Pakistan and Saudi Arabia signed 27 MoUs worth $2.2 billion in various sectors

Last night, a high-powered Saudi delegation led by its Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in Islamabad, Pakistan on a three-day official visit.

Prime Minister Shehbaz Sharif, Al Faleh and Chief of Army Staff (COAS) General Asim Munir witnessed the exchange of the signed copies of the MoUs in the sectors of industry, agriculture, information technology (IT), food, education, mining and minerals, health, petroleum, energy and other areas of mutual cooperation.

Addressing the occasion, the prime minister said the visit of the Saudi business delegation was a “true manifestation of great sincerity and affection” for the people of Pakistan from Saudi Crown Prince Mohammed bin Salman.

He hoped that today’s ceremony would lead to many more such events in times to come.

The premier expressed the government’s resolve to implement the MoUs and to transform them into future agreements through “hard work and untiring efforts”.

“Our Saudi brothers led by Khalid Bin Abdul Aziz Al Falih have done a remarkable job of promoting the Saudi economy and with his presence here, we will have his full cooperation to promote bilateral investments and business opportunities,” PM Shehbaz remarked.

The prime minister hoped that there would be many more such ceremonies in the future in both countries.

He assured the Saudi delegation that the MoUs signed would be fully materialized and there would be “no delay or red tape-ism” in the implementation process.

The prime minister said that Pakistan had secured an International Monetary Fund (IMF) program, adding that he hoped it would be the last one. He thanked the Saudi leadership for its support in achieving the program, saying that it could not have materialized without the kingdom’s support.

“Finally this program is through, but we hope that this will be the last program as we have already, through wonderful teamwork, managed to improve our economic indicators, inflation came down from 32 per cent to 6.9pc this month, our policy rate has come down from 23pc to 17.5pc, exports are increasing, foreign remittances are also increasing,” he said.

Additionally, he said the government was moving towards deep-rooted reforms in the country’s economy through very stringent measures and there was no compromise on these decisions.

The prime minister also conveyed his warm regards to King Salman bin Abdul Aziz and the Saudi crown prince, acknowledging their leadership and support in enhancing bilateral ties.

Earlier, Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh on Thursday hailed Pakistan-Saudi Arabia ties, saying there were “no limits” to the possibilities of economic cooperation between the two countries.

Addressing the Pakistan Saudi Arabia Business Forum in Islamabad, Al Faleh said: “I think there are essentially no limits to what Saudi Arabia and Pakistan can do in the economic sphere, just like there are no limits to our friendship, to our bonds, to our historic relations.”

He confirmed that the two countries were presiding over 27 “organic agreements” and MoUs worth around $2bn, which would be signed throughout the day.

“First and foremost, we want to support Pakistan in continuing its economic stabilization. Without Pakistan reaching its economic stability, it’s very difficult to do things together,” the minister said, praising Pakistan’s efforts in the last two years as “quite impressive”.

Referring to his meeting earlier today with COAS Munir, Al Faleh said the former “spoke from the heart as well as from the mind, as well as expressing numbers that are very, very compelling with the value proposition to the Saudi private sector for partnering with Pakistan”.

The Saudi minister said that the army chief had expressed his commitment that all matters of “red tape would be replaced with a red carpet treatment”, adding that this was through the “special one-stop shop” under the Special Investment Facilitation Council (SIFC).

Minister Faleh also expressed his satisfaction regarding trade between the two countries, noting that it had increased by 80pc — from $3bn in 2019 to $5.4bn.

He noted Pakistan’s unique strategic location: “You also need geographic reach and we see that Pakistan is uniquely positioned geographically, with your location extending from the Arabian Sea all the way to the heart of Asia.”

Source: Dawn and other media outlets