Pakistan, Saudi Arabia resolve to promote investment in key sectors

Washington DC: Pakistan and Saudi Arabia have vowed to further deepen mutually beneficial economic ties, enhance bilateral trade, and facilitate investment in key sectors.

The commitment was renewed at a meeting between Finance Minister Muhammad Aurangzeb and Saudi Minister of Finance Mohammed Al-Jadaan on the sidelines of the World Bank-IMF Annual Meetings in Washington DC.

Aljadaan shared his experience of reforms in the energy sector. Both sides agreed to advance cooperation in areas of mutual interest, the finance ministry said in a post on X.

Aurangzeb is leading a Pakistan delegation to the WB-IMF Annual Meetings, being held in Washington DC from October 21 to 26, state-run APP reported.

Other delegates include Finance Secretary Imdad Ullah Bosal; Secretary Economic Affairs Dr Kazim Niaz and State Bank of Pakistan (SBP) Governor Jameel Ahmad.

It is noteworthy to mention here that Pakistan and Saudi Arabia had inked signed several memorandum of understandings (MoUs) for $2 billion bilateral investment agreements during Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih's visit to Islamabad last month.

Khalid-led delegation was comprising by Saudi companies from various sectors including construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum are part of the visiting delegation.

The agreements included a $70 million investment in agriculture sector, establishment of advanced semiconductor chip manufacturing in Saudi Arabia, establishment of a textile industry, a white oil pipeline project, an MoU for exploring investment opportunities, a hybrid power project, development of transformer manufacturing facilities in both the countries, cyber security measures for customers and businesses, and 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 digitalisation programmes.