PREMIER Shehbaz Sharif has recently visited Saudi Arabia to attend 8th Edition of the Future Investment Initiative (FII) held in Riyadh on 29-30 October. The FII serves as an important platform for countries to showcase their economic strength, draw foreign investment, and engage in dialogue to shape sustainable future. Infinite Horizons: Investing Today, Shaping Tomorrow’ was the theme of the FII this year. The FII will focus on global investment aimed at addressing major issues such as artificial Intelligence, robotics, education, energy, space, finance, healthcare and sustainability. Premier Shehbaz held significant bilateral talks with Saudi Crown Prince and Prime Minister Mohammed bin Salman, focusing on strengthening the economic and strategic partnership between Pakistan and Saudi Arabia. Both leaders discussed expanding cooperation across economic, energy, and defense sectors.
Earlier the two sides signed 27 MoUs worth $2.2 billion in various sectors. The Crown Prince had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan. Premier Shehbaz assured Saudi investors that they would get the best facilities possible and also ease of doing business under the umbrella of SIFC. In June last year, KSA deposited $2 billion in the State Bank of Pakistan to help the country unlock a $3 billion bailout package from the IMF. The loan was crucial to prevent the country from a sovereign default. The government seems to bring the country to the destination of economic development and prosperity with the cooperation of KSA. Recent investment from Saudi Arabia in Pakistan has reached $2.8 billion, with the number of investment agreements increasing from 27 to 34.
The two countries will develop together and further promote bilateral relations in the coming days. Saudi Minister of Investment Khalid bin Abdul-Aziz Al-Falih says that during his visit to Pakistan, 27 agreements worth 2.2 billion dollars were signed, which is only a beginning. This worth now has become 2.8 billion dollars in volume. The implementation on 5 agreements has already started. It is also agreed that the number of Pakistani workers in Saudi Arabia will be increased. In the next few weeks, 300 medical personnel from Pakistan will start their work in Saudi Arabia. Shehbaz Sharif thanked KSA for its cooperation in the IMF program. With hard work, dedicated efforts and support from our brother nation, Saudi Arabia, we are hopeful that this will be Pakistan’s final IMF program, allowing us to guide the country toward sustained economic development and prosperity.
The Prime Minister will visit Saudi Arabia again in the middle of next month. Before his next visit, Pakistan will have to do a lot of work on these agreements which are in the interest of the people of the two countries. Together with the Saudi Arabian team, we will be successful in executing the contract schedule. Pakistan is grateful to Saudi Arabia for hosting 25 lakh Pakistanis. These Pakistanis are playing their important role in the development and prosperity of Saudi Arabia. The people of Pakistan and Saudi Arabia are like a family. It is Pakistan’s endeavour to be able to develop skilled manpower according to the needs of Saudi Arabia, which will not only help in advancing the development program of Saudi Arabia, but will also be able to play its part in the development and prosperity of the country. Discussions on promoting economy, trade, investment and public relations between Pakistan and Saudi Arabia are always on the cards. We are progressing rapidly in the light of the leadership and vision of Shehbaz Sharif and Crown Prince Muhammad bin Salman. Exports related to agriculture have also started from Pakistan.
The enhanced number of Pakistani workers in Saudi Arabia will increase remittances to Pakistan. The eyes of the whole world are on Saudi Arabia regarding artificial intelligence and universal digital space. Saudi Arabians are looking forward to the involvement of Pakistani companies in their digital space. Saudi Arabia hopes that Pakistan will make full use of the opportunities. CP Muhammad bin Salman has assigned the responsibility to Muhammad Al- Tawijri for continuous communication with Pakistan. A team has also been formed in the Saudi Ministry of Investment, which is in touch with the Saudi Arabian Ambassador to Pakistan. Prime Minister Shehbaz Sharif also met Saudi Investment Minister Engineer Khalid bin Abdul-Aziz Al-Falih and Advisor to the Saudi Royal Diwan (Royal Court) Muhammad bin Al-Tawijri in Riyadh.
The two leaders reviewed the progress on various economic initiatives between Pakistan and Saudi Arabia. The Prime Minister also talked about continuing the momentum of creating new opportunities to promote the strong economic partnership between Pakistan and Saudi Arabia. Foreign investment in Pakistan continues to increase. With the recent visit of Prime Minister Shehbaz Sharif to Saudi Arabia, the increase of 600 million dollars, the total volume of recent Saudi investment in Pakistan has increased to 2.8 billion dollars. The two countries not only share strong bilateral ties but the Kingdom has often come to Pakistan’s rescue during times of economic turmoil.
—The writer is author of several books based in Islamabad.
