Saudi businessmen sign 27 memorandums of understanding with Pakistan valued at $2 billion

ISLAMABAD (AP) — Saudi and Pakistani businessmen on Thursday signed 27 memorandums of understanding valued at $2 billion for investment across various sectors, including industry, technology, agriculture, food, petroleum, energy, mining and health.

Pakistan’s Prime Minister Shehbaz Sharif and the country’s powerful army chief Gen. Asim Munir attended the signing of the memorandums in the capital, Islamabad.

The agreement comes a day after a Saudi delegation, led by Minister of Investment Khalid al-Falih, arrived in Pakistan.

In a televised speech, Sharif hailed the memorandums and said he hoped they would soon be translated into agreements, adding that his government will do its best to facilitate Saudi investments in the country.

Sharif also thanked Saudi Arabia for helping Pakistan reach an agreement to receive a $7 billion bailout from the International Monetary Fund.

Pakistan enjoys close ties with Saudi Arabia, which is a leading supplier of oil to Islamabad.

Earlier, Sharif met with the Saudi delegation at his office, and he said the relations between the two countries were “based on decades long of brotherly ties and were becoming stronger with each passing day.”