ISLAMABAD: Seven memorandums of understanding (MoUs), worth USD 20 billion of Saudi investment, were signed between Pakistan and the Gulf kingdom during the visit of Crown Prince Mohammad bin Salman on Sunday, a news report stated. This was the prince’s first official visit to Pakistan as the heir to the Saudi throne.
Reportedly, the investments will be channelled into the minerals, tourism, petrochemicals, agriculture, food processing, and other sectors.
Prime Minister (PM) Imran Khan and Prince Mohammad held a one-on-one meeting, which was followed by the inaugural session of the Supreme Coordination Council (SCC).
SCC has been formed to boost bilateral cooperation in different fields. Its committee includes the ministers of foreign affairs, defence, defence production, finance, energy, petroleum, water resources, information, culture, interior, commerce, trade and investment, and human resources of both countries. The council will deliberate on issues concerned categorised under three domains: political and security, economic, social and culture.
The inaugural session was co-chaired by the prime minister and the crown prince.
The SCC will meet annually – on an alternate basis in Riyadh and Islamabad.
Speaking on the occasion, the prince stated that Saudi Arabia had been waiting for ‘this kind of leadership to partner with, and do a lot of things together’. He remarked that Pakistan faced the prospects of a great future because of its current leadership.
He further added that two countries would cooperate with each other on improving tourism.
PM Khan invited Riyadh to avail in the opportunities provided by the China-Pakistan Economic Corridor (CPEC) initiative.
