Arab News, Thu, Oct 31, 2024 | Rabi al-Thani 28, 1446
Saudi-Pakistan business deals enhanced to $2.8bn, says Al-Falih
Saudi Arabia:
Saudi Minister for Investment Khalid Al-Falih said
on Wednesday $2.2 billion in agreements and memorandums of understanding signed
between Saudi and Pakistani businesses earlier this month had been enhanced to
$2.8 billion.
The business-to-business collaborations were
signed on Oct. 10 during Al-Falih’s visit to Islamabad with a delegation of top
investors and entrepreneurs from the Kingdom.
Pakistani Prime Minister Shehbaz Sharif is
currently on a two-day visit to Riyadh where he attended the Future Investment
Initiative forum on Tuesday and also held a bilateral meeting with Saudi Crown
Prince Mohammed bin Salman who earlier this year reaffirmed the Kingdom’s
commitment to expedite a $5 billion investment package for Pakistan.
“When we came to Pakistan, we concluded in three
days 27 MoUs valued at $2.2 billion,” Al-Falih said in a televised press talk
with Sharif.
“And I mentioned during that time at various
events that this was only the beginning. To prove that, here we are two or three
weeks later, and I would like that that number has increased from 27 MoUs and
agreements to 34 MoUs.
“So, we have been able to add another seven,
almost two per week. And I think more importantly, the value of those agreements
has also increased to $2.8 billion.”
The Saudi minister said five agreements signed
during his trip to Pakistan were already operational and had resulted in exports
from the South Asian state to the Kingdom. Al-Falih said Saudi Arabia would also
absorb a greater and more qualified Pakistani workforce, especially in the
health sector, in the foreseeable future.
“Remittances back to Pakistan will be on the
rise,” the official said. “The first results will be seen in the next few
weeks.”
Al-Falih said Saudi Arabia would also seek help
from Pakistani technology firms to transform the way digital artificial
intelligence was used for business and the economy.
Sharif thanked the Saudi government, especially
Crown Prince Mohammed, for helping Pakistan secure a $7 billion International
Monetary Fund program last month by helping Islamabad meet its external
financing needs.
The PM added that he planned to return to Saudi
Arabia next month for more discussions on bilateral engagements.
“Together we are marching forward, together we are
strengthening our brotherly relations,” he said.
The Pakistani PM’s visit takes place at a time
when Islamabad is seeking to strengthen trade and investment ties with friendly
nations, particularly the Kingdom, which has promised a $5 billion investment
package that cash-strapped Pakistan desperately needs to shore up its dwindling
foreign reserves and fight a chronic balance of payment crisis.