Economy Saudi Arabia to invest $2bn in Pakistan’s economy By Pramod Kumar October 14, 2024, 7:59 AM Reuters/Ahmed Yosri Saudi investment minister Khalid Al Falih said bilateral trade with Pakistan has surged by 80 percent to $5.4 billion from $3 billion in 2019 Saudi Arabia and Pakistan have signed 27 memorandums of understanding totalling $2 billion. The investments will target industry, agriculture, information technology, food, education, mining and minerals, health, petroleum and energy, Dawn newspaper reported. The MoUs were signed in the presence of Pakistan’s prime minister Shehbaz Sharif, chief of army staff general Asim Munir and Saudi Arabia’s investment minister Khalid Al Falih. Sharif assured the Saudi investors that the MoUs would be “fully materialised without delays or bureaucratic hurdles”, the report said. Al Falih said that the possibilities of “economic cooperation between the two countries have no limits, adding that Riyadh is committed to investing $5 billion as announced in April during Sharif’s visit to Saudi Arabia. The Saudi minister said bilateral trade has surged by 80 percent to $5.4 billion from $3 billion in 2019. In August Saudi Arabia, the UAE and China confirmed their debt rollover for one year to support Pakistan’s $7 billion bailout package with the International Monetary Fund, which was approved in September.