TRADE & ECONOMY

PM Shehbaz Sharif Attends Future Investment Initiative in Riyadh

PM Shehbaz Sharif arrives in Saudi Arabia for the Future Investment Initiative. He aims to strengthen Pak-Saudi ties in trade, investment, and economic cooperation.
2024-10-29
PM Shehbaz Sharif Attends Future Investment Initiative in Riyadh

Prime Minister Shehbaz Sharif touched down in Riyadh on Tuesday to attend the eighth Future Investment Initiative (FII), a premier global platform aimed at fostering economic growth and investment. He was welcomed by Riyadh’s Deputy Governor Prince Mohammed bin Abdulrehman bin Abdulaziz upon arrival at King Khalid International Airport.

 

Announcing his arrival on X, the Prime Minister expressed enthusiasm for participating in discussions with international leaders and prominent figures from the business, technology, and investment sectors. “In my meetings with the Saudi leadership, I will reaffirm our common desire to further cement Pak-KSA ties through robust and mutually beneficial partnerships in trade and investment,” PM Shehbaz shared.

 

Scheduled for October 29-30, the FII conference is themed “Infinite Horizons: Investing Today, Shaping Tomorrow,” with a focus on forward-thinking investments in fields such as AI, robotics, education, energy, space exploration, finance, healthcare, and sustainability. These initiatives align with the shared goals of sustainable economic development, innovation, and increased global collaboration.

 

The Prime Minister’s visit is expected to include high-level talks with Saudi Crown Prince and Prime Minister Mohammed bin Salman, where discussions will center on expanding economic and strategic partnerships, particularly in energy, defense, and commerce. PM Shehbaz is also anticipated to hold talks with other senior Saudi officials, cabinet ministers, and international entrepreneurs attending the FII conference.

 

The two nations share historic and cooperative ties across various sectors, including culture, economy, trade, and defense. This year has been particularly productive for Pakistan-Saudi relations; in early October, the countries signed 27 Memorandums of Understanding (MoUs) totaling $2.2 billion across multiple industries. Earlier, in April, PM Shehbaz and Crown Prince Salman pledged to accelerate a $5 billion Saudi investment package in Pakistan.

 

Saudi Arabia has consistently provided economic assistance to Pakistan, especially in times of financial difficulty. In recent discussions with Saudi investors, PM Shehbaz assured them of ease in business operations within Pakistan, especially through the Special Investment and Facilitation Council (SIFC), which aims to streamline investment processes and provide an attractive landscape for international business.

 

Through the FII, PM Shehbaz seeks to further elevate Pakistan’s economic collaboration with Saudi Arabia, fostering new avenues for investment and growth in key industries that benefit both nations and support Pakistan’s economic stability.