PM Shehbaz, Saudi Crown Prince vow major transformation in bilateral ties

RIYADH: Prime Minister (PM) Shehbaz Sharif called on the Saudi Crown Prince Mohammed bin Salman on Tuesday on the sidelines of the water summit.

During their meeting, the two leaders reiterated their commitment to bring about a major transformation in the bilateral ties, the PM Office said in a statement.

Both leaders stressed the importance of bringing a qualitative change in their economic, trade, and investment relationship.

Crown Prince Mohammed bin Salman urged for meaningful cooperation between the two countries for economic growth and prosperity in Pakistan.

Both leaders expressed satisfaction at the pace of progress of the implementation of the Saudi MOUs and agreements regarding investment in Pakistan.

PM Shehbaz thanked the Saudi Crown Prince for his affection for the people of Pakistan while extending an invitation to Mohammed bin Salman to visit Pakistan at his earliest convenience.

In October this year, 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 PM 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.