Pakistan and Saudi Arabia Sign 27 MoUs Worth $2.2 Billion Across Multiple Sectors

Pakistan and Saudi Arabia Sign 27 MoUs Worth $2.2 Billion Across Multiple Sectors

Islamabad, October 12, 2024 – Pakistan and Saudi Arabia on Thursday signed 27 Memorandums of Understanding (MoUs) valued at $2.2 billion, marking a significant step towards deepening economic cooperation between the two countries. The MoUs cover a wide range of sectors including industry, agriculture, information technology, food, education, mining, health, petroleum, and energy.

Prime Minister Muhammad Shehbaz Sharif, alongside Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih and Pakistan’s Chief of Army Staff, Lt. General Syed Asim Munir, witnessed the exchange of the signed agreements. Speaking at the event, the Prime Minister hailed the visit of the Saudi business delegation as a symbol of the strong ties and mutual respect between the two nations, fostered under the leadership of Saudi Crown Prince Mohammed bin Salman.

The Prime Minister expressed optimism that the ceremony would pave the way for further collaborations, saying, “This event is a testament to the sincerity and commitment of our Saudi brothers, led by Khalid Bin Abdul Aziz Al Falih, to promote investment and economic growth in both countries.”

He assured that the Pakistani government is committed to transforming these MoUs into actionable agreements through “hard work and untiring efforts,” vowing that there would be no bureaucratic delays in the implementation process.

Shehbaz Sharif also highlighted Pakistan’s recent economic progress, noting the support from Saudi Arabia in securing the latest International Monetary Fund (IMF) programme. He stated that this would likely be Pakistan’s final IMF programme, pointing to improvements in key economic indicators, including a drop in inflation from 32% to 6.9%, a reduction in the policy rate from 23% to 17.5%, and increases in exports and foreign remittances.

The Prime Minister reaffirmed the government’s focus on structural reforms, emphasizing that these measures would remain uncompromised. He concluded by extending his gratitude to Saudi Arabia’s leadership, including King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, for their continued support in strengthening bilateral relations.

The signing of the MoUs signals a promising future for economic cooperation between Pakistan and Saudi Arabia, with both sides hopeful for more such events in the near future, both in Islamabad and Riyadh.