Pakistan and Saudi Arabia pledge to boost investment in key sectors

Considering the enduring history and brotherhood of the two nations, the two sides have shown determination to pursue further development of the mutually beneficial economic relations, boost the volume of bilateral trade and promote investment in priority areas. They are mobilising resources to achieve those goals at a deeper level. This commitment was reaffirmed at a meeting between Finance Minister Muhammad Aurangzeb and Saudi Minister of Finance Mohammed Al-Jadaan which took place in Washington DC on the fringes of the World Bank-IMF Annual Meetings.

He practiced what he preached and was an example on the front of energy sector reforms. As far as the post on X/@Financegovpk is concerned, the two parties have agreed to deepen engagement in areas of mutual interest.

Aurangzeb is heading a Pakistani contingent attending the WB-IMF Annual Meetings which are taking place in the American capital from the 21st to the 26th of October as reported by Pakistan's state-owned news agency APP. The Finance Secretary, Imdad Ullah Bosal, Secretary Economic Affairs, Dr. Kazim Niaz, and the Governor of the State Bank of Pakistan Jameel Ahmad are among other delegates. It is pertinent to mention here that Pakistan and Saudi Arabia had inked and signed their further Bilateral investment agreements of $ 2 billion through memoranda of understandings (MOUs) during the recent visit of the Saudi Investment minister Khalid Bin Abdul Aziz Al Falih to Islamabad.

The delegation led by Khalid included representatives of Saudi Arabian companies operating in the construction, engineering, financial services, IT, hospitality, and agriculture and food production, energy and oil sectors.

Among the deals reached were investments in the agriculture sector worth $70 million, plans to establish advanced semiconductor chip manufacturing in the Kingdom of Saudi Arabia, plans to setup textile industry, white oil pipeline project, an agreement of MoU on investment opportunities, hybrid power project, establishment of transformer manufacturing plants in both countries, cyber security solutions for customers and businesses and sourcing 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 digitalisation programmes.