Pakistan and Saudi Arabia on Thursday signed 27 MoUs worth $2.2 billion in various sectors including industry, agriculture, information technology (IT), food, education, mining and minerals, health, petroleum, energy and other areas of mutual cooperation. Signed on.
Prime Minister Shahbaz Sharif along with Saudi Investment Minister Khalid bin Abdulaziz Al Falih and Chief of Army Staff General Asim Munir exchanged signed copies of the MoUs.
Speaking on the occasion, the Prime Minister said that the visit of the Saudi business delegation is a real manifestation of the sincerity and love of the Saudi Crown Prince Muhammad bin Salman for the people of Pakistan.
He hoped that today’s event would lead to more such events in the future.
He expressed the commitment of the government to implement these MoUs and convert them into agreements through hard work and tireless efforts in the future.
He said that our Saudi brothers under the leadership of Khalid bin Abdulaziz Al-Falih have done a remarkable job to promote the Saudi economy and with their presence here, we will get their full support to promote bilateral investment and business opportunities. will get.’
The Prime Minister hoped that more such events would be held in Saudi Arabia and Pakistan in the future.
He assured the Saudi delegation that the signed MoUs would be fully implemented and there would be no delay or red tape in their implementation.
Invitation to Saudi Arabia to invest in the aviation sector
Earlier, Prime Minister Shahbaz Sharif invited Saudi Arabia to invest in the aviation sector, especially the outsourcing of Pakistan’s international airports.
He expressed these views during a meeting with Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih at the Prime Minister’s House.
According to official news agency APP, the Prime Minister warmly welcomed the Saudi Investment Minister and his delegation.
He said that the relations between Pakistan and Saudi Arabia are based on decades of brotherly relations which are getting stronger with each passing day.
He further said that Saudi Arabia stands by Pakistan in every difficult situation.
Referring to the recent visit of the Saudi Investment Minister, the Prime Minister said that this visit is an important milestone in the strengthening of investment relations between the two countries, which paves the way for wider cooperation in areas of mutual interest between the two countries. Smoothed out.
He congratulated Khalid-ul-Falih on receiving the Hilal Pakistan Award in recognition of his outstanding services in the development of Pakistan-Saudi Arabia relations.
The Prime Minister also congratulated Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman and acknowledged their leadership and support in promoting bilateral relations.
Earlier, the Saudi delegation held separate meetings with President Asif Ali Zadari and Pakistan Army Chief General Asim Munir to discuss multi-faceted bilateral relations, including increasing economic ties and investments.
The delegation of Saudi Arabia on a three-day visit on Wednesday night Pakistan was reached and during this time 27 agreements will be signed between the two countries.
Addressing a ceremony in Islamabad on Thursday, Saudi Minister for Investment Khalid Bin Abdul Aziz Al-Falih said, “When the doors of our plane opened (Wednesday) night, we realized the love of Pakistan.”
He said that ‘Pakistan and Saudi Arabia are beyond agreements, we are not friends but a family.’
Earlier, in a meeting with President Asif Ali Zadari on Thursday, the Saudi delegation reiterated the commitment of Pakistan and Saudi Arabia to increase cooperation in the fields of economy, agriculture, mining and information technology.
According to a statement from the Presidency, President Asif Zadari said that the relations between the two countries are long-term and tried and “both brotherly countries should work to build a prosperous and peaceful future for the region and the Islamic world.”
According to the statement, both countries expressed their desire to transform these relations into a long-term strategic and economic partnership.
President Zardari reiterated Pakistan’s commitment to unwavering solidarity with Saudi Arabia and said that the kingdom has made remarkable progress under the leadership of Saudi Crown Prince Muhammad bin Salman.
The President thanked Saudi Arabia for supporting Pakistan in every difficult hour.
According to the statement, the Saudi minister said that Saudi Arabia has planned to invest in construction infrastructure and mining sectors of Pakistan.
Before the start of the Saudi delegation’s visit to Pakistan, Prime Minister Shehbaz Sharif said that agreements and memorandums of understanding worth more than two billion dollars will be signed in this three-day visit.
According to him: ‘These agreements will usher in a new era of bilateral economic cooperation.’
Saudi delegation meeting with General Asim Munir
Pakistan Army Chief General Asim Munir meeting Saudi Investments Minister Khalid Bin Abdulaziz Al Falih on October 9, 2024 (ISPR)
A high-level official and commercial delegation led by Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih met with Army Chief General Asim Munir in Rawalpindi to discuss issues of mutual interest, especially measures to strengthen fraternal bilateral cooperation in various fields. was discussed.
According to the statement of the Public Relations Department of the Army (ISPR), the Army Chief said that the visit of a large trade delegation to Pakistan is a manifestation of the sustainable and fraternal relations between the two countries.
The Army Chief assured the Saudi delegation of Pakistan’s full support and commitment and also expressed the expectation that both countries would benefit from such ties.
According to a statement from Pakistan’s Ministry of Information, the Saudi minister said that the Chief of Army Staff spoke to us from the heart and gave all the data on how Pakistan can get Saudi support. The Army Chief assured that we will replace the red tape with a red carpet for Saudi Arabia.
The visit of the Saudi delegation comes at an important time
In his address, Deputy Prime Minister of Pakistan Ishaq Dar emphasized on expanding the historical ties and deep friendship between Pakistan and Saudi Arabia which is based on values and commitment to regional stability.
He said that the visit comes at an important time when Pakistan is embarking on a journey of economic recovery and growth, backed by key reforms aimed at promoting private investment and enhancing public services. ‘
Deputy Prime Minister and Foreign Minister Senator Muhammad Ishaq Dar, while addressing the Pakistan-Saudi Business Forum on Thursday, said that Pakistan’s new economic program, which is supported by the IMF, seeks to change the policies of the past beyond simple measures. is
“It focuses on reforms to increase productivity, competitiveness and create opportunities for private investment,” he said of the New Economic Programme.
Prime Minister Shahbaz Sharif meets the Saudi delegation in Islamabad on October 10, 2024 (Government of Pakistan/Facebook)
According to him: ‘The government is reforming public institutions and improving public services. Macroeconomic policies, including flexible exchange rates and efforts to control inflation, are helping to stabilize the economy.
‘Despite difficult decisions, these changes are already yielding positive results, such as reducing inflation, making Pakistan more attractive to foreign investment and building a stronger, more stable economy for the future.’
According to Ishaq Dar: ‘Pakistan’s potential in sectors such as mining, information technology, agriculture, and renewable energy invites Saudi investors to participate in these lucrative opportunities.’
He expressed confidence that the engagements during the visit will lead to concrete results, which will further strengthen the economic partnership between the two countries.
Pakistan Saudi Business Forum 2024
Pakistan Saudi Business Forum was held in Islamabad on Thursday to expand trade relations. Addressing the forum, Federal Minister for Commerce Jam Kamal said that Pakistan is determined to further strengthen trade relations with Saudi Arabia.
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He said that the trade volume between Saudi Arabia and Pakistan is 5.12 billion dollars and “Pakistan’s exports are only 2 percent of the total trade of Saudi Arabia.”
Jam Kamal said that Pakistan’s imports from Saudi Arabia are 4.5 billion dollars.
The federal minister said that it is necessary to increase Pakistan’s exports to Saudi Arabia.
Pakistani businesses can play a key role in Saudi Arabia’s Vision 2030. Pakistani companies can play an important role in construction, IT and agriculture sectors.
He said that the Ministry of Commerce has prepared a comprehensive business plan to increase trade with Saudi Arabia.
Food and textiles play an important role in Pakistan’s exports. Demand for Pakistani products is increasing in Saudi Arabia. Pharmaceuticals and construction materials sectors provide ample opportunities in Pakistan’s exports.
According to Jam Kamal: The Ministry of Commerce will organize a single country exhibition in Jeddah in 2025 in which major brands and importers of Saudi Arabia will be approached.
“Pakistan will welcome Saudi investment and provide full facilities. A proper strategy is necessary to increase Pakistan’s exports to Saudi Arabia.
The federal minister said that there are opportunities for Pakistani companies in Saudi Arabia in the fields of energy, engineering and textiles and trade between the two countries can be further expanded.
“Pakistan’s exports can be increased by adding sports equipment and surgical equipment. A comprehensive plan has been made to increase the reach of Pakistani products in the Saudi market.
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