordinator of the Lieutenant-General of Sifc Sarfraz Ahmed.
The Saudi delegation included representatives of the Saudi investment ministry and the joint working group for economic commitment between Saudi Arabia and Pakistan.
It should be noted here that Pakistan and Saudi Arabia have solid trade relations, petroleum products from Saudi Arabia constituting a significant part of imports from Pakistan. In addition, Saudi Arabia is home to more than two million Pakistani expatriates and is a major source of funds for Pakistan.
