PM Shehbaz Sharif Attends Future Investment Initiative Summit in Riyadh, Saudi Arabia

Published at: October 29, 2024 2:55 PM

Updated at: October 29, 2024 2:56 PM

Prime Minister Shehbaz Sharif arrived in Riyadh, Saudi Arabia, on Tuesday to participate in the 8th edition of the Future Investment Initiative (FII), a prestigious global platform aimed at fostering economic cooperation and attracting foreign investments. Upon his arrival at King Khalid International Airport, the Prime Minister was warmly welcomed by Riyadh’s Deputy Governor, Prince Mohammed bin Abdulrehman bin Abdulaziz.

Before departing from Islamabad earlier in the day, PM Shehbaz expressed his anticipation for the event through a post on X, where he highlighted his eagerness to engage with global political, business, and corporate leaders. "I look forward to attending this impressive gathering to shape a better future for all," the Prime Minister remarked, emphasizing his commitment to strengthening Pakistan-Saudi Arabia relations through mutually beneficial trade and investment partnerships.

The FII, scheduled for October 29-30, serves as a significant platform for countries to showcase their economic potential, attract investments, and collaborate on strategies for sustainable growth. This year’s theme, "Infinite Horizons: Investing Today, Shaping Tomorrow," focuses on investments in cutting-edge fields such as artificial intelligence, robotics, education, energy, space, finance, healthcare, and sustainability.

During his visit, PM Shehbaz is expected to hold key bilateral talks with Saudi Crown Prince and Prime Minister Mohammed bin Salman, as well as other senior Saudi officials. The discussions will center on strengthening economic, energy, and defense cooperation between Pakistan and Saudi Arabia.

The Prime Minister is also set to engage with global leaders and entrepreneurs at the FII summit, promoting Pakistan's economic potential and inviting foreign investment. Pakistan and Saudi Arabia share a longstanding relationship rooted in mutual cooperation across various sectors, including culture, trade, and defense.

Earlier this month, the two nations signed 27 memorandums of understanding (MoUs) worth $2.2 billion during a visit by Saudi Minister of Investment Sheikh Khalid Bin Abdul Aziz Al Faleh to Islamabad. In addition, during PM Shehbaz’s first official visit to Saudi Arabia in April, both countries agreed to fast-track a $5 billion Saudi investment package for Pakistan, further cementing their economic partnership.