Saudi Arabia’s Minister for Investment confirmed that the number of MoUs signed with Pakistan has increased from 27 to 34, valued at $2.8 billion, with five already operational. Prime Minister Shehbaz Sharif expressed gratitude for the support and productive discussions held during the Saudi delegation’s visit, highlighting the strong relationship between the nations.
On Wednesday, Saudi Arabia’s Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, announced that the number of memorandums of understanding (MoUs) signed with Pakistan has risen from 27 to 34. This announcement was made during the Future Investment Initiative (FII) event in Riyadh, alongside Prime Minister Shehbaz Sharif and his delegation from Pakistan. During his remarks, Sheikh Khalid emphasized that the agreements signed during his visit to Pakistan in October, which were valued at $2.2 billion, represent merely the beginning of a fruitful partnership. He noted, “When we came to Pakistan we concluded, in three days, 27 MOUs at 2.2 billion dollars… And to prove that, here we are — two or three weeks later — and I’d like to announce that the number has increased from 27 MOUs and agreements to 34.” The minister elaborated on the financial implications of these agreements, stating that the total funding had escalated to $2.8 billion. Several agreements are still undergoing valuation, which contributed to the increase in the total amount. Furthermore, he highlighted that out of the 27 initial MoUs, five have already commenced operations and are positively impacting both countries. Prime Minister Shehbaz Sharif expressed gratitude for the cooperation between the two nations and noted the productive discussions regarding these MoUs. He remarked, “The meetings last night have been really reassuring and on the MOUs signed a few weeks ago in Islamabad — the ink hasn’t dried and implementation has started.” He also conveyed optimism about future developments, particularly regarding Pakistan’s recent International Monetary Fund (IMF) programme acquisition, attributing this support to the Saudi leadership. This partnership builds upon a long-standing relationship rooted in cultural, economic, and defense ties. Previous discussions between Prime Minister Shehbaz Sharif and Crown Prince Mohammed bin Salman have underscored the commitment to expedite a planned $5 billion Saudi investment package aimed at revitalizing Pakistan’s economy. Saudi Arabia has historically supported Pakistan during economic challenges, reinforcing the significance of their bilateral ties.
This article discusses the recent developments in the economic partnership between Saudi Arabia and Pakistan, highlighting the increased number of MoUs signed by the two nations that are aimed at fostering collaboration across several sectors. Saudi Arabia’s Minister for Investment made a notable announcement regarding the expansion of these agreements, reflecting the close diplomatic and economic ties shared between the countries. The context of these agreements also outlines the historical support Saudi Arabia has provided to Pakistan, particularly during economic strife, reinforcing the importance of their bilateral relationship.
The announcement of the increased number of MoUs between Saudi Arabia and Pakistan signifies a strengthening of economic relations, with operational agreements already in place contributing meaningful value. The optimistic outlook shared by both ministers reflects a commitment to ongoing cooperation aimed at mutual benefit. This partnership is expected to lead to further investments and support for Pakistan’s economy, underlining the importance of collaborative efforts between the two nations.
Original Source: www.dawn.com
