Islamabad (Urdu Times) Prime Minister Shehbaz ‘s visit to Saudi Arabia; ‘Unlimited horizons: today’s investment, tomorrow’s creation
(Asghar Ali Mubarak)…..
Prime Minister Shehbaz Sharif is on a visit to Saudi Arabia to participate in the Investment Forum, this year’s Future Invest Minutes Initiative theme is ‘Limitless Horizons: Investing Today, Building Tomorrow’. The event will focus on global investment, which aims to find solutions to big problems such as artificial intelligence, robotics, education, energy, space, finance, health and sustainability. The Future Investment Initiative is an important platform, where different countries present their economic potential and strength and dialogue to attract foreign investment and create a sustainable future. It should be remembered that Saudi Arabia helps Pakistan to overcome economic difficulties. This month, Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih visited Pakistan, during which on October 10, Pakistan and Saudi Arabia exchanged views on industry, agriculture, information technology (IT), food, education, mining and minerals, health, 27 MoUs worth $2.2 billion were signed in various sectors including petroleum, energy and other areas of mutual cooperation. On this occasion, the Prime Minister said that the visit of the Saudi delegation is a real manifestation of the sincere and love of the Saudi Crown Prince Muhammad bin Salman for the people of Pakistan. Shahbaz Sharif will participate in the Riyadh Investment Forum 2024, to overcome economic difficulties. Saudi Arabia deposited three billion dollars in the Central Bank of Pakistan after the agreement of three billion dollar standby arrangement between Pakistan and the International Monetary Fund (IMF) was reached in the middle of July last year and the repayable period of these deposits has also been extended. Recently, the IMF board approved a new loan program of seven billion dollars for Pakistan, which Prime Minister Shahbaz Sharif said. It was said that Pakistan’s friendly countries, including Saudi Arabia, had helped in this regard as well.
The Future Investment Initiative serves as an important platform for countries to demonstrate economic strength, attract foreign investment and engage in dialogue to shape a sustainable future. According to the spokesperson of the Foreign Office, the Prime Minister Shehbaz will participate in the 8th edition of the Future Investment Initiative to be held in Riyadh, the important members of the cabinet are also accompanying the Prime Minister. During the visit, there will be discussions on economic and strategic partnership between the two countries, while the possibilities of bilateral cooperation in economic, energy and other fields will also be reviewed. Meetings are also expected. Prime Minister Shahbaz Sharif has arrived in Saudi Arabia on a 2-day visit with the mission of strengthening ties with friendly countries, where he was received by Deputy Governor Riaz Muhammad bin Abdul Rahman bin Abdul Aziz, while Pakistani Ambassador Ahmed Farooq also welcomed the delegation. Finance Minister Muhammad Aurangzeb, Defense Minister Khawaja Asif, Privatization Minister Abdul Aleem Khan, Information Minister Attaullah Tarar, Petroleum Minister Dr. Mossad Malik, Commerce Minister Jam Kamal are also with Prime Minister Shehbaz Sharif. The both side will discuss economic and strategic partnership between Pakistan and Saudi Arabia and consider bilateral cooperation in economic, energy and defense sectors. Meetings are also expected with leaders and entrepreneurs attending the 8th edition of the Prime Minister’s Future Investment Initiative conference. On the other hand, the Prime Minister will go to Qatar on Thursday, October 31 after his visit to Saudi Arabia. During Shahbaz Sharif’s visit, Pakistan-Qatar relations will be discussed. The Prime Minister will represent Pakistan in COP 29. He has been invited for this visit by Emir Tamim bin Hamad Al Thani of Qatar, the Prime Minister will inaugurate an exhibition related to Pakistani antiquities, arts and culture in Doha. Prime Minister Shehbaz Sharif will meet the Emir of Qatar and other leaders, in which investment opportunities in Pakistan will be discussed. The Kingdom of Saudi Arabia is planning to award construction contracts worth 1.8 trillion dollars in the coming years. The Minister of Investments of Saudi Arabia, Sheikh Khalid bin Abdulaziz Al-Falih, announced that the Mining Company of Saudi Arabia (MADAN) and the Public Investment Fund (PIF). The joint venture “Manara Minerals” will partner with Reko Diq in the coming weeks. Apart from Reko Diq , they have expressed interest in investing in renewable energy projects across the country. The Saudi minister praised Pakistan’s economic development and said that the Kingdom of Saudi Arabia is committed to supporting the country’s stabilization efforts. Besides Ricoh, he expressed interest in investing in renewable energy projects across the country.
The Saudi minister praised Pakistan’s economic development and said that the Kingdom of Saudi Arabia is committed to supporting the country’s stabilization efforts. Sheikh Khalid bin Abdulaziz Al Fateh acknowledged how Pakistan is an important source of materials. The Kingdom of Saudi Arabia is planning to award construction contracts worth $1.8 trillion in the coming years and wants to buy materials from Pakistan for them. Later, the signing ceremony of the memorandum of understanding between Pakistan and Saudi Arabia was held, in which Prime Minister Shehbaz Sharif said that the cooperation agreements with Saudi Arabia are new developments, we would welcome the investment of more than 2 billion dollars.
