Pakistan and Saudi Arabia will sign 8 MoUs during the visit of Crown Prince Muhammad bin Salman

Lahore : Pakistan and Saudi Arabia will
sign eight memorandums of understanding (MoUs) during the visit of Saudi Crown Prince Muhammad bin Salman, turning their ‘excellent bilateral relations into a strong economic partnership’.

“With the visit of Prince Muhammad bin Salman, Pakistan and Saudi Arabia are going to witness an unprecedented level of closeness based on solid economic integration,” during his upcoming two-day visit of Islamabad from February 16 to17.

The MoUs will be inked relating to diverse sectors including investment, finance, power, renewable
energy, internal security, media, culture and sports.

A high-powered Saudi delegation including key ministers and over 20 businessmen from leading companies would hold meetings with their
counterparts in Pakistan and discuss potential of bigger investment between the two countries.

A Pak-Saudi Coordination Council would also be set up . Saudi Arabia had plans for $7 billion investment in power sector for two years besides $2 billion in renewable energy including solar and wind
projects.

The BoI Chairman Haroon Sharif said Saudi Arabia had comprehensive long-term stakes in Pakistan. Following the visit of Saudi crown prince, the BoI
would remain in constant touch with their Saudi counterparts on technical level, he said.

He mentioned that Saudi Arabia was planning to develop two new cities in the Kingdom and the situation would encourage Pakistani workforce to be accommodated in diverse jobs.