PM Shehbaz departs for investment moot in Riyadh

Prime Minister Shehbaz Sharif on Tuesday departed for Saudi Arabia to attend the eight edition of the Future Investment Initiative (FII) being held in Riyadh.

The FII, scheduled for Oct 29-30, serves as a major platform for countries to promote economic potential, attract foreign investments, and discuss strategies for sustainable growth.

This year’s theme, “Infinite Horizons: Investing Today, Shaping Tomorrow,” focuses on investment in emerging fields, including artificial intelligence, robotics, education, energy, space, finance, healthcare, and sustainability.

The participating countries will engage in the dialogue for the promotion of investment and a sustainable future while highlighting the strength of their respective economies.

The prime minister will be accompanied on the trip by key cabinet ministers, the Foreign Office had said in a statement on Monday.

Furthermore, PM Shehbaz is expected to hold important bilateral talks with the Saudi Crown Prince and Prime Minister Mohammed bin Salman and other senior Saudi officials.

“The two sides will discuss the economic and strategic partnership between Pakistan and the Kingdom of Saudi Arabia and explore bilateral cooperation in the economic, energy, and defence domains,” the statement said.

The prime minister is also expected to engage with participating leaders and entrepreneurs at the FII conference, the statement added.

Islamabad and Riyadh Saudi share historic brotherly relations and cooperation in different sectors such as culture, economy, trade, and defence, among others.

Earlier this month, the two states signed 27 memorandums of understanding (MoUs) worth $2.2 billion in various sectors as the Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in Islamabad on a three-day official visit.

In April, PM Shehbaz made his first official trip to Saudi Arabia since assuming office this year. During the visit, he and Crown Prince Salman had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan. The move, according to the Saudi Press Agency, confirmed Saudi Arabia’s position on supporting the economy of Pakistan and its “sisterly people”.

In May when a Saudi delegation visited Pakistan, PM Shehbaz assured Saudi investors that they would get the best facilities possible and also ease of doing business under the umbrella of the Special Investment and Facilitation Council (SIFC).

The two countries not only share strong bilateral ties but the Kingdom has often come to Pakistan’s rescue during times of economic turmoil.

from The Dawn News - Home https://ift.tt/76RAFs2

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