Pakistan - Saudi Arabia to ink 12 important pacts during MBS visit: Report

Pakistan - Saudi Arabia to ink 12 important pacts during MBS visit: Report

Caretaker Foreign Minister Jalil Abbas Jilani expressed Pakistan's anticipation of a potential visit by Saudi Crown Prince and Prime Minister Mohammed Bin Salman, although no official dates for the visit have been confirmed at this time. In an interview with Aaj TV, the foreign minister underscored the significance of the Saudi Crown Prince's visit, citing a substantial interest from Gulf Cooperation Council (GCC) nations in investing in Pakistan, especially since the establishment of the Special Investment Facilitation Council (SIFC).

Jalil Abbas Jilani further revealed that approximately 12 agreements and memorandums of understanding (MoUs) have been meticulously finalized and are poised for signing during the anticipated high-level visit from Saudi Arabia.

While the specifics of these agreements and MoUs were not disclosed, he elaborated that Saudi Arabia and GCC nations have shown keen interest in various sectors, encompassing agriculture, information technology, mining, minerals, and energy.

The foreign minister emphasized that the primary aim behind the creation of the SIFC was to expedite the process of attracting foreign investment into Pakistan. This move is seen as a crucial step in bolstering Pakistan's economic development and forging stronger ties with regional partners.

During a recent meeting with businessmen, Army Chief General Asim Munir reportedly secured assurances from the Saudi prince regarding a substantial investment of $25 billion in Pakistan through the SIFC. Additionally, he urged the Saudi prince to allocate $10 billion to help address the country's foreign exchange challenges, underlining the potential transformative impact of this partnership on Pakistan's economic landscape