https://arab.news/pxhpa
- Pakistani, Saudi businesses last month signed 34 economic agreements worth $2.8 billion
- Shehbaz Sharif is in Riyadh to represent Pakistan at Arab-Islamic Summit on Middle East crisis
ISLAMABAD: Prime Minister Shehbaz Sharif met Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih in Riyadh on Monday to discuss progress on the recently signed bilateral business deals between the two countries, the Prime Minister’s Office (PMO) said.
Pakistani and Saudi businesses signed 27 memorandums of agreement (MoUs) worth $2.2 billion on Oct. 10 during Al-Falih’s visit to Islamabad. Al-Falih announced on Oct. 30 on the occasion of Sharif’s visit to the Kingdom that both sides had agreed to enhance the number of business agreements from 27 to 34 and increase their value from $2.2 billion to $2.8 billion.
Sharif is currently in Riyadh where he will address the Arab-Islamic Summit today, Monday, and present Pakistan’s perspective on Israel’s war in Gaza and Lebanon, and surging investments in the Middle East. The Pakistani premier met Al-Falih and Mohammed Al-Tuwaijri, the adviser to the Royal Court on the sidelines of the summit, the PMO said.
“The meeting was held to follow up on the recent engagements for economic cooperation between the two countries,” Sharif’s office said.
The PMO said Sharif appreciated the progress on major projects under discussion between the two countries, acknowledging the efforts of the Pakistani and Saudi technical teams.
The meeting between the two takes place as Islamabad seeks 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.
As Pakistan reeled from a macroeconomic crisis last year that threatened to cause the country to default on its external obligations, Islamabad formed the Special Investment Facilitation Council (SIFC) in 2023. The SIFC is a hybrid civil and military body that fast-tracks decisions related to foreign investment in key economic sectors such as agriculture, mining, minerals, tourism and others.
Sharif has actively pursued economic diplomacy in the region in recent months, seeking more investments and enhancing trade and regional connectivity for Pakistan. The South Asian country has sought to leverage its position as a transit and trade hub connecting landlocked Central Asian countries with the rest of the world and also pushed for mutually beneficial economic partnerships with Gulf countries.