ISLAMABAD: Saudi Prince Mohammed bin Salman announced on Sunday that Saudi Arabia has inked investment agreements totaling $20 billion in Pakistan.
The significant agreements, spanning energy and agriculture sectors, were celebrated during a reception hosted by Prime Minister Imran Khan, marking a historic moment for both nations.
Expressing his enthusiasm, Prince Mohammed bin Salman stated that the investment deals represent a pivotal juncture, creating a promising future for both Saudi Arabia and Pakistan. The agreements include the establishment of a $10 billion oil refinery in Gwadar, a key project aimed at enhancing economic cooperation between the two nations.
During the reception, Prime Minister Imran Khan extended a warm welcome to the Saudi dignitaries and conveyed his gratitude for the substantial investments. Khan seized the opportunity to make a special request to the Saudi Prince, urging him to facilitate immigration processes at three major Pakistani airports for Hujjaj (pilgrims). Additionally, the Prime Minister sought the release of 3,000 Pakistani prisoners currently in Saudi Arabia, emphasizing the importance of people-to-people ties.
Earlier in the day, Prime Minister Imran Khan, accompanied by his Cabinet members, personally received the Saudi Crown Prince at Nur Khan airbase. Chief of Army Staff General Qamar Bajwa was also present to extend a warm welcome to the distinguished guest. The Saudi Crown Prince was later escorted to the PM House, where he received a guard of honor, symbolizing the significance of the visit.
At the PM House, a series of Memoranda of Understanding (MoUs) were signed between the two nations in diverse sectors, solidifying their commitment to mutual cooperation. The ceremony, witnessed by both leaders, marked a step forward in enhancing bilateral ties.
In a one-on-one meeting between the Saudi Crown Prince and Prime Minister Imran Khan, discussions focused on reinforcing the historic bonds between the two nations and exploring avenues for future collaboration. Officials from both countries signed the MoUs, paving the way for enhanced cooperation in areas such as energy, agriculture, tourism, and petrochemicals.
Addressing the MoU-signing ceremony, Prime Minister Imran Khan emphasized the enduring brotherly relations between Saudi Arabia and Pakistan. He highlighted the need for expanded collaboration in tourism and petrochemicals, expressing his commitment to taking Pakistan-Saudi ties to new heights. “We are taking Pak-Saudi ties to its zenith,” remarked the Prime Minister, underlining the potential for future growth and cooperation between the two nations.
As Saudi Arabia reaffirms its commitment to investing in Pakistan’s development, these agreements not only strengthen economic ties but also underscore the longstanding diplomatic and cultural connections between the two nations. The infusion of capital and collaborative efforts are poised to contribute significantly to the economic prosperity of both Saudi Arabia and Pakistan.