Saudi Arabia Boosts Investment in Pakistan by $600 Million, Bringing Total to $2.8 Billion

RIYADH, Oct 30 (Alliance News): The Kingdom of Saudi Arabia has announced an additional investment of $600 million to its previously committed $2.2 billion in Pakistan, marking what the Saudi Investment Minister describes as “only the beginning of something very special.”

This announcement came during a joint press conference held by Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al Falih after their “very productive” meeting, which focused on enhancing bilateral cooperation across multiple sectors, including trade, finance, agriculture, technology, and skilled manpower.

Currently on a two-day official visit to Saudi Arabia at the invitation of Crown Prince Mohammed bin Salman, Prime Minister Shehbaz addressed the 8th edition of the Future Investment Initiative (FII) in Riyadh, discussing investment as a catalyst for a prosperous and sustainable future.

During the press briefing, Minister Al Falih revealed that after recent discussions with the Crown Prince, the number of Memorandums of Understanding (MoUs) signed during his prior visit to Pakistan has increased from 27 to 34, bringing the total investment to $2.8 billion.

Prime Minister Shehbaz expressed optimism following his meetings, stating that some of the projects agreed upon during the Saudi delegation’s visit are already in implementation.

He emphasized that both sides would establish timelines for these projects and highlighted the potential for strengthening bilateral relations for the benefit of both nations and the wider Muslim Ummah.

“Upon my return, I hope to share good news for both the people of Pakistan and Saudi Arabia. With your valuable support, we will pave our way forward and make significant announcements soon,” he remarked.

Minister Al Falih noted that extensive working-level meetings were held to further elevate bilateral relations in the areas of economy, finance, trade, and people-to-people contacts.

He mentioned that some MoUs had already facilitated exports from Pakistan in agriculture and other sectors.

Additionally, he expressed Saudi Arabia’s willingness to import Pakistan’s skilled workforce, as the Kingdom aims to become a leader in digital technology and artificial intelligence.

Prime Minister Shehbaz expressed gratitude to the Saudi leadership for their critical support to Pakistan, which has been essential for achieving the IMF program.

He assured that with collective efforts and support from friendly nations, Pakistan would progress economically.

He also acknowledged the contributions of 2.5 million Pakistani expatriates to Saudi development and affirmed that Pakistan would work to prepare a skilled workforce to meet Saudi Arabia’s developmental needs.