https://arab.news/4snjm
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif met Saudi Investment Minister Khalid Al-Falih in Riyadh on Monday to discuss the progress of recently signed business agreements between the two countries, according to the Prime Minister鈥檚 Office.
On Oct. 10, Pakistani and Saudi businesses signed 27 memorandums of understanding worth $2.2 billion during Al-Falih鈥檚 visit to Islamabad. Later, during Sharif鈥檚 visit to 抖阴短视频 on Oct. 30, Al-Falih announced that the number of agreements would be increased from 27 to 34, and the total value would rise to $2.8 billion.
Sharif is in Riyadh to attend the Arab-Islamic Summit. On the sidelines of the summit, he also met with Mohammed Al-Tuwaijri, the royal court鈥檚 adviser.
According to the Prime Minister鈥檚 Office, the meeting focused on reviewing the progress of economic cooperation initiatives between the two countries. Sharif praised the ongoing efforts of Pakistani and Saudi technical teams working on these major projects.
The meeting comes as Pakistan seeks to strengthen trade and investment ties with its allies, particularly 抖阴短视频. The Kingdom has pledged a $5 billion investment package, which is crucial for Pakistan as it grapples with a dire balance of payments crisis and dwindling foreign reserves.
To tackle its economic challenges, Pakistan established the Special Investment Facilitation Council in 2023. This hybrid civil-military body aims to expedite foreign investments in key sectors like agriculture, mining, tourism, and minerals.
Sharif has been actively engaging in economic diplomacy in recent months, seeking increased investments and fostering trade and regional connectivity. Pakistan is positioning itself as a key trade and transit hub linking Central Asia with the global market, while also seeking mutually beneficial partnerships with Gulf countries.