Prime Minister Shehbaz Sharif welcomed his country’s signing on Thursday of 27 memorandums of understanding (MoUs) for cooperation in a variety of domains with the Kingdom of Saudi Arabia.
In a press statement following the signing ceremony in Islamabad, Premier Sharif also hailed the progress made through the Special Investment Facilitation Council (SIFC) between the two countries.
He expressed Pakistan’s readiness to strengthen defense ties, including support for Saudi Arabia’s Vision 2030, which seeks to develop indigenous defense and security capabilities.
Sharif said that Pakistan-Saudi Arabia relations were based on decade’s long brotherly ties and were becoming stronger with each passing day.
The Premier further said that Saudi Arabia had stood by Pakistan in every difficult situation.
He termed the Minister’s visit as an important milestone in the strengthening of investment ties between Pakistan and Saudi Arabia, setting the stage for greater collaboration in the sectors of mutual interest between the two countries.
Meanwhile, Saudi Minister for Investment Khalid bin AbdulAziz Al Falih reiterated the commitment of Saudi Arabia with regard to increasing its investment portfolio in Pakistan especially in the fields of mining, agriculture, food security, and infrastructure.
Earlier, Prime Minister Sharif and Minster Khalid attended the signing ceremony of the cooperation MoUs.
The deals include investments evaluated at USD 70 million in agriculture, and establishing semiconductor chips in Saudi Arabia and an oil pipeline project, it added.
They also contain exploring investment opportunities, and developing transformer manufacturing facilities as well as cybersecurity precautions for customers and companies.
In addition, the memos determine establishing a facility to manufacture surgical device, dentistry, and federal government digital and e-education programs cooperation.
Sharif said Pakistan economic indicators have greatly improved over the last months due to wise economic policies of the government, and cooperation with friends like Saudi Arabia and China.
Source: Kuwait News Agency
