PM Shehbaz to visit Saudi Arabia tomorrow for Future Investment Initiative summit
ISLAMABAD: Prime Minister Shehbaz Sharif will undertake an official visit to Saudi Arabia tomorrow (Tuesday) to attend the 8th Edition of the Future Investment Initiative (FII) being held in Riyadh from October 29 to 30.
The premier will be accompanied by key cabinet ministers, according to a curtain raiser issued by the Foreign Office.
The Future Investment Initiative (FII) serves as an important platform for countries to showcase their economic strength, draw foreign investments, and engage in dialogue to shape a sustainable future.
This year’s FII is themed “Infinite Horizons: Investing Today, Shaping Tomorrow” and will focus on global investments aimed at addressing major issues such as artificial intelligence, robotics, education, energy, space, finance, healthcare, and sustainability.
PM Shehbaz is expected to hold important bilateral talks with the Saudi Crown Prince and Prime Minister Mohammed bin Salman and other senior officials.
The two sides will discuss the economic and strategic partnership between Islamabad and Riyadh and explore bilateral cooperation in the economic, energy, and defence domains.
The premier is also expected to engage with participating leaders and entrepreneurs at the conference.
Earlier this month, Pakistan and Saudi Arabia inked several memorandums of understanding (MoUs), worth over $2 billion, to boost bilateral trade and investment during the Islamabad visit of a Saudi delegation, headed by Minister for Investment Khalid bin Abdulaziz Al-Falih.
The Khalid-led delegation comprised Saudi companies from various sectors including construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum are part of the visiting delegation.
The agreements include a $70 million investment in the agriculture sector, the establishment of advanced semiconductor chip manufacturing in Saudi Arabia, the establishment of a textile industry, a white oil pipeline project, an MoU for exploring investment opportunities, a hybrid power project, development of transformer manufacturing facilities in both the countries, cyber security measures for customers and businesses, and the export of spices and vegetables from Pakistan.
Additionally, the agreements outline the establishment of a manufacturing facility for surgical and dental equipment and collaboration on the federal government's E-Taaleem and digitalisation programmes.
