Pakistan to sign $2b deals with Saudi delegation ahead of SCO summit

Federal cabinet ratifies several key agreements, including subsidies for fishing sector in line with WTO decisions

Prime Minister Shehbaz Sharif announced during a federal cabinet meeting on Tuesday that Pakistan is set to sign agreements worth $2 billion with a Saudi delegation visiting next week.

The delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, will visit Pakistan from October 9 to 11 ahead of the Shanghai Cooperation Organisation (SCO) summit in Pakistan on October 15-16.

The delegation, which includes both government and private sector representatives, aims to strengthen Pakistan-Saudi economic ties through a series of agreements.

Meanwhile, the federal cabinet ratified several key agreements, including subsidies for the fishing sector in line with World Trade Organisation decisions.

Additionally, it approved an agreement to designate Gwadar Port and Shanghai Port as sister ports, on the recommendation of the Ministry of Maritime Affairs.

Other agreements ratified by the cabinet include memorandums of understanding (MOUs) for bilateral political consultations with Rwanda and Ghana.

The cabinet also approved granting judicial magistrates in Gwadar and Hub the authority to hear narcotics cases, following the recommendation of the Ministry of Law and Justice.

The Ministry of Information Technology and Telecommunications also briefed on the progress of e-office implementation across federal ministries.

The e-governance initiative has improved Pakistan’s position by 14 ranks in the United Nations’ E-Government Development Index (EGDI), according to the Prime Minister’s Office.

The prime minister directed further improvements and said progress will be reviewed in two weeks.