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PM Shehbaz Sharif to Attend 8th Future Investment Initiative in Riyadh
Prime Minister Shehbaz Sharif heads to Saudi Arabia for the Future Investment Initiative, focusing on key global investment themes.
ND
by News Desk
2024-10-28
PM Shehbaz Sharif to Attend 8th Future Investment Initiative in Riyadh

Prime Minister Shehbaz Sharif is set to travel to Saudi Arabia to participate in the 8th Edition of the Future Investment Initiative (FII), taking place in Riyadh from October 29 to 30. The announcement was made by the Ministry of Foreign Affairs, highlighting the significance of this event as a platform for countries to showcase their economic potential, attract foreign investments, and engage in discussions on sustainable development.

 

This year’s FII is themed “Infinite Horizons: Investing Today, Shaping Tomorrow,” focusing on global investment opportunities across vital sectors such as artificial intelligence, robotics, education, energy, space, finance, healthcare, and sustainability. The conference aims to address some of the most pressing challenges facing the global economy.

 

During his visit, PM Shehbaz will be accompanied by key cabinet ministers and is expected to hold crucial bilateral discussions with Saudi Crown Prince and Prime Minister Mohammed bin Salman, along with other senior Saudi officials. These talks will center on enhancing the economic and strategic partnership between Pakistan and Saudi Arabia, exploring avenues for collaboration in sectors such as energy, defense, and overall economic development.

 

The prime minister’s engagement at the FII will also include interactions with leaders and entrepreneurs attending the conference, creating opportunities for Pakistan to foster international partnerships and investments.

 

Pakistan and Saudi Arabia share a long-standing brotherly relationship, collaborating across various sectors including culture, economy, trade, and defense. Earlier this month, the two nations solidified their partnership by signing 27 memorandums of understanding (MoUs) worth $2.2 billion across diverse sectors during the visit of Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh to Islamabad.

 

This visit follows PM Shehbaz’s first official trip to Saudi Arabia since taking office, where he and Crown Prince Salman agreed to expedite a $5 billion Saudi investment package aimed at bolstering Pakistan's economy. The Saudi Press Agency reported this initiative as a testament to Saudi Arabia’s commitment to support Pakistan and its people.

 

In previous engagements, PM Shehbaz has reassured Saudi investors of favorable conditions for doing business in Pakistan, facilitated by the Special Investment and Facilitation Council (SIFC). The historical ties between the two countries have often seen Saudi Arabia extend its support during Pakistan’s economic challenges. Notably, in June last year, Riyadh deposited $2 billion in the State Bank of Pakistan (SBP) to help unlock a $3 billion bailout package from the International Monetary Fund (IMF), crucial for averting a sovereign default.

 

As PM Shehbaz heads to Riyadh, the focus on fostering stronger bilateral ties and seeking innovative investment opportunities will be paramount, setting the stage for enhanced cooperation between Pakistan and Saudi Arabia.
Tagged:

Investment

ShehbazSharif

PakistanSaudiRelations

EconomicPartnership

SustainableDevelopment

FII2023

BilateralTalks
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