Saudi Arabia’s Minister for Investment announced an increase in MoUs with Pakistan from 27 to 34 during the Future Investment Initiative event in Riyadh. Five agreements are already operational, with funding rising to $2.8 billion. Prime Minister Shehbaz Sharif emphasized the positive implications for Pakistan, especially regarding ongoing economic support from Saudi Arabia.
Saudi Arabia’s Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, recently announced a significant expansion in the number of memorandums of understanding (MoUs) signed with Pakistan, increasing from an initial 27 to a total of 34. This update was shared during his attendance at the Future Investment Initiative (FII) event in Riyadh. Five of these agreements are reportedly already operational. During a three-day visit to Islamabad, the Saudi delegation finalized MoUs valued at approximately $2.2 billion, encompassing various sectors. Sheikh Khalid expressed pride in the initial agreements, stating, “When we came to Pakistan we concluded, in three days, 27 MOUs at 2.2 billion dollars, and…this was only the beginning.” He further revealed that the total funding related to these agreements has subsequently risen to $2.8 billion, although some agreements are still undergoing valuation processes. The minister highlighted that operational agreements have already fostered exports from Pakistan, particularly in the agricultural sector. He noted the establishment of an integrated medical complex in Pakistan as part of the agreements, underscoring the importance of these collaborations in various fields, including healthcare. Prime Minister Shehbaz Sharif, who was part of the Pakistani delegation, lauded the fruitful discussions held with the Saudi leadership, indicating that the implementation of the MoUs has already commenced. He expressed appreciation for the support Pakistan received from Saudi Arabia, especially regarding the International Monetary Fund (IMF) program, and anticipated further positive developments for the nation. Historically, Pakistan and Saudi Arabia maintain a robust and cooperative relationship across diverse sectors, with a particular focus on cultural, economic, and defense collaboration. The recent agreements underscore Saudi Arabia’s commitment to supporting Pakistan’s economy during challenging times, with previous financial aid playing a crucial role in stabilizing Pakistan’s fiscal landscape.
The relationship between Pakistan and Saudi Arabia is founded on a shared history characterized by deep-rooted cultural, economic, and defense ties. This collaboration has become particularly evident in times of economic distress, with Saudi Arabia frequently stepping up to assist Pakistan financially. The recent signing of MoUs marks a continued effort to enhance bilateral trades and investments, crucial for Pakistan’s economic recovery and growth. The increase in cooperation through these agreements signifies mutual interests in advancing development in both nations.
In conclusion, the recent announcement by Saudi Arabia’s investment minister regarding the escalation of MoUs with Pakistan from 27 to 34 reflects a strong commitment to fostering bilateral ties. With several agreements already operational and additional funding secured, both nations are poised to benefit significantly from this collaboration. The ongoing support from Saudi Arabia highlights their historical partnership with Pakistan, particularly during economic challenges, facilitating a path toward growth and stability.
Original Source: www.dawn.com
