ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed 27 Memorandum of Understandings (MoUs) valuing US $2.2 billion in various sectors including industry, agriculture, Information Technology (IT), food, education, mine & minerals, health, petroleum, energy and other areas of mutual cooperation.

Prime Minister Muhammad Shehbaz Sharif accompanied by Saudi Investment Minister Khalid Bin Abdul Aziz Al Falih and Chief of Army Staff Lt. General Syed Asim Munir witnessed the exchange of the signed copies of the MoUs.

Addressing on the occasion, the prime minister said the visit of Saudi business delegation was a true manifestation of great sincerity and affection for people of Pakistan from Saudi Crown Prince Mohammad bin Salman.

Pakistan to sign agreements worth $2bn with Saudis, PM Shehbaz Sharif says

He hoped that today’s ceremony would lead to many more such events in times to come.

He expressed the government’s resolve to implement these MoUs and to transform them into agreements in future through “hard work and untiring efforts”.

“Our Saudi brothers lead by Khalid Bin Abdul Aziz Al Falih have done remarkable job to promote Saudi economy and with his presence here, we will have his full cooperation to promote bilateral investments and business opportunity,” he remarked.

The prime minister hoped that in future there would be many more such ceremonies both in Saudi Arabia and Pakistan. He assured the Saudi delegation that the MoUs signed would be fully materialized and there would be no delay or red tape-ism in the implementation process.