Pakistan says 7 of 34 business agreements signed with Saudi Arabia actualised

Pakistani Prime Minister Shehbaz Sharif’s office said on Monday that seven of the 34 memorandums of understanding (MoUs) signed with Saudi Arabia earlier this year have been actualized into agreements worth $560 million. 

The announcement came after Sharif was briefed on progress made on 34 MoUs worth $2.8 billion signed between Pakistani and Saudi business in October. Pakistan and Saudi Arabia have a significant trade relationship, with Pakistan exporting mainly agricultural products and Saudi Arabia exporting mainly petroleum products.

“In a short period of time, 34 investment memorandums of understanding were signed between the two countries, out of which 7 have been given the form of agreements worth $560 million,” Sharif’s office said in a statement after he chaired a meeting to review progress on investment between Pakistan and Saudi Arabia.

“Prime Minister expressed satisfaction over the progress of various ongoing projects between the two countries,” the statement added, as the PM was briefed on discussions held at the second meeting of the Pakistan-Saudi Arabia Joint Task Force in November and informed about cooperation in various sectors. 

Pakistan has pushed in recent months to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up foreign reserves and fight a chronic balance of payment crisis.

Pakistanis are the second-largest expatriate community in the Kingdom, with over 2.5 million living and working in Saudi Arabia, the top source of remittances for the South Asian nation.