ISLAMABAD—Pakistan and Saudi Arabia have signed twenty-seven Memoranda of Understanding (MoUs) to cooperate in various fields, including energy, agriculture, mining, human resources, and cyber security.
The MoUs were exchanged at a ceremony in Islamabad on Thursday, with Prime Minister Shehbaz Sharif in attendance. The agreements include a 70 million dollar investment in the agriculture sector, the establishment of advanced semiconductor chip manufacturing in Saudi Arabia, the establishment of a textile industry, and a white oil pipeline project.
Moreover, an (MoU) was signed to explore investment opportunities, develop a hybrid power project, establish transformer manufacturing facilities in both countries, enhance cyber security measures for customers and businesses, and facilitate the export of spices and vegetables from Pakistan.
Additionally, the agreements outline the establishment of a manufacturing facility for surgical and dental equipment and collaboration on the federal government’s E-Taaleem and digitalization program.
Earlier, addressing the ceremony, Prime Minister Shehbaz Sharif said Pakistan’s economic indicators have improved manifold in recent months due to the government’s prudent economic policies and the cooperation of friends like Saudi Arabia and China.
He mentioned that our foreign remittances and exports are surging, while inflation has decreased to 6.9 per cent from 32 per cent this month.
The Prime Minister said Pakistan is moving towards deep-rooted economic reforms through stringent measures.
He said that while Pakistan and Saudi Arabia have always supported each other through thick and thin, the time has come to transform these ties into a relationship of economic development, cooperation, and investment promotion.
Shehbaz Sharif assured the Saudi delegates of the government’s all-out support and commitment to implementing the bilateral projects and endeavours without any delays or hurdles.
