Talks with Saudi to focus on trade, investment, energy, human resources and regional, international development
Prime Minister Shehbaz Sharif. Photo: PM office/ File
Prime Minister Shehbaz Sharif will leave for Riyadh tomorrow on a three-day official visit to Saudi Arabia, according to a statement released by the Ministry of Foreign Affairs on Sunday.
The prime minister will be accompanied by a high-level delegation, including deputy prime minister and foreign minister Ishaq Dar and senior members of the federal cabinet.
The visit comes at the invitation of Saudi Crown Prince and Prime Minister Mohammed bin Salman.
During the visit from October 27 to 29, Shehbaz will participate in the ninth edition of the Future Investment Initiative (FII 9) conference, themed “The Key to Prosperity: Uncovering the New Frontiers of Growth”. The event will bring together global leaders, investors, policy makers and experts.
Talks with the Saudi leadership will focus on trade, investment, energy and labor, as well as regional and international development. The discussions will also cover regional and global issues of mutual concern and interest.”
The Prime Minister will also hold meetings with other world leaders and heads of international organizations where he will highlight Pakistan’s investment potential and sustainable development initiatives.
According to the Ministry of Foreign Affairs, the visit underscores Pakistan’s commitment to promoting economic diplomacy.
Pak-Saudi trade
Pakistan and Saudi economic relations have been strengthened with several MoUs signed between the two countries and the visit of high-level Saudi delegations to Pakistan in the past month.
Read: Punjab unveils tax-free Saudi industrial zone to attract golf investment
On October 8, the Prime Minister hosted a lunch at PM House in honor of a high-level Saudi delegation on Wednesday. Addressing the guests, Prime Minister Shehbaz highlighted the strong and enduring ties between the two countries.
Shehbaz called for expanding Pakistan’s ties with Saudi Arabia beyond defense cooperation and called for a renewed focus on trade, business and investment. He said the Kingdom was fully prepared to support Pakistan in advancing this shared economic vision.
In a major boost to Saudi-Pakistan investment relations, Prince Mansour Bin Mohammed Al Saud signed a memorandum of understanding (MoU) with Chishti to acquire a majority stake in KES Power Ltd, the parent company that owns 66.4% of K-Electric, this month.
Punjab Chief Minister Maryam Nawaz Sharif stated that a Memorandum of Understanding (MoU) had been signed regarding the investment upon the arrival of a delegation from the Pak-Saudi Joint Business Council in Punjab.
Punjab Chief Minister Maryam Nawaz announced in early October the establishment of a tax-free Special Saudi Industrial Estate in the province to boost foreign investment and expand economic cooperation between Pakistan and the Kingdom of Saudi Arabia.
The announcement came during a meeting in Lahore with a high-level Saudi delegation led by Prince Mansour bin Mohammad bin Saad Al Saud, Chairman of the Pakistan-Saudi Business Forum. The delegation was briefed on Punjab’s most important development projects and government reforms.
