Saudi Arabia Invests $20 billion in Pakistan

Islamabad, MINA – Crown Prince Muhammad Bin Salman (MBS), said on Sunday, that Saudi Arabia had signed an investment agreement worth $20 billion (around Rp28 trillion more) during a visit to Pakistan.

MBS and Deputy Prime Minister and Minister of Defense together with Pakistani Prime Minister Imran Khan signed seven agreements and memorandums of understanding in various fields, including energy, electricity, petrochemicals, mineral resources and sports, which aim to further enhance bilateral cooperation.

The signing was held after official talks between the Crown Prince and the Prime Minister of Pakistan at the Pakistan Coordination Council meeting at the Prime Minister’s Building in Islamabad on Sunday night. Saudi Gazette reported.

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MBS said the figure of $20 billion marked the beginning of economic ties that would bring historic friendship.

“This is the amount for the first phase and will grow every month and every year, and it will be beneficial for both countries,” he said.

“We have become a state of brotherhood, a friendly country of Pakistan. We have walked together in difficult and good times, and we will continue to do so, “he added.

“Saudi Arabia is always a friend that is needed, which is why we appreciate it very much,” PM Imran Khan said.

“I want to thank you for the way you helped us when we are in a difficult situation,” Khan added.

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“For Pakistanis, this is a fun day,” he said in remarks at the dinner reception.

Khan also invited Riyadh to take advantage of opportunities that could arise from the China-Pakistan Economic Corridor (CPEC) and Pakistan’s close relations with Beijing.

“This is an interesting future where we have Saudi Arabia participating in what will happen in the next 10 years, maybe the country with the biggest GDP,” he added. (T/Sj/P2)

Mi’raj News Agency (MINA)