Pakistan and Saudi Arabia on Thursday have signed 27 Memoranda of Understanding (MoUs) for cooperation in diverse fields, particularly in energy, agriculture, mining, human resources, and cyber security.
According to a release by PM House, the MoUs were exchanged at a ceremony held in Islamabad attended by Prime Minister of Pakistan, Shehbaz Sharif and visiting Saudi Minister for Investment Khalid bin AbdulAziz Al Falih.
The agreements include a USD 70 million investment in agriculture sector, establishment of advanced semiconductor chip manufacturing in Saudi Arabia, establishment of a textile industry, a white oil pipeline project, an MoU for exploring investment opportunities, a hybrid power project, development of transformer manufacturing facilities in both the countries, cyber security measures for customers and businesses, and the export of spices and vegetables from Pakistan.
Additionally, the agreements outline the establishment of a manufacturing facility for surgical and dental equipment and collaboration on the federal government’s E-Taaleem and digitization program.
Addressing the ceremony, PM Sharif said Pakistan’s economic indicators have improved manifold in recent months due to prudent economic policies of the government, and the cooperation of friends like Saudi Arabia and China.
He mentioned that remittances and exports are witnessing a surge, while inflation has decreased to 6.9 percent from 32 percent this month.
The Prime Minister said Pakistan is moving towards deep-rooted reforms in its economy through stringent measures.
Pakistan and Saudi Arabia have always supported each other through thick and thin, time has come now to transform these ties into a relationship of economic development, cooperation and promotion of investment, said the Prime Minister.
He assured the Saudi delegates of the government’s all-out support and commitment to implement the bilateral projects and endeavors without any delays and hurdles.
Earlier in the day, Pak-Saudi Business Forum brought together government officials and business leaders from both nations to explore key areas of collaboration.
A press release issued after the meetings read that the visit is expected to result in business agreements worth USD 2 billion, marking a significant milestone in strengthening economic ties between Pakistan and Saudi Arabia. The Business Forum spearheaded by the Special Investment Facilitation Council (SIFC), provided a prime opportunity for businesses from both countries to engage and collaborate.
An overview of Pakistan’s IT landscape, highlighting the country’s growing role as a global technology player and showcasing new opportunities for investment and collaboration was presented in the forum.
The session underscored promising areas for collaboration, particularly in digital transformation, software development, and emerging technologies, with several investment proposals currently under discussion, said the release.
Source: Kuwait News Agency