Saudi Arabia has boosted its investment in Pakistan by an additional $600 million, raising the total to $2.8 billion. This increase was announced by Saudi Investment Minister Khalid bin Abdulaziz Al Falih and Prime Minister Shehbaz Sharif at a joint press briefing. It follows a meeting between Sharif and Saudi Crown Prince Mohammed bin Salman, which increased memoranda of understanding (MoUs) from 27 to 34.
The leaders discussed enhancing bilateral trade, finance, agriculture, technology, and skilled labour ties during the meeting. PM Shehbaz also spoke at Riyadh’s 8th Future Investment Initiative, highlighting investment’s role in sustainable growth. Al Falih noted that this investment is “the beginning of something very special.”
Al Falih pointed out that some MoUs have boosted Pakistan’s agricultural exports. He confirmed Saudi Arabia’s interest in importing skilled Pakistani workers to advance its digital and artificial intelligence sectors.
PM Shehbaz thanked Saudi Arabia for its crucial support, highlighting its role in Pakistan’s economic progress and meeting International Monetary Fund (IMF) requirements. He acknowledged the contributions of 2.5 million Pakistani expatriates in Saudi Arabia and committed to improving worker training to meet Saudi requirements.
Moreover, Pakistan and Saudi Arabia recently signed 30 MoUs to facilitate the employment of skilled Pakistani workers in the kingdom. These agreements, signed in Riyadh by Chaudhry Salik Hussain, Federal Minister for Overseas Pakistanis and Human Resource Development, and other officials, aim to prepare workers for the Saudi labour market.
The government is mobilizing vocational training centres to train workers specifically for Saudi Arabia and other Gulf countries, showcasing its commitment to capitalizing on these employment opportunities.
