Seven new MoUs signed during Prime Minister Shehbaz Sharif’s visit, boosting total investment commitments to $2.8 billion

In a significant development for Pakistan’s economy, Saudi Arabia has committed an additional $600 million as part of its investment pledge, bringing the total investment amount to $2.8 billion. This announcement was made during a joint press conference on Wednesday, following a productive meeting between Prime Minister Shehbaz Sharif and Saudi Minister for Investment, Engineer Khalid bin Abdulaziz Al Falih, at the 8th Future Investment Initiative Conference.

The new investment comes alongside the signing of seven additional memoranda of understanding (MoUs), increasing the total from 27 previously signed during a recent visit to Pakistan to 34 MoUs. Prime Minister Sharif described the discussions with Saudi officials as “very productive,” focusing on enhancing bilateral cooperation across various sectors, including trade, finance, agriculture, technology, and skilled labour.

Minister Al Falih highlighted that some of the MoUs have already begun yielding results, with exports from Pakistan in agricultural and other fields starting to flow into Saudi markets. He also mentioned the Saudi government’s interest in importing skilled labour from Pakistan, further strengthening the ties between the two nations.

During the press conference, PM Sharif expressed gratitude to the Saudi leadership for their critical support, particularly in the context of Pakistan’s ongoing efforts to meet the requirements of the International Monetary Fund (IMF) programme. He remarked, “The meetings with the crown prince and Minister Al Falih were reassuring, and we are optimistic about the timely execution of the projects discussed.”

Looking ahead, PM Sharif conveyed his confidence that under the leadership of the Saudi crown prince, both countries would enhance their bilateral relations for the benefit of their peoples and the broader Muslim community. He expressed optimism about upcoming announcements related to the projects, stating, “When I return, I will have good news for the people of Pakistan and Saudi Arabia.”

Following his engagements in Riyadh, PM Sharif arrived in Doha for a two-day official visit at the invitation of Qatari Emir Sheikh Tamim bin Hamad Al Thani. In Qatar, he is set to meet with the emir and Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim to discuss enhancing bilateral relations and exploring new opportunities for trade and investment.

Additionally, delegations from the Qatar Investment Authority (QIA) and the Qatar Businessmen Association (QBA) will engage with the prime minister to identify potential investment avenues in Pakistan.

During his visit to Saudi Arabia, PM Sharif also addressed the recent Israeli actions in Gaza, condemning the violence and calling for international support for the affected populations.