Pakistan and Saudi Arabia sign 27 MoUs worth $2 billion across diverse sectors

Saudi and Pakistani companies have signed 27 memorandums of understanding valued at $2 billion for investment across various sectors, including industry, technology, agriculture, food, petroleum, energy, mining and health.

High-level Saudi delegation visits Pakistan

The bilateral agreements worth $2.2 billion were signed between Riyadh and Islamabad during the three-day (October 9-11) visit of a high-level Saudi business delegation led by Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih.

The large Saudi delegation included 135 members, 12 deputy ministers, and prominent businessmen and representatives from Saudi companies specializing in energy, mining, minerals, agriculture, business, tourism, industry, and manpower. Pakistan’s Petroleum Minister Dr. Musadik Malik said over 130 representatives of around 50 Saudi companies were part of the delegation.

Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih held one-on-one meetings with Pakistani Prime Minister Shehbaz Sharif, Chief of Army Staff General Syed Asim Munir, and Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar. The Saudi minister also witnessed the exchange of signed MoUs that covered energy, agriculture, food, mining and information technology, as well as other vital sectors.

Along with his delegation, the Saudi minister also met with several Pakistani business leaders and investors on the sidelines of the Saudi-Pakistani Business Forum 2024.c

27 MoUs worth $2 billion signed

The Saudi delegation signed 27 agreements and memorandums of understanding (MoUs) worth more than $2 billion with several Pakistani companies.

In his address at the Pak-Saudi Business Forum 2024, the Saudi Minister of Investment underscored the strong ties between Saudi Arabia and Pakistan, highlighting Pakistan’s potential as a lucrative and low-risk investment hub. He described the country as an attractive destination for Saudi investors and commended the Pakistani government’s economic initiatives, particularly the establishment of the Special Investment Facilitation Council (SIFC), which aims to streamline investment processes. Minister Al-Falih noted that bilateral trade has surged to $5.4 billion and expressed optimism that cooperation in economic, investment, and trade sectors will continue to grow in the future.

Pakistan and Saudi Arabia Sign 27 MoUs

Pakistan and Saudi Arabia have signed twenty-seven Memoranda of Understanding (MoUs) aimed at enhancing cooperation across various sectors. The agreements were finalized during a ceremony in Islamabad and encompass significant initiatives, including:

  • A $70 million investment in Pakistan’s agriculture sector.
  • Establishment of advanced semiconductor chip manufacturing facilities in Saudi Arabia.
  • Creation of a textile industry.
  • Development of a white oil pipeline project.
  • Initiatives for hybrid power projects.
  • Development of transformer manufacturing facilities in both countries.
  • Implementation of cybersecurity measures for businesses and customers.
  • Facilitation of the export of spices and vegetables from Pakistan.
  • Establishment of a manufacturing facility for surgical and dental equipment.
  • Collaboration on the federal government’s E-Taaleem and digitalization initiatives.

Additionally, Sultan Al Mansour, Chairman of All Care Medical Group, said he had collaborated with Hilbro, a Pakistani company that will supply surgical goods to his organization in the kingdom.

Mohammad Almadani, Chief Executive Officer of Classera, one of the region’s largest e-learning ed-tech companies operating in over 40 countries, said his organization has started a big project called eTaleem which aims to transform education using technology across Pakistan.

Mohammad Al-Hijji, Chairman of Saudi investment company Engineering Dimension Holding, discussed plans to invest in a 500-megawatt hybrid power project in collaboration with the Pakistani renewable energy firm Welt Konnect.

Pak-Saudi Business Forum bolsters collaboration in IT sector

The Pakistan-Saudi Business Forum 2024, organized by the Special Investment Facilitation Council (SIFC), aimed to explore key areas of collaboration, particularly in the IT sector.

A significant highlight of the forum was the briefing on Pakistan’s IT landscape, co-chaired by Pakistan’s Minister of State for IT and Telecom, Shaza Fatima Khawaja, and Saudi General Manager of ICT, Mr. Fahad Abdulrahman Alshabanah.

Discussions emphasized potential collaboration in digital transformation, software development, and emerging technologies. A B2B session facilitated direct engagement between companies from both nations, leading to various investment proposals currently under consideration. This forum represents a crucial step in deepening the strategic partnership and fostering innovation in the IT and telecommunications sectors.

Pakistan PM meets Saudi Investment Minister

Pakistan Prime Minister Shehbaz Sharif held a detailed meeting with the Saudi delegation led by Investment Minister Khalid Bin Abdul Aziz Al Falih in Islamabad on October 10, 2024.

“The visit by the Saudi delegation, led by the investment minister, is crucial. Crown Prince Mohammed bin Salman has a vested interest in Pakistan’s development,” stated PM Sharif during the signing event.

Expressed optimism that this investment would further strengthen bilateral cooperation further, he said: “Economic relations between our two nations will continue to flourish. Pakistan and Saudi Arabia share decades of brotherly ties.”

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

17,828FansLike
11,620FollowersFollow
17,266FollowersFollow

Latest Articles