Prime Minister Shehbaz Sharif is set to depart for Saudi Arabia on a four-day visit from March 19 to 22 to strengthen the bilateral ties, enhance economic cooperation, and promote investment between the two countries.
As per a statement issued by the Ministry of Foreign Affairs (MoFA), PM Shehbaz is scheduled to meet Saudi Crown Prince Mohammed bin Salman where the two leaders will discuss and deliberate upon ways to boost trade, enhance partnership in key sectors and facilitate greater economic collaboration.
“Matters of mutual interest and concern, including global and regional developments,” noted the statement.
The prime minister’s visit underscores the deep-rooted historical relations between Pakistan and Saudi Arabia and will pave the way for increased mutual understanding, enhanced cooperation in trade, investment and greater diplomatic coordination on bilateral, regional and global matters.
The premier’s visit comes in response to the invitation by the Saudi crown prince with The News reporting that the former would avail the opportunity to spend a few days in Makkah and Madina and would also the coastal city Jeddah where he would meet King Salman bin Abdul Aziz.
It is to be noted that the PM, back in October 2024, had visited the Kingdom to participate in the 8th edition of the Future Investment Initiative (FII), held under the patronage of King Salman.
The same month, Islamabad and Riyadh had 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 Minister for Investment Khalid bin Abdulaziz Al-Falih.
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.