Pakistan and Saudi Arabia Sign $2.2 Billion Investment MoUs
27 Agreements Spanning Energy, Agriculture, IT, and Mining During Saudi Delegation Visit
Pakistan and Saudi Arabia recently signed 27 memorandums of understanding (MoUs) during a visit by a Saudi investment delegation, with pledged investments surpassing $2.2 billion.
These agreements cover a wide range of vital sectors, including energy, agriculture, IT, healthcare, education, and mining.
One notable project, the White Oil Pipeline, is expected to be completed by 2025, enhancing Pakistan’s petroleum transportation network. Additionally, a 500MW hybrid power project, which will combine solar and wind energy, is likely to begin in early 2025.
In the agricultural domain, Saudi Arabia plans to invest $70 million by 2025, aiming to increase Pakistan’s agricultural production and exports. The IT sector will also see significant progress, with phased projects starting in 2025, including a digital education initiative and the introduction of a cybersecurity strategy by late 2024 to safeguard digital infrastructure.
The industrial sector will witness new developments, with plans for textile and surgical equipment factories in both countries by 2025. In mining, Saudi investments will target Pakistan’s copper, gold, and rare metal reserves.
Furthermore, Saudi Arabia intends to establish semiconductor manufacturing units, with the first phase set for completion by 2026, along with investments to advance Pakistan’s electronics industry.
Educational collaborations are also part of the MoUs, with initiatives set to begin in 2025. A key focus will be on technical and vocational training programs to develop a skilled workforce for both nations.
The journey from MoUs to actual project implementation will include steps like feasibility studies, finalization of financing arrangements, and the signing of final agreements before the projects commence.
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