Daily Times

Prime Minister Shehbaz Sharif hailed on Thursday Saudi Arabia’s over $2 billion investment in Pakistan as the two countries signed several memorandum of understandings (MoUs) to boost bilateral trade and investment.

PM Shehbaz accompanied by Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih and Chief of Army Staff Lt General Syed Asim Munir witnessed the exchange of the signed copies of the MoUs. The development comes as a high-level Saudi government cum business delegation, led by the Kingdom’s investment minister, is visiting Pakistan for three days.

“The visit of Saudi delegation, headed by investment minister, is important. Crown Prince Mohammed bin Salman has a special interest in the development of Pakistan,” said the prime minister during the MoU signing ceremony. The prime minister, hailing the investment, said that the bilateral cooperation between both countries will get stronger with time. He said that the government will ensure all measures to implement the agreements.

“Economic relations and cooperation between the two countries will further increase in the future. Pakistan and Saudi Arabia have decades of brotherly relations,” he added. PM Shehbaz said that the Kingdom has supported Pakistan in every difficult time, adding that the Saudi minister’s visit is an important milestone for strengthening investment and economic relations.

The meeting was also attended by Deputy Prime Minister Ishaq Dar, Cheif of Army Staff (COAS) General Asim Munir and federal ministers.

The prime minister also said that the Special Investment Facilitation Council (SIFC) is playing an important role in accelerating foreign investment.

Warmly welcoming the Saudi investment minister and his delegation to Pakistan, PM Shehbaz informed him about the privatisation programme, stressing that he is determined to remove all obstacles in investment agreements between the two countries. The two nations signed agreements for cooperation in the construction, transport, energy and petroleum sectors. Agreements were also signed to increase cooperation in textile sector, export of spices and vegetables and on skilled manpower.

Recently, he said that Pakistan had secured the International Monetary Fund (IMF) programme which he hoped would be the last programme. He thanked the Saudi leadership for their support in having the programme as without their support, the programme could not have materialised.

“Finally this programme is through, but we hope that this will be the last programme as we have already through a wonderful team work, managed to improve our economic indicators, inflation came down from 32% to 6.9% this month, our policy rate has come down from 23% to 17.5%, exports are increasing, foreign remittances are also increasing,” he said.

The prime minister also conveyed his warm regards to the Custodian of the Two Holy Mosques, His Majesty King Salman bin Abdulaziz, and the crown prince, acknowledging their leadership and support in enhancing bilateral ties.

Earlier, Saudi Minister for Investment Khalid bin Abdulaziz Al-Falih said that the ties between his country and Pakistan “have no limits” and the same applies to their economic cooperation. “We must strengthen Pakistan’s economy. Pakistan has quickly stabilised its economy,” the minister stated during his address at the Pakistan-Saudi Business Forum in Islamabad, where he is on a three-day visit.

Separately, the Saudi delegation led by Minister for Investment of Kingdom of Saudi Arabia Sheikh Khalid Bin Abdul Aziz Al Faleh, on Thursday called on Chief of the Army Staff Gen Syed Asim Munir in the General Headquarters (GHQ). The high-powered Saudi delegation includes government officials and businessmen. On this occasion, the COAS said the arrival of Saudi businessmen signified strong relationship between two countries. According to the Inter-Services Public Relations (ISPR), military’s media wing, the two leaders discussed matters of mutual interest and exchanged views to enhance bilateral cooperation. Gen Munir assured the visiting delegation of Pakistan’s full support to Saudi Arabia. The COAS also thanked Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman (MBS) for their unwavering support for Pakistan.