Saudi Arabia Increases Investment in Pakistan to $2.8 Billion

APP/ News Desk

Islamabad: Prime Minister Shehbaz Sharif announced that his recent meeting with Saudi Crown Prince Mohammed bin Salman was constructive and resulted in Saudi Arabia pledging an additional $600 million to its previously announced $2.2 billion investment in Pakistan.

 Saudi Investment Minister Khalid bin Abdulaziz Al Falih described this increased investment as “only the beginning of something very special.”

The announcement came during a joint press conference held in Riyadh, where Prime Minister Sharif and Minister Al Falih discussed their “very productive” meeting, which focused on enhancing bilateral cooperation across various sectors, including trade, finance, agriculture, technology, and skilled manpower.

Prime Minister Sharif expressed optimism that the recently signed program with the International Monetary Fund (IMF) would be the last one for Pakistan, noting that implementation of agreements with Saudi Arabia had already commenced.

Minister Al Falih emphasized the strong brotherly ties between the two nations, stating that progress was being made on five of the agreements signed during the Saudi delegation’s recent visit to Pakistan.

During that visit, both countries signed 27 memoranda of understanding (MoUs) for investments totaling $2.2 billion. Following Prime Minister Sharif’s discussions with the Crown Prince, the number of MoUs has now increased to 34, raising the total investment commitment to $2.8 billion.

Prime Minister Sharif characterized his meetings with the Crown Prince and Minister Al Falih as reassuring and shared that some projects agreed upon during the recent Saudi delegation’s visit were already under implementation.

He expressed hope that under the leadership of the Crown Prince, the two countries would enhance their bilateral relations for the benefit of both Pakistan and Saudi Arabia, as well as the wider Muslim Ummah.

“I will return with good news for the people of Pakistan and Saudi Arabia. With your valuable support, we will carve a path forward and soon be able to announce significant developments,” the Prime Minister stated.

Minister Al Falih highlighted that extensive working-level meetings had taken place since their visit to Pakistan, aiming to elevate bilateral relations to new heights in the fields of economy, finance, trade, and people-to-people connections.

He noted that some MoUs had already led to increased agricultural exports from Pakistan and expressed the Saudi government’s willingness to import skilled labor from Pakistan. He added that the world views Saudi Arabia as a key driver in digital technology and artificial intelligence.

Prime Minister Sharif also expressed gratitude to the Saudi leadership for their support, which he deemed critical for Pakistan’s success in achieving the IMF program.

He reiterated that, with the commitment and collective efforts of the government and support from allied nations, Pakistan is poised for economic progress.

He further thanked the 2.5 million Pakistani expatriates for their contributions to Saudi development and assured that Pakistan would work to prepare a skilled workforce to meet Saudi Arabia’s requirements, significantly contributing to the Kingdom’s development agenda.