https://arab.news/pwd5w
- Saudi Arabia has pledged to invest $2.8 billion in Pakistan to ensure sustainable economic growth
- PM urges his team to take maximum benefit from the fruits of Pakistan’s ongoing economic diplomacy
ISLAMABAD: A Pakistani delegation departed for Saudi Arabia after recent high-level talks between the two countries, Prime Minister Shehbaz Sharif said on Tuesday, as he highlighted the gains of his administration’s economic diplomacy during the federal cabinet meeting.
Pakistan has grappled with a prolonged economic crisis in recent years, addressing it through external financing from allies like Saudi Arabia, the United Arab Emirates and China, along with support from the International Monetary Fund (IMF).
To secure sustainable economic growth, the country has sought trade and investment partnerships, with Sharif visiting Saudi Arabia and Qatar earlier this month to discuss collaborative opportunities across multiple sectors.
During these talks, Saudi Arabia pledged $2.8 billion through 34 memoranda of understanding (MoUs) and agreements on the sidelines of the Future Investment Initiative conference. Pakistan is now focused on implementing these initiatives, with five projects already underway.
“Our delegation has left for Saudi Arabia,” Sharif told cabinet members. “My visit and meeting with the crown prince [Mohammed bin Salman] went well, with positive intent for Pakistan.”
Sharif highlighted potential collaboration in mines, minerals and solar energy, while noting a demand for Pakistani information technology experts in Saudi Arabia and Qatar.
“I hope the [IT] ministry can prepare a plan [to capitalize on that],” he said.
The prime minister stressed the need to develop a highly skilled workforce to meet global standards while pointing out it was essential to “rapidly move forward” on MoU implementation with other countries.
He also mentioned $2 billion in MoUs with Azerbaijan, saying Baku had expressed readiness to proceed with these initiatives.
“These are good signals, and it’s up to us now to maximize their benefits,” he added.