Saudi investment in Pakistan to ‘reach $2.8b as new deals signed’

RIYADH: In a positive development, Saudi Arabia on Wednesday announced adding another $600 million to its recently pledged $2.2 billion investment in Pakistan, with Saudi Investment Minister Khalid bin Abdulaziz Al Falih calling it “only the beginning of something very special”.
The development came during a meeting between Prime Minister Shehbaz Sharif and the Saudi minister held on the sidelines of 8th edition of the Future Investment Initiative (FII) in Riyadh.
The “very productive” meeting encompassed bilateral cooperation in multiple sectors including trade, finance, agriculture, technology and skilled manpower, according to a joint press stakeout.
At the invitation of Saudi Crown Prince Mohammed bin Salman, the prime minister is currently on a two-day official visit to Saudi Arabia where he addressed the FII moot on ‘Infinite Horizons: Investing Today, Shaping Tomorrow.’ and joined the global leaders to discuss how investment could serve as a catalyst for a prosperous and sustainable future.
Accompanied by Adviser at the Royal Court Mohammad Maziad Al-Tuwaijri, Saudi Minister Al Falih told the media that during his recent visit to Pakistan, both sides had signed 27 memorandums of understanding (MoUs) for investment worth $2.2 in Pakistan.
He announced that following PM Sehbaz’s meeting with the crown prince and their discussion, the number of MoUs has been increased from 27 to 34 to add $600 million in investment taking the investment volume to $2.8 billion.
Speaking on the occasion, the premier said that the meetings with the crown prince and Al Falih were reassuring, adding that some of the projects agreed upon during the recent Saudi delegation’s visit were under implementation.
He said both sides would work on the timelines of the project and expressed the hope that under the leadership of Saudi crown prince, both sides would strengthen bilateral relations not only for the benefit of the people of Pakistan and Saudi Arabia but the entire Muslim ummah.
“When I come back, I will have good news for the people of Pakistan and Saudi Arabia. With your valuable support, we will be able to carve our way forward and soon be able to make big announcements,” he remarked.
Minister Al-Falih said that as a follow-up of their Pakistan visit, both sides had “extensive” working-level meeting to elevate the bilateral relations to yet higher horizons in the fields of economy, finance, trade and people-to-people contacts.
He said that some of the MoUs had resulted in exports from Pakistan in agriculture and other fields. He also expressed the Saudi government’s willingness to import Pakistan’s skilled workforce as he said the world was looking towards Saudi Arabia becoming a key driver in digital technology and artificial intelligence.
PM Shehbaz also expressed gratitude to the Saudi leadership for support to Pakistan which was critical to achieving the IMF programme.
He said with the commitment and collective efforts by the government and the support from the brotherly countries, Pakistan would march towards economic progress.
He also thanked 2.5 million Pakistani expatriates for contributing to Saudi development and assured that Pakistan would make efforts to prepare a skilled workforce to meet Saudi requirements to contribute in a big way to the Kingdom’s development program.
Earlier this month, Islamabad and Riyadh inked several memorandums of understanding (MoUs), worth over $2 billion, to boost bilateral trade and investment during the Islamabad visit of a Saudi delegation, headed by Saudi Investment Minister.
The Khalid-led delegation comprised Saudi companies from various sectors including construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum are part of the visiting delegation.
The agreements include a $70 million investment in the agriculture sector, the establishment of advanced semiconductor chip manufacturing in Saudi Arabia, the establishment of a textile industry, a white oil pipeline project, an MoU for exploring investment opportunities, a hybrid power project, development of transformer manufacturing facilities in both the countries, cyber security measures for customers and businesses, and the export of spices and vegetables from Pakistan.
Additionally, the agreements outline the establishment of a manufacturing facility for surgical and dental equipment and collaboration on the federal government’s E-Taaleem and digitalisation programmes.