Pakistan and Saudi Arabia signed $20 billion (Rs2.8 trillion) worth of MOUs during the visit of Saudi Crown Prince Mohammed bin Salman. Saudi Crown prince is on two day official visit to Pakistan. Saudi Arabia will invest $20billion in different sectors including an oil refinery in Gwadar.
The MOUs were signed for the Saudi investment in the energy, petrochemicals, sports, agriculture, tourism and other sectors. His visit will further strengthen historic and deep relationship between the two brotherly countries.
The Saudi crown prince spoke at a reception organised in his honour by Prime Minister Imran Khan in PM house and said that Kingdom of Saudi Arabia desired an economically and politically strong Pakistan. He said that the first phase of investment worth $20 billion in Pakistan has been completed and his country will invest further in future. The prince said that the investment will prove beneficial for both the countries.
Imran Khan thanked the crown prince for the financial support the kingdom had extended recently to Pakistan. “It is an exciting future where we have Saudi Arabia participating in what is going to be, in the next 10 years, probably the country with the biggest GDP,” Imran said and he also told the crown prince that if it hadn’t been for security concerns, “you would have seen thousands and thousands of people on the streets welcoming you”.
The Crown Prince and PM attended the inaugural session of the Supreme Coordination Council. The high-level Supreme Coordination Council was proposed by Crown Prince Mohammed bin Salman during the visit of Imran Khan to Saudi Arabia in October 2018. The objective of the Council was to put in place a high level institutional mechanism to fast track decisions in key areas of bilateral cooperation, and for close monitoring of their implementation.
Under the Council, a steering committee and joint working groups have been set up at ministerial and senior officials’ levels to develop frameworks of cooperation in specific projects and submit recommendations to the respective ministers. The functioning of the Supreme Council will be coordinated by the ministries of foreign affairs of the two countries. The Council will meet annually, in Riyadh and Islamabad alternately.
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25 May, 2019