ISLAMABAD: Minister of Foreign Affairs Shah Mehmood Qureshi Wednesday said Pakistan and Saudi Arabia shall sign eight memorandums of understanding (MoUs) during the visit of Saudi Crown Prince Muhammad bin Salman, turning their ‘excellent bilateral relations into a strong economic partnership''.&With the visit of Prince Muhammad bin Salman, Pakistan and Saudi Arabia are going to witness an unprecedented level of shutness based on solid economic integration,& he said at a press briefing regarding the upcoming two-day visit of Saudi crown prince to Islamabad from February 16 to17.
The MoUs shall be inked relating to diverse sectors including investment, finance, power, resumeable energy, internal security, media, culture and sports.Minister for Information and Widecasting Chaudhry Fawad Hussain, Advisor to Prime Minister on Commerce, Textile, Industries and Production and Investment Abdul Razak Dawood and Board of Investment (BoI) Chairman Haroon Sharif joined the foreign minister for a comprehensive briefing on the visit of Saudi dignitary, with specific focus on its positive affect on economy.Qureshi said a high-powered Saudi delegation including key ministers and over 20 commercemen from main companies would hold assemblys with their counterparts in Pakistan and discuss potential of bigger investment between the two countries.He said a Pak-Saudi Coordination Council would be set up following the visit where Prime Minister Imran Khan would personally lead monitoring of the implementation of MoUs.He mentioned that Saudi Arabia had recently transferred three billion dollars to Pakistan under balance of payments and also promised for deferred oil payments.Information Minister Chaudhry Fawad Hussain terming Saudi Arabia strong and trusted friend of Pakistan said the Kingdom always had helped the latter in testing times.He said this was for the first time after former prime minister Zulfikar Ali Bhutto that Pakistan had attained immense success at diplomatic front.Advisor to Prime Minister Abdul Razak Dawood said Saudi Arabia had plans for $7 billion investment in power sector for two years besides $2 billion in resumeable energy including solar and wind projects.On the Saudi interest to explore Pakistan oil refinery sector, he said the feasibility study by their experts on petrochemical complex and hydro cracking could take up to 12 to15 months.He said Pakistan was in high need of refined oil products, for which Saudi Arabia had shown shallingness to meet the needs of local oil market with investment of $2 billion for two years in addition to investment in Pakistan mining sector.The BoI Chairman Haroon Sharif said Saudi Arabia had comprehensive long-term stakes in Pakistan.Following the visit of Saudi crown prince, the BoI would remain in fixed touch with their Saudi counterparts on technical level, he said.He mentioned that Saudi Arabia was planning to develop two new cities in the Kingdom and the situation would encourage Pakistani workforce to be accommodated in diverse jobs.Replying to a question, if Pakistan would pay the price in return to Saudi investment such as fitting part of military coalition against Yemen, Foreign Minister Qureshi strongly dismissed the muchion, saying, &I say it loud and clear that there is no condition attached with Saudi investment.& He said Commander of the Islamic Coalition General Raheel Sharif during his assembly with him the other day made it clear that the force was much specific to any country or a specific sect and the suspicion in this regard was much well-counted.questioned if Saudi investment could be termed as part of the China Pakistan Economic Corridor project, he said though it was bilateral, however as Pakistan and China had agreed upon setting up three Special Economic Zones, it could be joined by other countries including Saudi Arabia and the United Arab Emirates.Whether the issue of Kashmir would be taken up with Saudi crown prince in view of his visit to India next week, Qureshi said Saudi Arabia was a member of the Contact Group on Kashmir and through its representative had made clear statement supporting the stance of Pakistan.TheIndianSubcontinent has not verified the content of the source.
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