 "With eyes on investments, Pakistan PM Shehbaz Sharif visits Saudi Arabia — for fourth time this year")
Pakistani Prime Minister Shehbaz Sharif will on Monday depart for a three-day visit to Saudi Arabia — his fourth visit to the kingdom this year. The visit comes just weeks after he and Crown Prince Mohammed bin Salman signed the Pakistan–Saudi Arabia mutual defence agreement.
Shehbaz will lead a high-level delegation and attend the ninth edition of the Future Investment Initiative (FII9) in Riyadh, the Ministry of Foreign Affairs (MoFA) said in a statement.
“During his stay, the Prime Minister will engage with the Saudi leadership to explore avenues for enhanced cooperation in the trade, investment, energy, and human resource sectors. The discussions will also cover regional and global issues of mutual interest and concern,” the statement added.
The Pakistan–Saudi Arabia relationship has recently been on an upward trajectory. Saudi Arabia has been investing heavily in Pakistan whereas Pakistan has committed its military to the kingdom’s defence.
Under the mutual defence agreement, Pakistan will deploy 25,000 soldiers equipped with armour and artillery, two air force squadrons, and two naval fleets to Saudi Arabia, and the kingdom will invest $10 billion across various sectors in Pakistan to support the cash-strapped economy, according to CNN-News18.
Saudi Arabia on investment spree in Pakistan
The Shehbaz-led delegation’s visit follows a Saudi delegation’s visit to Pakistan just two weeks earlier during which multiple deals were signed.
On 8 October, Shehbaz hosted the Saudi delegation at the Prime Minister’s House. The visit resulted in agreements focused on Punjab, the political heartland of Pakistan and the Sharif family’s base.
Impact Shorts
More ShortsDuring the visit, Prince Mansour bin Mohammed of the Saudi royal family signed an agreement to acquire a majority stake in Pakistani energy utility K-Electric.
Earlier this month, Punjab Chief Minister Maryam Nawaz Sharif announced the establishment of a tax-free Special Saudi Industrial Estate in the province to boost foreign investment and deepen economic cooperation between Pakistan and the kingdom, according to The Express Tribune.
Separately, CNN-News 18 reported that Saudi Arabia will invest $10 billion in Pakistan’s infrastructure, economy, mining, energy, and security sectors. These investments aim to shield Pakistan from future economic instability.
As part of the mutual defence pact, Saudi Arabia also plans to increase bilateral trade with Pakistan from $5 billion to $15 billion annually across all sectors, the report added.
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