Islamabad: Prime Minister Shehbaz Sharif will visit Saudi Arabia to attend the 8th Edition of the Future Investment Initiative (FII) being held in Riyadh from 29 to 30 October, the Ministry of Foreign Affairs stated on Monday.
The FII serves as an important platform for countries to showcase their economic strength, draw foreign investments, and engage in dialogue to shape a sustainable future.
The FII themed as ‘Infinite Horizons: Investing Today, Shaping Tomorrow’ will focus on global investments aimed at addressing major issues such as Artificial Intelligence, robotics, education, energy, space, finance, healthcare, and sustainability, the statement added.
PM Shehbaz, who will be accompanied by key cabinet ministers, is expected to hold important bilateral talks with the Saudi Crown Prince and Prime Minister Mohammed bin Salman and other key Saudi officials.
The foreign office said that the two sides will discuss the economic and strategic partnership between Pakistan and the Kingdom of Saudi Arabia and explore bilateral cooperation in the economic, energy, and defence domains.
The prime minister is also expected to engage with participating leaders and entrepreneurs at the FII conference, the ministry said in the statement.
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The two countries are tied in historic brotherly ties with cooperation in various areas including culture, economy, trade, and defence, and others.
Earlier this month, the two states signed 27 memorandums of understanding (MoUs) worth $2.2 billion in various sectors when the Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh paid three-day official visit to Islamabad.
In April, PM Shehbaz made his first official trip to Saudi Arabia holding productive meetings with Crown Prince Salman and other officials and returned with pledge from the country to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan.
The pledge by Kingdom of Saudi Arabia was viewed as a move to support ailing economy of Pakistan.
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Next month PM Shehbaz assured Saudi investors full support and offered utilization of the Special Investment and Facilitation Council (SIFC).
Historically KSA assisted Pakistan during times of economic turmoil and once again, most recently in June last year it played a key role in saving Pakistan when it was at the verge of a sovereign default.
Riyadh deposited $2 billion in the State Bank of Pakistan (SBP) to help the country unlock a $3 billion bailout package from the International Monetary Fund (IMF).