Prime Minister Shehbaz Sharif on Tuesday said that both Islamabad and Riyadh needed to work closely to expedite the first phase of Saudi investments in Pakistan under the new arrangement.
He made the remarks while meeting Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, who is leading a high powered delegation on an official visit to Pakistan.
The visit comes days after PM Shehbaz met Crown Prince Mohammed bin Salman, where the two sides agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan.
An official handout released by the Prime Minister’s Office (PMO) today following the meeting with the Saudi delegation said the prime minister expressed his deep appreciation for the leadership of the kingdom and conveyed his sincerest wishes to King Salman bin Abdul Aziz Al Saud and Crown Prince Mohammed bin Salman.
“The prime minister underscored the significance accorded by Pakistan to its longstanding fraternal, economic and strategic relations with Saudi Arabia. He said both countries had always stood together at all times,” the statement said.
He also recalled his “warm and productive” meeting with the crown prince earlier this month, saying that the visit of the Saudi delegation was a “manifestation of the strong commitment of both countries to the strengthening of bilateral relations focused on mutually beneficial economic cooperation”.
“In this regard, the prime minister said that both sides needed to work closely to expedite the first phase of Saudi investments in Pakistan under the new arrangement,” the statement said.
PM Shehbaz also informed the Saudi delegation about the Special Investment Facilitation Council (SIFC) and its initiatives to promote investment in Pakistan.
“He also highlighted the key role of Chief of Army Staff (COAS) General Syed Asim Munir and the cooperation of all institutions for the promotion of investment in the country through SIFC,” the statement said.
Meanwhile, the Saudi foreign minister expressed gratitude at the warm welcome given to the delegation and highlighted that the kingdom attached high importance to its strong and close ties with Pakistan.
“The foreign minister also conveyed the kingdom’s commitment to an enhanced strategic and economic partnership with Pakistan,” it said.