Talks with Saudi Arabia will focus on trade, investments, energy, human resources and regional and international developments
Prime Minister Shehbaz Sharif. Photo: PM Office/File
Prime Minister Shehbaz Sharif is scheduled to leave for Riyadh tomorrow for a three-day official visit to Saudi Arabia, according to a statement issued by the Ministry of Foreign Affairs on Sunday.
The Prime Minister will be accompanied by a high-level delegation, including Deputy Prime Minister and Foreign Minister Ishaq Dar and senior members of the federal cabinet.
This visit comes at the invitation of Saudi Crown Prince and Prime Minister Mohammed bin Salman.
During his visit from October 27 to 29, Shehbaz will participate in the ninth edition of the Future Investment Initiative (FII 9) conference, themed “The Key to Prosperity: Unveiling the New Frontiers of Growth.” The event will bring together world leaders, investors, policymakers and experts.
Discussions with Saudi leaders are expected to focus on trade, investment, energy and labor, as well as regional and international developments. “Discussions will also focus on regional and global issues of mutual interest and concern.”
The Prime Minister will also hold meetings with other world leaders and heads of international organizations, during which he will highlight Pakistan’s investment potential and sustainable development initiatives.
According to the Ministry of Foreign Affairs, the visit underlines Pakistan’s commitment to advancing economic diplomacy.
Pak-Saudi trade
Economic relations between Pakistan and Saudi Arabia have strengthened with the signing of several memorandums of understanding between the two countries and the visit of high-level Saudi delegations to Pakistan last month.
Read: Punjab unveils tax-free Saudi industrial zone to attract Gulf investment
On October 8, the Prime Minister hosted a luncheon at the Prime Minister’s House on Wednesday in honor of a high-level Saudi delegation. Prime Minister Shehbaz addressed the guests, highlighting the strong and enduring ties between the two countries.
Shehbaz called for broadening Pakistan’s ties with Saudi Arabia beyond defense cooperation, calling for a renewed focus on trade, business and investment. He said the Kingdom was fully ready to support Pakistan in promoting this common economic vision.
In a major boost to Saudi-Pakistani investment relations, Prince Mansour Bin Mohammed Al Saud this month signed a memorandum of understanding (MoU) with Chishti for the acquisition of a majority stake in KES Power Ltd, the parent company which owns 66.4% of K-Electric.
Punjab Chief Minister Maryam Nawaz Sharif said a memorandum of understanding (MoU) was signed regarding the investment upon the arrival of a delegation of the Pak-Saudi Joint Business Council in Punjab.
Punjab Chief Minister Maryam Nawaz announced in early October the establishment of a special tax-free Saudi industrial zone in the province to enhance foreign investment and expand economic cooperation between Pakistan and the Kingdom of Saudi Arabia.
The announcement was made during a meeting in Lahore with a high-level Saudi delegation led by Prince Mansour bin Mohammad bin Saad Al Saud, chairman of the Pakistan-Saudi Business Forum. The delegation was briefed on the major development projects and governance reforms of Punjab.
