Pakistan, Saudi Arabia ink MoUs valuing US$2.2bn in multiple sectors

ISLAMABAD: Pakistan and Saudi Arabia signed 27 Memoranda of Understanding (MoUs) worth US$2.2bn for cooperation in diverse fields, particularly in energy, agriculture, mining, human resources, and cyber security.

The MoUs were exchanged at a ceremony attended by Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Syed Asim Munir, Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih in Islamabad.

The agreements include a US$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.

Additionally, MoUs for exploring investment opportunities, a hybrid power project, the development of transformer manufacturing facilities in both countries, cyber security measures for customers and businesses, and the export of spices and vegetables from Pakistan have also been signed.

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 program.

Addressing on the occasion, the prime minister said the visit of Saudi business delegation is a true manifestation of great sincerity and affection for people of Pakistan from Saudi Crown Prince Mohammad bin Salman.

He hoped that the ceremony would lead to many more such events in times to come.

He expressed the government’s resolve to implement these MoUs and to transform them into agreements in future through “hard work and untiring efforts”.

“Our Saudi brothers lead by Khalid Bin Abdul Aziz Al Falih have done remarkable job to promote Saudi economy and with his presence here, we will have his full cooperation to promote bilateral investments and business opportunity,” he remarked.

The prime minister hoped that in future there would be many more such ceremonies both in Saudi Arabia and Pakistan.

He assured the Saudi delegation that the MoUs signed today would be fully materialized and there would be no delay or red tape-ism in the implementation process.

Recently, he said that Pakistan 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 materialized.

“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.

Additionally, he said the government was moving towards deep rooted reforms in the country’s economy through very stringent measures and there was no compromise on these decisions.

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