Saudi crown prince concludes Pakistan visit with USD20b investment

Pakistani Foreign Minister Shah Mahmood Qureshi said Monday that Saudi Arabia has signed seven memorandum of understandings (MoUs) worth 20 billion U.S. dollars with Pakistan in areas of oil refining, petrochemicals, energy and other sectors.

The foreign minister said in a press briefing here that the MoUs were signed by Saudi Arabian Crown Prince Mohammed bin Salman Al Saud after his arrival in Islamabad on a two-day official visit on Sunday evening.

Addressing a ceremony here during his visit, the crown prince said that it was the first phase of Saudi investment in Pakistan and it will gradually grow in the future and will be beneficial for both countries.

Pakistani Prime Minister Imran Khan welcomed the investment including a 10 billion U.S. dollars oil refinery.

The Saudi side expressed its appreciation for the initiatives taken by the Pakistani government to facilitate the conduct of business in the country and facilitate foreign direct investment in Pakistan.

The crown prince praised the efforts of the government to develop the economic and social structure in Pakistan. He stressed that the potential of the China-Pakistan Economic Corridor will contribute to the development and prosperity of the region.

It is the crown prince's first visit to Pakistan after his appointment as crown prince in June 2017.

During the visit, leaders of both countries reiterated their commitment to continue combating extremism and terrorism, and expressed their deep appreciation for the achievements and sacrifices made by the two sides in the war against terrorism, according to a statement from the Foreign Ministry here on Monday.

They also called on the international community to shoulder its responsibilities to join all international efforts to combat global terrorism.

The two sides also agreed on the importance of political settlement and promoting peace and stability in Afghanistan so that millions of Afghan refugees in neighboring countries can return to their country.

The two countries also decided to establish a joint Supreme Coordination Council co-chaired by the crown prince and Pakistani prime minister for enhancing and institutionalizing the bilateral agreements in various fields. The council will hold its meetings in the two countries alternately.

The two sides agreed to make use of all available channels to promote bilateral trade, investment and promote communication between people and businessmen of the both countries, said the Foreign Ministry.