Pakistan and Saudi Arabia signed 27 memorandums of understanding (MoUs) worth $2.2 billion in various sectors on Thursday.
Last night, a high-powered Saudi delegation led by its Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in Islamabad on a three-day official visit.
Prime Minister Shehbaz Sharif, Al Faleh and Chief of Army Staff (COAS) General Asim Munir witnessed the exchange of the signed copies of the MoUs in the sectors of industry, agriculture, information technology (IT), food, education, mining and minerals, health, petroleum, energy and other areas of mutual cooperation.
Addressing the occasion, the prime minister said the visit of the Saudi business delegation was a “true manifestation of great sincerity and affection” for the people of Pakistan from Saudi Crown Prince Mohammed bin Salman.
He hoped that today’s ceremony would lead to many more such events in times to come.
The premier expressed the government’s resolve to implement the MoUs and to transform them into future agreements through “hard work and untiring efforts”.
“Our Saudi brothers led by Khalid Bin Abdul Aziz Al Falih have done a remarkable job of promoting the Saudi economy and with his presence here, we will have his full cooperation to promote bilateral investments and business opportunities,” PM Shehbaz remarked.
The prime minister hoped that there would be many more such ceremonies in the future in both countries.
He assured the Saudi delegation that the MoUs signed would be fully materialised and there would be “no delay or red tape-ism” in the implementation process.
The prime minister said that Pakistan had secured an International Monetary Fund (IMF) programme, adding that he hoped it would be the last one. He thanked the Saudi leadership for its support in achieving the programme, saying that it could not have materialised without the kingdom’s support.
“Finally this programme is through, but we hope that this will be the last programme as we have already, through wonderful teamwork, managed to improve our economic indicators, inflation came down from 32 per cent to 6.9pc this month, our policy rate has come down from 23pc to 17.5pc, exports are increasing, foreign remittances are also increasing,” he said.
Additionally, he said the government was moving towards deep-rooted reforms in the country’s economy through very stringent measures and there was no compromise on these decisions.
The prime minister also conveyed his warm regards to King Salman bin Abdulaziz and the Saudi crown prince, acknowledging their leadership and support in enhancing bilateral ties.
