Shahbaz, MBS agree to accelerate first phase of $5 billion Saudi investment in Pakistan

Pakistan and Saudi Arabia have pledged to hasten the commencement of a new Saudi investment initiative valued at $5 billion in Pakistan.

This agreement happened in a discussion between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman at the Al-Safwa Palace in Makkah on Monday.

The official statement noted that the talks were aimed at deepening the brotherly ties between the two nations and examining avenues to boost cooperative efforts in sectors like trade and investment. In the meeting, the Saudi crown prince congratulated PM Shehbaz on his new role and gave his best wishes.

In the meeting, the Saudi crown prince congratulated PM Shehbaz on his new role and gave his best wishes. PM Shehbaz thanked the prince for Saudi Arabia’s consistent support and hospitality, emphasizing Pakistan’s endeavors to enrich the partnership and economic collaboration.

Both leaders reaffirmed their commitment to expedite the first phase of the new $5 billion Saudi investment package in Pakistan.

They also discussed mutual interests in regional and global developments, including the concerning situation in Gaza.

Both leaders called for halting Israel’s illegal actions in Gaza, reducing human casualties, and providing robust support for aid to oppressed Palestinians.

They emphasised international pressure to compel Israel to desist from its illegal actions and adhere to international laws, stressing the need for unhindered humanitarian access to Gaza.

The two sides also discussed the importance of advancing Arab peace initiatives in conjunction with relevant agreements of the UN Security Council and General Assembly, aiming for a just and comprehensive solution for the establishment of an independent Palestinian state, with East Jerusalem as its capital.

The leaders also underscored the importance of dialogue between Pakistan and India, particularly to resolve disputes, especially the Jammu and Kashmir conflict, to ensure peace and stability in the region.

Towards the end of the encounter, PM Shehbaz extended an invitation to the Saudi crown prince for an official visit to Pakistan, which was accepted.

It is worth mentioning that the premier is on a three-day official visit to Saudi Arabia.