Islamabad: In a significant advancement of bilateral relations, Pakistan and Saudi Arabia have signed twenty-seven Memoranda of Understanding (MoUs) to enhance cooperation across multiple sectors including energy, agriculture, mining, and cyber security. The signing ceremony, attended by Prime Minister Shehbaz Sharif, marks a pivotal moment in the economic partnership between the two nations.

According to Ministry of Information and Broadcasting, the newly signed MoUs encompass a broad range of initiatives. These include a $70 million investment in the agricultural sector, the establishment of a semiconductor manufacturing facility in Saudi Arabia, and the development of a textile industry and transformer manufacturing facilities in both countries. Other key agreements involve cyber security enhancements, a hybrid power project, and the export of Pakistani spices and vegetables. Additionally, the agreements aim to establish a manufacturing facility for surgical and dental equipment and support Pakistan’s federal E-Taaleem and digitalization programs.

Prime Minister Shehbaz Sharif, speaking at the ceremony, highlighted the recent improvement in Pakistan’s economic indicators, attributing the success to government policies and the support of international partners like Saudi Arabia and China. He noted a significant reduction in inflation and a boost in foreign remittances and exports. Emphasizing the longstanding support between the two countries, Sharif called for a transformation of these ties into a dynamic economic relationship, focusing on investment and joint development initiatives.