Prime Minister Shehbaz Sharif met with Saudi heir prince Mohammed Bin Salman on Thursday, where they discussed the strengthening of bilateral cooperation in several sectors, including economic trade, investment, energy and defense.
The meeting, part of the four -day visit of Shehbaz Sharif to Saudi Arabia, occurs when Pakistan seeks to strengthen his commercial and investment relations with global partners, particularly in the light of his ongoing economic challenges.
Saudi Arabia has committed an investment package of $ 5 billion to Pakistan, destined to stabilize their foreign reserves and address their balance of payments.
This follows a series of agreements and comprehension memorandes (MOU), including 34 agreements worth $ 2.8 billion signed last year to improve the private sector and commercial collaboration.
Both nations are also in advanced discussions about investment in the Reko Diq Copper and Gold mine, one of the non -developing copper gold areas in the world.
In addition, Pakistan signed an agreement with the Saudi Fund for Development last month to defer a payment of $ 1.2 billion over oil imports for one year.
During today’s meeting, Prime Minister Shehbaz Sharif expressed his appreciation for Saudi Arabia’s commitment to increasing investments, which will contribute to Pakistan’s economic stability.
Both parties reaffirmed their historical ties and emphasized the importance of improving cooperation in defense and security to address regional challenges.
They also discussed regional and geopolitical developments and agreed to work closely to promote peace, stability and prosperity.
The two leaders emphasized the need for stronger ties to people, cultural exchanges and educational collaboration.
Meanwhile, Prime Minister Shehbaz also made discussions with Saudi Investment Minister Khalid Al-Falih and Mohammad al-Tuwaijri, head of the Joint Task Force for economic commitment, during his four-day official visit to Saudi Arabia.
The conversations focused on strengthening economic cooperation, attracting Saudi investments and accelerating joint initiatives in key sectors. Prime Minister Sharif expressed Pakistan’s commitment to facilitate Saudi investors, emphasizing the country’s strategic location and their friendly investment policies.
Sharif highlighted Pakistan’s potential in sectors such as energy, infrastructure, agriculture and technology, encouraging Saudi companies to explore opportunities under the Special Investment Facilitation Council (SIFC).
In response, Minister Al-Falih and Al-Tuwaijri transmitted the interest of Saudi Arabia to deepen economic ties with Pakistan. Discussions also included improve institutional collaboration to accelerate investment projects and guarantee their effective implementation.
The meeting reaffirmed the commitment of both countries to develop a long -term and mutually beneficial economic relationship.
Prime Minister Shehbaz Sharif was accompanied by the Vice Prime Minister and Minister of Foreign Affairs, Muhammad Ishaq Dar, Punjab Prime Minister Maryam Nawaz Sharif, Minister of Climate Change Musadik Malik and National Coordinator of the LT. Gen. Gen. Sarfraz Ahmed de SFC.
The Saudi delegation included representatives of the Ministry of Saudi Investment and the Joint Task Force for the economic commitment between Saudi Arabia and Pakistan.
It should be noted here that Pakistan and Saudi Arabia maintain strong commercial relations, with oil products from Saudi Arabia that constitute a significant portion of Pakistan imports. In addition, Saudi Arabia is home to more than two million Pakistani expatriates and is an important source of remittances for Pakistan.
