Pakistan and Saudi Arabia solidified their economic partnership on Thursday by signing 27 Memorandums of Understanding (MoUs) worth $2.2 billion, covering key sectors such as industry, agriculture, IT, food, education, mining, health, petroleum, and energy. The agreements aim to enhance mutual cooperation and foster growth in vital industries.
Prime Minister Shehbaz Sharif, Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih, and Chief of Army Staff General Syed Asim Munir witnessed the exchange of MoUs. Speaking at the event, Prime Minister Sharif praised the visit of the Saudi business delegation, attributing it to Crown Prince Mohammad bin Salman’s deep commitment to strengthening ties with Pakistan. He expressed optimism that these agreements would evolve into formal partnerships through consistent hard work and effort.
Sharif emphasized the government’s dedication to ensuring the timely implementation of the MoUs, with a promise to eliminate any bureaucratic delays. He also thanked Saudi leadership for their critical support in helping Pakistan secure its recent International Monetary Fund (IMF) program, highlighting that key economic indicators have already improved, including inflation reduction and lower interest rates.
The prime minister invited Saudi investment in Pakistan’s aviation sector, specifically in the outsourcing of international airports. He also reaffirmed Pakistan’s support for Saudi Arabia’s sovereignty, defense, and Vision 2030, which focuses on developing indigenous capabilities. In return, Saudi Investment Minister Al Falih reiterated Saudi Arabia’s commitment to increasing its investment portfolio in Pakistan, particularly in mining, agriculture, and food security, and viewed the signing of 27 MoUs as the beginning of a long-term collaboration.
The Pak-Saudi Business Forum, held the same day, provided a platform for business leaders and government officials from both nations to explore avenues for collaboration. Led by Saudi Minister Al-Falih and attended by a high-level delegation, the forum emphasized the IT and telecommunications sectors as areas for strategic cooperation. Pakistan’s IT landscape was presented by Secretary IT and Telecom, Zarrar Hasham, showcasing opportunities for investment and partnership.
A B2B session at the forum facilitated direct engagement between Pakistani and Saudi companies, focusing on digital transformation, software development, and emerging technologies. The continued collaboration between both countries promises to unlock new economic opportunities and technological advancements, marking a significant step in strengthening the Pakistan-Saudi strategic partnership.
