Prime Minister Sharif addressed the 8th Future Investment Initiative in Riyadh, where he emphasized the pivotal role of investment in driving sustainable growth for both nations
News Desk
JEDDAH: In a pivotal development for Pakistan’s economic landscape, Saudi Arabia has unveiled an additional investment of $600 million, elevating the total Saudi investment in the country to an impressive $2.8 billion. This announcement followed a productive meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman, where the number of memoranda of understanding (MoUs) signed surged from 27 to 34, reflecting a robust commitment to deepening bilateral ties.
The details of this significant investment were disclosed by Saudi Investment Minister Khalid bin Abdulaziz Al Falih during a joint press conference with PM Sharif. The discussions between the two leaders spanned various sectors, including trade, finance, agriculture, technology, and skilled labor, all aimed at enhancing cooperation. During his two-day official visit, PM Sharif addressed the 8th Future Investment Initiative in Riyadh, where he underscored the vital role of investment in propelling sustainable growth for both nations.
Al Falih described the increased investment as merely “the beginning of something very special,” emphasizing the promising potential for future economic collaboration. PM Sharif conveyed his optimism regarding ongoing projects and future partnerships, asserting, “When I come back, I will have good news for the people of Pakistan and Saudi Arabia.” He highlighted the significance of this partnership not only for economic advancement but also for the broader Muslim community, envisioning a pathway toward regional prosperity.
In his remarks, Al Falih noted that several of the newly established MoUs had already begun to yield results, particularly in the realm of agricultural exports from Pakistan. Additionally, he disclosed Saudi Arabia’s intention to import skilled labor from Pakistan, particularly to enhance its digital technology and artificial intelligence sectors. PM Sharif acknowledged the crucial support from Saudi Arabia, deeming it essential for Pakistan’s economic development and its efforts to meet International Monetary Fund (IMF) requirements. He also recognized the substantial contributions of 2.5 million Pakistani expatriates to the Kingdom’s growth, committing to bolster training programs for Pakistani workers to align with the demands of the Saudi labor market.
As part of these efforts, Pakistan and Saudi Arabia formalized 30 MoUs aimed at facilitating the employment of skilled Pakistani workers across various sectors within the Kingdom. These agreements were signed in Riyadh by Federal Minister for Overseas Pakistanis and Human Resource Development, Chaudhry Salik Hussain, alongside Tevta Chairman Brigadier Retired Sajid Khokhar and officials from the Special Investment Facilitation Council.
