Pakistan, Saudi Arabia agree to fast-track $5bn investment package

MAKKAH: Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed Bin Salman discussed regional and global developments, with a focus on the alarming situation in Gaza.

The leaders emphasized the urgent need for the international community to pressure Israel into ceasing hostilities and adhering to international law. They also stressed the importance of facilitating unhindered humanitarian aid access to Gaza.

In a joint statement issued on Monday following their meeting at Al-Safa Palace, both sides highlighted their commitment to advancing the peace process based on relevant Security Council and General Assembly resolutions, as well as the Arab Peace Initiative. This initiative aims to achieve a just and comprehensive solution, including the establishment of an independent Palestinian state with East Jerusalem as its capital.

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The discussions also centered on strengthening the fraternal relations between Pakistan and Saudi Arabia and exploring avenues for enhanced collaboration across various sectors. The leaders underscored the Kingdom’s supportive role in Pakistan’s economy and expressed mutual desires to strengthen trade and investment ties.

Fast-Tracking $5 Billion Saudi Investment Package

Prime Minister Shehbaz Sharif and Crown Prince Mohammed Bin Salman reaffirmed their commitment to expediting the first wave of a $5 billion Saudi investment package in Pakistan. This investment package aims to bolster Pakistan’s economic development and was previously discussed between the two nations.

Additionally, the leaders highlighted the importance of dialogue between Pakistan and India to resolve outstanding issues, particularly the Jammu and Kashmir dispute, to ensure regional peace and stability.

Prime Minister Shehbaz Sharif expressed gratitude for the Kingdom’s steadfast support and hospitality, reaffirming Pakistan’s commitment to strengthening bilateral ties and economic cooperation. He extended an official invitation to the Crown Prince to visit Pakistan at his earliest convenience, which was warmly accepted.

Web Desk