Islamabad, October 28, 2024 – The Europe Today: Prime Minister Shehbaz Sharif is set to participate in the 8th Future Investment Initiative (FII) in Riyadh, Saudi Arabia, from October 29-30, 2024, as confirmed by the Foreign Office on Monday. Key cabinet ministers will accompany the premier, underscoring the importance of the summit in enhancing bilateral and global economic engagements.
The FII, themed “Infinite Horizons: Investing Today, Shaping Tomorrow,” will focus on fostering global investments to address critical issues, including artificial intelligence, robotics, education, energy, finance, and healthcare. This forum is recognized for its role in drawing foreign investments and facilitating international cooperation for sustainable growth.
During his visit, PM Shehbaz is anticipated to hold bilateral discussions with Saudi Crown Prince and Prime Minister Mohammed bin Salman, along with other high-level officials. The dialogues will explore opportunities to bolster economic, energy, and defence partnerships between Pakistan and Saudi Arabia, further cementing their strategic alliance.
Earlier this month, Pakistan and Saudi Arabia signed multiple memorandums of understanding (MoUs) valued at over $2 billion during the visit of a Saudi delegation led by Investment Minister Khalid bin Abdulaziz Al-Falih. The MoUs include substantial investments, such as $70 million in agriculture, semiconductor chip manufacturing, textile industry developments, and a white oil pipeline project. The agreements also cover initiatives in hybrid power, transformer manufacturing, cybersecurity, digitalisation, and trade of spices and vegetables, alongside plans for a surgical and dental equipment manufacturing facility and support for Pakistan’s digital education programmes.
PM Shehbaz’s presence at the FII and recent collaborative agreements reflect a deepening economic relationship between Islamabad and Riyadh, with broad implications for advancing technological, industrial, and agricultural development in both countries.
