In a significant diplomatic development, Prime Minister Shehbaz Sharif met with Saudi Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh on Tuesday, reaffirming the commitment of both nations to deepen their economic and investment partnerships.
This marks the fifth meeting between the two leaders in the last six months, a testament to the growing ties between Pakistan and Saudi Arabia. The Crown Prince highlighted the “genuine love and affection” that connect the people of both countries, emphasizing the importance of transforming this relationship into tangible economic cooperation.
Expanding Economic Collaboration
Discussions focused on advancing the recently signed agreements aimed at boosting bilateral trade and investment. During their October meeting at the Future Investment Initiative in Riyadh, the leaders reviewed business deals worth $2.8 billion in sectors such as agriculture, semiconductor manufacturing, and energy.
“Both leaders agreed that it is essential to bring about a qualitative shift in their economic, trade, and investment relations,” read a statement from Sharif’s office. The Crown Prince underscored the importance of fostering meaningful cooperation that would drive economic growth and prosperity in Pakistan.
In October, Pakistani and Saudi businesses signed 27 memorandums of understanding (MoUs) valued at $2.2 billion during a visit by Saudi Arabia’s investment minister to Islamabad. By the end of that month, the number of MoUs increased to 34, with their total value rising to $2.8 billion.
According to Sharif’s office, seven out of these 34 MoUs have already been actualized, translating into agreements worth $560 million. Additionally, Saudi Arabia has pledged to expedite a $5 billion investment portfolio for Pakistan.
Ongoing Progress and Future Plans
Both leaders expressed satisfaction with the progress of these agreements and their implementation in Pakistan. Prime Minister Sharif reiterated his invitation for the Crown Prince to visit Pakistan, to which the Crown Prince responded positively, expressing his eagerness for the visit.
Saudi Arabia remains a crucial partner for Pakistan, with bilateral ties spanning trade, defense, and cultural exchanges. The Kingdom hosts over two million Pakistani expatriates and is the leading source of remittances to Pakistan, providing critical financial support to the cash-strapped South Asian nation.
Pakistan’s Call for Global Water Management
Earlier on Tuesday, Prime Minister Sharif addressed the One Water Summit, a global initiative led by Saudi Arabia, France, Kazakhstan, and the World Bank, aimed at promoting sustainable water management.
Sharif called for international cooperation, technology transfer, and adequate financing to tackle global water challenges, emphasizing the importance of transboundary cooperation.
“Water is the lifeblood of our planet, transcending political boundaries and fostering shared ecosystems,” Sharif said. He urged attendees to prioritize sustainable water management and highlighted Pakistan’s commitment to the initiative.
Outlining steps taken by his government to ensure water security and climate resilience, Sharif stressed the need for:
- International collaboration to ensure sustainable water management and sanitation.
- Knowledge exchange and technology transfer to adopt innovative water management practices.
- Adequate funding to bridge the financing gap, especially for climate-vulnerable countries.
He also emphasized the importance of transparency, data-sharing, and regional cooperation to prevent conflicts and promote equitable water distribution.
“As leaders and custodians of the future, it is our duty to ensure that rivers, lakes, and aquifers—essential to civilizations for centuries—are preserved for generations to come,” Sharif concluded, reaffirming Pakistan’s commitment to supporting global efforts in addressing the water crisis.
