ISLAMABAD: Pakistan and Saudi Arabia have signed memorandums of understanding for investment in different sectors in both the countries worth over $70 million.
These include establishment of advanced semiconductor chip manufacturing in Saudi Arabia, a textile industry, a white oil pipeline project, a hybrid power project, development of transformer manufacturing facilities in both the countries, cyber security measures for customers and businesses, and the export of spices and vegetables from Pakistan.
The MOUs were signed between the officials of the two countries during the high level visit to Islamabad of a Saudi delegation in the presence of Prime Minister Shahbaz Sharif.
Speaking on the occasion, the Prime Minister said that the economic indicators in Pakistan had improved due to prudent economic policies of the government, and the cooperation of friends like Saudi Arabia and China.
Moreover, foreign remittances and exports are witnessing a surge, while inflation has decreased to 6.9 percent from 32 percent this month.
The Prime Minister said Pakistan is moving towards deep-rooted reforms in its economy through stringent measures.
Comments are closed.