Arab News,
Tue, Nov 12, 2024 | Jumada al-Awwal 10, 1446
Sharif, Al-Falih discuss progress on $2.8bn business deals
Saudi Arabia:
Pakistani Prime Minister Shehbaz Sharif met Saudi
Investment Minister Khalid Al-Falih in Riyadh on Monday to discuss the progress
of recently signed business agreements between the two countries, according to
the Prime Minister’s Office.
On Oct. 10, Pakistani and Saudi businesses signed
27 memorandums of understanding worth $2.2 billion during Al-Falih’s visit to
Islamabad. Later, during Sharif’s visit to Saudi Arabia on Oct. 30, Al-Falih
announced that the number of agreements would be increased from 27 to 34, and
the total value would rise to $2.8 billion.
Sharif is in Riyadh to attend the Arab-Islamic
Summit. On the sidelines of the summit, he also met with Mohammed Al-Tuwaijri,
the royal court’s adviser.
According to the Prime Minister’s Office, the
meeting focused on reviewing the progress of economic cooperation initiatives
between the two countries. Sharif praised the ongoing efforts of Pakistani and
Saudi technical teams working on these major projects.
The meeting comes as Pakistan seeks to strengthen
trade and investment ties with its allies, particularly Saudi Arabia. The
Kingdom has pledged a $5 billion investment package, which is crucial for
Pakistan as it grapples with a dire balance of payments crisis and dwindling
foreign reserves.
To tackle its economic challenges, Pakistan
established the Special Investment Facilitation Council in 2023. This hybrid
civil-military body aims to expedite foreign investments in key sectors like
agriculture, mining, tourism, and minerals.
Sharif has been actively engaging in economic
diplomacy in recent months, seeking increased investments and fostering trade
and regional connectivity. Pakistan is positioning itself as a key trade and
transit hub linking Central Asia with the global market, while also seeking
mutually beneficial partnerships with Gulf countries.