Prime Minister Shehabz Sharif has said that Pakistan sought “technical support” as well as investments from Saudi Arabia in order to achieve economic progress in different sectors, reported 24NewsHD TV channel on Saturday.
In an interview with Al Arabiya TV, Shehbaz Sharif said Pakistan is expected to make major announcements in solar energy projects as the South Asian country seeks investment from the Kingdom of Saudi Arabia in different sectors to boost economy.
The prime minister during the interview shared that a Pakistan delegation is in Riyadh to discuss materialising investment portfolios in solar energy with ACWA POWER. “I think this is one area where we are going to make major announcements, along with mines and minerals. Thirdly, agriculture as there is huge potential in the sector,” he said and maintained that Pakistan was an agrarian economy.
Shehbaz Sharif called for increasing cooperation with Saudi Arabia to enhance agriculture production.
While speaking about information technology, the prime minister said that the Saudi crown prince’s workings in the field were “phenomenal” and “breathtaking”.
When asked about strategic partnerships with other Arab countries, Shehbaz replied in affirmative and said that Kuwait, Qatar, UAE, Turkey, and China can become great partners in the field. “Internationally, we can create a kind of very wonderful economic revolution. This is all because of Crown Prince Mohammed bin Salman’s dynamism and his visionary leadership,” he added.
In response to a query, Shehbaz said: “We have now a clear-cut way forward… mutual cooperation, investments in the field of mines and minerals, renewable energy,” he said.
The Saudi crown prince is expected to visit Pakistan this month, according to media reports. His visit was initially scheduled for late 2022 but faced delays due to political uncertainties and Pakistan’s elections.
Prior to his arrival, a delegation of influential Saudi businessmen visited the country and engaged in discussions with Pakistani counterparts to explore investment opportunities.
At an event, PM Shehbaz had assured the investors of his government’s blanket support to investment, enabling them and businessmen to accomplish their future projects expeditiously with joint ventures.
When asked about Pakistan’s ability to maintain relations with different countries, Shehbaz said that the government’s focus was on economic progress and admitted that the country was facing “huge challenges” at the macroeconomic level.
He vowed to bring in “huge reforms” and structural changes to resolve issues related to line losses, power generation, and increasing revenue collection.
According to the premier, it would be a futile exercise if the country does not focus on the agenda of reforms. “I had the most intense and comprehensive discussions with Saudi counterparts, investors, and professionals. They will assist us with their experience,” he added.
Shehbaz said that there was a time when Pakistan trained Saudi pilots in the Air Force and students in universities, however, the tables have turned after so many years. “We seek their technical support and help. It’s like a family. If the order is reversed, we are happy because this will help us in achieving our targets with timelines through their support.”