Friday, November 27, 2020
Home Lead Story Pakistan, Saudi Arabia Likely To Sign MoUs Worth More Than $10bn

Pakistan, Saudi Arabia Likely To Sign MoUs Worth More Than $10bn

He said that four Malaysian firms were also due this month and would invest in four sectors - halal meat, gemstone, information technology and hi-tech education

Pakistan and Saudi Arabia are likely to sign memoranda of understanding (MoU) worth more than $10 billion this month, the media reported on Thursday.

The announcement was made at the second meeting on ease of doing business (EoDB) presided over by Prime Minister Imran Khan on Wednesday.

Speaking to Dawn news after the meeting, Finance Minister Asad Umar said Saudi Prince Mohammad bin Salman bin Abdulaziz would visit Pakistan next month and most of the MoUs were expected to be signed during his trip.

Board of Investment (BoI) Chairman Haroon Sharif said Saudi Arabia was interested in Pakistan’s four sectors – oil refinery, petrochemicals, renewable energy and mining.

“According to a survey, 65 per cent of the investments will take place in the country’s commercial hub Karachi and 35 per cent in Lahore,” he added.

india
Imran Khan, wikimedia commons

The $10 billion investment will be in addition to the $6 billion bailout package given by Riyadh to Islamabad during Khan’s visit to Saudi Arabia in October 2018.

Similarly, Pakistan will also sign MoUs with China, the United Arab Emirates (UAE) and Malaysia over the next two months.

Sharif told Dawn that he had recently visited China and signed MoUs on industrial cooperation under the China-Pakistan Economic Corridor (CEPC).

Also Read- Why Modi in Hurry to Get New CBI Director, Asks Congress

The BoI chief said the UAE was interested in agriculture, housing and other sectors.

He said that four Malaysian firms were also due this month and would invest in four sectors – halal meat, gemstone, information technology and hi-tech education. (IANS)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,780FollowersFollow

Most Popular

Digital Transformation Seen in Indian Firms

As pandemic accelerates digital transformation across the spectrum, a Dell Technologies report on Thursday said that 94.7 percent of Indian organizations have fast-tracked some...

Threat To Wildlife of Ganges By Waste Fishing Gear

Researchers have found that waste fishing gear in the Ganges poses a serious threat to wildlife including otters, turtles, and dolphins. The study, published in...

53% Indians Will To Switch Jobs For Remote Work

More than half of the office-goers in India are willing to switch jobs if it meant they could work remotely, said a new survey...

Doctors Suggest Flu Shots For Children & Vaccination For Adults

This year has been a double whammy. These earlier diseases are still prevalent and we have COVID added to the disease spectrum and has...

Early Birth Associated With Risks of Hospital Visit Throughout Childhood

Researchers have found that being born early is associated with a higher risk of hospital admission throughout childhood than being born at full term. Existing...

SpaceX Launches 60 More Starlink Satellites

Elon Musk-run SpaceX on Wednesday launched another successful mission carrying 60 more Starlink satellites on board a Falcon 9 rocket into low-Earth orbit that...

Space Travel Makes Cell’s Energy Production Dysfunctional

Critical parts of a cell's energy production machinery, the mitochondria, can be made dysfunctional due to space travel, says a study. The results, published in...

IT Ministry And IBM Tie Up For Education and Skilling of Youth

IBM India on Thursday said it has collaborated with the Union Ministry of Electronics and Information Technology (MeitY) to create a robust education and...

Recent Comments