ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Tuesday met Saudi Crown Prince Mohammed bin Salman in Riyadh and discussed ongoing bilateral engagements and Pakistan’s future economic plans, Sharif’s office said in a statement.
The meeting took place on the sidelines of the eighth edition of the two-day Future Investment Initiative (FII) summit for which global business, technology and financial leaders have converged in the Saudi capital, looking for opportunities to forge relations with some of Saudi Arabia’s biggest companies and its $925 billion sovereign wealth fund.
Sharif arrived in Riyadh on Tuesday for a visit that comes after one to Islamabad by Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, during which over $2 billion in agreements and memorandums of understanding (MoUs) were signed between Saudi and Pakistani businesses.
“The two leaders took stock of the ongoing bilateral engagements, especially in follow up to the decisions taken in previous high-level meetings held in Makkah and Riyadh in April 2024,” Sharif’s office said in a statement after his meeting with the Saudi crown prince.
In April this year, after PM Sharif met the crown prince in Makkah Al-Mukarramah, Saudi Arabia reaffirmed its commitment to expedite a $5 billion investment package for Pakistan.
At Tuesday’s meeting, Sharif apprised the crown prince of Pakistan’s economic, institutional and policy reforms agenda, saying that the Kingdom had a “central role” to play in Pakistan’s “future economic plans.” He also appreciated the Kingdom’s efforts to promote regional peace and stability in the Middle East and reiterated Pakistan’s commitment to stand by Saudi Arabia in such efforts.
“The two leaders exchanged views on regional developments and agreed to closely coordinate positions on regional issues,” Sharif’s office said.
’PARTNERSHIPS IN AI, EDUCATION, HEALTH’
Prior to his meeting with the Saudi top leader, Sharif attended the FII summit in Riyadh where he said his government was looking to form partnerships with Saudi and other global companies in the realms of artificial intelligence (AI), education and health.
“Pakistan is laying the foundation for a knowledge-based economy driven by innovation in three pivotal domains, artificial intelligence, education and health, in which we look forward to forging useful partnerships,” Sharif said during his address at the summit, which is focusing on global investments in AI, robotics, education, energy, space, finance, health care and sustainability.
“Our mission is clear, and it is to encourage young minds to redefine the boundaries of AI, training skilled engineers and data scientists as the backbone of Pakistan’s AI growth and equipping our workforce to harness the power of AI across industries.”
The prime minister said Pakistan had more than 275,000 registered doctors, with the country’s youth pioneering new health tech solutions.
“With advancements in health care standards, we envision a future where our doctors and scientists collaborate across borders for a healthier tomorrow,” Sharif added as he invited participating nations to invest in Pakistan and bring their expertise to the South Asian country as it built a future “rooted in resilience and shared prosperity.”
“Pakistan stands ready to join those countries who dare to dream big,” Sharif said.
The Pakistani PM’s visit takes place at a time when Islamabad is seeking to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.
