Increase in MoUs with Pakistan Signals Strengthened Saudi Investment Partnership
Saudi Arabia’s investment minister announced that the number of MoUs signed with Pakistan has increased from 27 to 34, with five already operational, reflecting a strengthened partnership valued at $2.8 billion. Prime Minister Shehbaz Sharif emphasized the productive discussions and the positive impact on economic cooperation, particularly in agriculture and healthcare sectors.
On Wednesday, Sheikh Khalid Bin Abdul Aziz Al Faleh, the Minister for Investment of Saudi Arabia, announced a significant increase in the number of memorandums of understanding (MoUs) signed with Pakistan. During a press conference at the Future Investment Initiative (FII) event in Riyadh, he confirmed that following his earlier visit to Pakistan in October, the number of MoUs previously established, which initially totaled 27, has now risen to 34, with five of these agreements already operational. The initial MoUs signed in Islamabad encompassed various sectors and represented an investment value of $2.2 billion. However, the Minister noted that the value of the agreements has increased to $2.8 billion. Sheikh Khalid mentioned that although some agreements still lack a defined valuation, the establishment of operational agreements is a strong indicator of the fruitful partnership between Pakistan and Saudi Arabia. “I’d like to announce that the number has increased from 27 MOUs and agreements to 34,” he remarked. The operational agreements include initiatives in agriculture, with exports from Pakistan already underway, as well as plans for healthcare facilities where Saudi investors have committed to developing an integrated medical complex within Pakistan. Prime Minister Shehbaz Sharif, who is leading the Pakistani delegation, expressed gratitude to the Saudi leadership, citing the productive meetings that have already enabled implementation of the agreements signed weeks earlier. Additionally, PM Shehbaz highlighted the strategic partnership between the two nations, reflecting on Saudi Arabia’s longstanding support for Pakistan during economic challenges. He reiterated that the International Monetary Fund (IMF) program recently attained by Pakistan was significantly bolstered by Saudi assistance. Overall, this partnership encapsulates not just financial agreements but also a commitment to bolster various sectors of shared interest, reinforcing the historic ties between Islamabad and Riyadh.
The relationship between Pakistan and Saudi Arabia has historically been characterized by deep-rooted ties across multiple sectors, including economic, cultural, and defense cooperation. The recent agreements were facilitated during high-level discussions aimed at expediting Saudi investments in Pakistan, which have been critical during economic downturns. The bilateral meetings have underscored a mutual commitment to development and stability, enhancing Pakistan’s ability to navigate financial challenges with international support, particularly from Saudi Arabia. Throughout 2022, Saudi assistance was pivotal in assisting Pakistan in securing financial stability through loans and investments, further underscoring the strategic nature of their partnership.
The recent increase in memorandums of understanding between Pakistan and Saudi Arabia demonstrates a robust commitment to partnership and developmental progress. The operational agreements signify the beginning of fruitful collaborations across various sectors. With agriculture and healthcare initiatives already in motion, the true benefit of these agreements promises positive economic impacts for both nations. As Pakistan moves towards securing its economic stability, Saudi Arabia’s continued support remains a critical factor.
Original Source: www.dawn.com
