In a pivotal meeting on Tuesday, Prime Minister Shehbaz Sharif emphasized the crucial need for Islamabad and Riyadh to collaborate closely in expediting the initial phase of Saudi investments in Pakistan, following the recent agreement between the two nations.
The Prime Minister’s sentiments were expressed during a meeting with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, who is currently leading a high-powered delegation on an official visit to Pakistan. The delegation, which arrived in Pakistan on Monday, aims to bolster bilateral ties and discuss the implementation of significant investment initiatives.
The meeting follows a recent discussion between PM Shehbaz and Crown Prince Mohammed bin Salman, during which they resolved to accelerate the initial tranche of a substantial $5 billion Saudi investment package for Pakistan. Saudi Arabia has committed a total of $25 billion in investments over the next five years, targeting key sectors such as energy, IT, minerals, defense, and agriculture through the Special Investment Facilitation Council.
An official statement from the Prime Minister’s Office (PMO) highlighted PM Shehbaz’s appreciation for the leadership of Saudi Arabia, conveying sincere wishes to King Salman bin Abdul Aziz Al Saud and Crown Prince Mohammed bin Salman.
“The prime minister emphasized the significance of Pakistan’s enduring fraternal, economic, and strategic relations with Saudi Arabia, affirming that both nations have consistently stood together,” the statement read.
Referring to his recent “warm and productive” meeting with the crown prince, PM Shehbaz described the Saudi delegation’s visit as a “testament to the strong commitment of both countries to enhance bilateral relations through mutually beneficial economic cooperation.”
“In this context, the prime minister stressed the necessity for both sides to collaborate closely in expediting the initial phase of Saudi investments in Pakistan under the new arrangement,” the statement added.
PM Shehbaz also briefed the Saudi delegation on the Special Investment Facilitation Council (SIFC) and its initiatives aimed at promoting investments in Pakistan. He highlighted the pivotal role of Chief of Army Staff (COAS) General Syed Asim Munir and the cooperation of all institutions in fostering investment through SIFC.
Meanwhile, the Saudi Foreign Minister expressed gratitude for the warm reception accorded to the delegation, underlining the kingdom’s strong commitment to its close ties with Pakistan.
“The foreign minister reiterated the kingdom’s dedication to an enhanced strategic and economic partnership with Pakistan,” the statement noted.
The statement also highlighted discussions on the escalating situation in the occupied Palestinian Territories, underlining the shared concerns of both nations.
Pakistan and Saudi Arabia Reinforce Commitment to Strengthen Economic Ties
In a separate meeting, the Saudi delegation, led by Prince Faisal bin Farhan Al Saud, also held discussions with President Asif Ali Zardari at the Aiwan-i-Sadr. The President’s House released a statement, emphasizing the mutual resolve of Pakistan and the Kingdom of Saudi Arabia (KSA) to foster a robust partnership and further enhance economic cooperation for the benefit of both nations.
President Zardari acknowledged the longstanding relationship between the two countries, expressing Pakistan’s intent to elevate existing ties into a long-term strategic and economic alliance. He emphasized the interdependence of the prosperity of the Islamic world with the progress of Saudi Arabia, commending the visionary leadership of Crown Prince Mohammed bin Salman and the advancements made under the Vision 2030 economic diversification plan.
Grateful for Saudi Arabia’s support during challenging times, President Zardari conveyed Pakistan’s utmost respect for King Salman, reaffirming Pakistan’s unwavering support for the kingdom.
In response, the Saudi Foreign Minister echoed these sentiments, highlighting the critical nature of the relationship between KSA and Pakistan, stating that the kingdom was “committed to building a strong partnership” with Islamabad.
Furthermore, the Saudi FM emphasized the strong historical ties between the two nations, acknowledging the significant contributions of the Pakistani diaspora to the development of Saudi Arabia.
During the meeting, both sides engaged in discussions on regional dynamics and recent developments in the Middle East, particularly addressing the urgent need for an immediate and unconditional ceasefire and cessation of atrocities in Gaza.
The statement concluded by noting that both sides exchanged views on matters of bilateral importance and the challenges faced by the Muslim Ummah, underscoring the enduring bond between Pakistan and Saudi Arabia.
