Pakistan to Sign $2 Billion Agreements with Saudi Arabia

Islamabad, The Gulf Observer: Prime Minister Shehbaz Sharif announced in a federal cabinet meeting on Tuesday that Pakistan is poised to sign agreements worth $2 billion with a visiting Saudi delegation next week. The delegation, headed by Khalid Bin Abdulaziz Al-Falih, Minister for Investment, will be in Pakistan from October 9 to 11, ahead of the Shanghai Cooperation Organisation (SCO) summit scheduled for October 15-16.

Comprising both government officials and private sector representatives, the delegation aims to bolster economic ties between Pakistan and Saudi Arabia through a series of strategic agreements.

During the cabinet meeting, several significant agreements were ratified, including subsidies for the fishing sector in compliance with World Trade Organisation (WTO) decisions. Additionally, the cabinet approved an agreement to designate Gwadar Port and Shanghai Port as sister ports, based on recommendations from the Ministry of Maritime Affairs. Other ratified agreements include memorandums of understanding (MOUs) for bilateral political consultations with Rwanda and Ghana.

The cabinet also granted judicial magistrates in Gwadar and Hub the authority to hear narcotics cases, following a proposal from the Ministry of Law and Justice.

Furthermore, the Ministry of Information Technology and Telecommunications provided an update on the progress of e-office implementation across federal ministries. The Prime Minister’s Office reported that the e-governance initiative has improved Pakistan’s ranking by 14 positions in the United Nations’ E-Government Development Index (EGDI). Prime Minister Sharif directed that further enhancements be made and indicated that progress will be reviewed in two weeks.