Pakistan and Saudi Arabia Sign 27 MoUs to Boost Economic Cooperation

KSA, 11 October, 2024 : Pakistan and Saudi Arabia signed 27 Memoranda of Understanding (MoUs) on Thursday, marking a significant step toward cooperation in energy, agriculture, mining, human resources, and cyber security. The agreements were exchanged in a ceremony attended by Pakistan’s Prime Minister Shehbaz Sharif and Saudi Minister for Investment Khalid bin AbdulAziz Al Falih.

The MoUs include a USD 70 million investment in Pakistan’s agriculture sector, development of a semiconductor chip manufacturing plant in Saudi Arabia, establishment of a textile industry, a white oil pipeline project, and a hybrid power initiative. Other key areas include manufacturing of transformers, surgical equipment, and collaboration in cybersecurity, as well as support for Pakistan’s E-Taaleem digitization program.

Prime Minister Sharif highlighted the recent economic improvements in Pakistan, noting increased remittances, exports, and a reduction in inflation. He expressed Pakistan's commitment to facilitating and expediting these bilateral projects.

Earlier, the Pak-Saudi Business Forum, led by the Special Investment Facilitation Council (SIFC), brought together officials and business leaders from both nations. The forum is expected to result in business agreements worth USD 2 billion, emphasizing collaboration in digital transformation and emerging technologies.

Source : www.zawya.com