KSA to expedite $5b investment package for Pakistan

Shehbaz, MBS resolve to ‘fortify’ bilateral ties

ISLAMABAD:

Pakistan and Saudi Arabia have affirmed their commitment to expediting the first phase of Saudi investment worth $5 billion in Pakistan, a joint statement of the meeting between Prime Minister Shehbaz Sharif and Crown Prince Mohammed bin Salman said on Monday.

The Saudi crown prince hosted the prime minister at an Iftar feast in Makkah on Sunday evening. During the meeting, they discussed “fortifying” the relations between the two countries and exploring avenues for enhanced collaboration across various sectors.

The joint statement released by Pakistan and the Kingdom of Saudi Arabia stated that the two sides “affirmed their commitment to expediting the first wave of investment package worth $5 billion which was discussed previously”.

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During the meeting, Crown Prince Mohammed bin Salman congratulated Shehbaz on his election as the prime minister of Pakistan. Shehbaz thanked the crown prince for the warm welcome accorded to him and his delegation by the Saudi authorities.

According to the joint statement, “emphasis was placed on the kingdom's supportive role in Pakistan's economy and the mutual desire” to strengthen trade and investment ties. The prime minister also reaffirmed Pakistan's commitment to bolstering bilateral ties and economic cooperation.

“The discussions centred on fortifying the fraternal relations between the two brotherly nations and exploring avenues for enhanced collaboration across various sectors, the statement said. They also exchanged views on regional and global issue, including the worrying situation in Gaza.

They stressed the need for international efforts to halt Israeli military operations in Gaza, mitigate humanitarian impact and underscore the imperative for the international community to pressure Israel to cease hostilities, adhere to international law, and facilitate access of humanitarian aid to Gaza.

According to the joint statement, the two leaders stressed the need to advance the peace process following relevant resolutions of the UN as well as the Arab Peace Initiative to find a just solution for the establishment of an independent Palestinian state with East Jerusalem as its capital.

The two sides underscored the importance of dialogue between Pakistan and India to resolve the outstanding issues between the two countries, especially the Jammu and Kashmir dispute to ensure peace and stability in the region.

The prime minister invited the crown prince to undertake an official visit to Pakistan, at the earliest convenience, which was accepted by the crown prince. Shehbaz concluded his three-day Saudi visit on Monday.