Pakistan, KSA vow to expedite first wave of investment package worth $5 billion

In Local
April 08, 2024



ISLAMABAD:

Prime Minister Shehbaz Sharif held a meeting on Monday with Saudi Crown Prince and Prime Minister Mohammad bin Salman and discussed ‘fortifying’ the relations between the two countries and exploring avenues for enhanced collaboration across various sectors.

The joint statement released by Pakistan and the Kingdom of Saudi Arabia (KSA) added that the two sides “affirmed their commitment to expediting the first wave of investment package worth $5 billion which was discussed previously”.

The meeting, held at the Al-Safa Palace in Makkah, the Saudi crown prince also congratulated the newly-elected prime minister and expressed his sincere wishes for his term in office

The premier responded with appreciation for the Kingdom’s unwavering support and hospitality, reaffirming Pakistan’s dedication to enhancing bilateral relations and fostering economic cooperation, added the joint statement. 

Both parties emphasized the Kingdom’s supportive role in Pakistan’s economy and expressed a mutual desire to strengthen trade and investment ties.

Regional and global developments of mutual interest were also discussed, including the situation in Gaza.

Read Saudis may invest $1b in Reko Diq

The counterparts stressed the urgent need for international action to halt Israeli military operations in Gaza, alleviate the humanitarian crisis, and underscore the necessity for Israel to comply with international law and ensure unimpeded access to humanitarian aid to Gaza.

The talks focused on the importance of moving forward with the peace process following resolutions from the Security Council and the General Assembly, along with the Arab Peace Initiative.

The joint statement further stated that both parties underscored the importance of engaging in dialogue between Pakistan and India to tackle unresolved issues, particularly the Jammu and Kashmir dispute.

The premier also invited the crown prince to undertake an official visit to Pakistan which was accepted by the bin Salman.

Pakistan has lately been trying to secure Saudi investment in industries ranging from agriculture to mines, minerals and aviation.

Islamabad says Riyadh has shown interest in acquiring government stakes in the Reko Diq gold and copper mine, which could be a major deal for the country’s economy.

PM Shehbaz on Saturday landed in Saudi Arabia for his inaugural foreign visit since assuming office, as the newly-formed government seeks to unlock opportunities in the strategic sectors, particularly in Reko Diq – one of the largest copper and gold reserves in the world.

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