ISLAMABAD: Saudi Minister for Investment Khalid bin Abdulaziz Al-Falih said on Wednesday $2.2 billion in agreements and memorandums of understanding (MoUs) signed between Saudi and Pakistani businesses earlier this month had been enhanced to $2.8 billion.
The business-to-business collaborations were signed on Oct. 10 during Al-Falih’s visit to Islamabad with a delegation of top investors and entrepreneurs from the Kingdom.
Pakistani Prime Minister Shehbaz Sharif is currently on a two-day visit to Riyadh where he attended the Future Investment Initiative (FII) forum on Tuesday and also held a bilateral meeting with Saudi Crown Prince Mohammed bin Salman who earlier this year reaffirmed the Kingdom’s commitment to expedite a $5 billion investment package for Pakistan.
“When we came to Pakistan, we concluded in three days 27 MoUs valued at $2.2 billion,” Al-Falih said in a televised press talk with Sharif.
“And I mentioned during that time at various events that this was only the beginning. To prove that, here we are two or three weeks later, and I would like that that number has increased from 27 MoUs and agreements to 34 MoUs.
“So, we have been able to add another seven, almost two per week. And I think more importantly, the value of those agreements has also increased to $2.8 billion.”
The Saudi minister said five agreements signed during his trip to Pakistan were already operational and had resulted in exports from the South Asian state to the Kingdom. Al-Falih said Saudi Arabia would also absorb a greater and more qualified Pakistani workforce, especially in the health sector, in the foreseeable future.
“Remittances back to Pakistan will be on the rise,” the official said. “The first results will be seen in the next few weeks.”
Al-Falih said Saudi Arabia would also seek help from Pakistani technology firms to transform the way digital artificial intelligence was used for business and the economy.
Sharif thanked the Saudi government, especially Crown Prince Mohammed, for helping Pakistan secure a $7 billion International Monetary Fund (IMF) program last month by helping Islamabad meet its external financing needs.
The PM added that he planned to return to Saudi Arabia next month for more discussions on bilateral engagements.
“Together we are marching forward, together we are strengthening our brotherly relations,” he said.
The Pakistani PM’s visit takes place at a time when Islamabad is seeking to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.
