ISLAMABAD — Pakistan and Saudi Arabia signed 27 Memorandum of understanding (MoUs) to further deepen cooperation across range of sectors, including energy, agriculture, mining, human resources, and cyber security. The agreements were formalized during a ceremony in Islamabad on Thursday, attended by Prime Minister Shehbaz Sharif.
Among the keyu agreements is $70 million investment in Pakistan’s agriculture sector, as well as plans for advanced semiconductor chip manufacturing in Saudi Arabia. Other initiatives include the establishment of a textile industry, a white oil pipeline project, and a hybrid power project.
The MoUs also outline the development of transformer manufacturing facilities and cyber security enhancements for businesses and consumers, along with the export of spices and vegetables from Pakistan.
Prime Minister Shehbaz Sharif highlighted the positive trends in Pakistan’s economy, crediting effective government policies and support from allies like Saudi Arabia and China. He noted that foreign remittances and exports have surged, while inflation has dropped significantly from 32% to 6.9%.
Emphasizing the importance of the bilateral relationship, Sharif stated that it is time to transform mutual support into a robust framework for economic development and investment. He assured Saudi delegates of the Pakistani government’s full commitment to implementing these projects without delays.
This strategic collaboration marks a significant step towards deepening economic ties between the two nations, paving the way for further investments and partnerships in the future.
Saudi Minister pledges to boost investment in Pakistan’s mining, agriculture, and infrastructure
