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Saudi Arabia has announced plans to make major investments in Pakistan.
Saudi King Salman bin Abdul-Aziz Al Saud issued a directive today to invest $1 billion in the Pakistani economy. The move came after a phone call between the Saudi and Pakistani foreign ministers. saudi news agency report.
Why it matters: The agency did not mention details of the investment.However, the South Asian country is facing major economic crisis. Specifically, Pakistan’s foreign exchange reserves have fallen sharply, causing difficulties in paying for imports.
So Pakistan is turning to its wealthy allies in the Gulf for cash, and so far with some success.Yesterday, Qatar announced planned investment $3 billion for business and investment in Pakistan.Earlier this month, the United Arab Emirates said it would $1 billion invested Companies in the natural gas, logistics, finance and other industries in Pakistan.
Earlier this week, a Pakistani official said they were actively seeking investment from the Muslim-majority country, targeting $30 billion. Pakistan Associated Press.
Saudi Arabia and Pakistan have close allies It is no surprise that the Kingdom of Saudi Arabia has provided aid to Pakistan for several years.Saudi Arabia is owned by Pakistani Prime Minister Sheikh Baz Sharif first foreign visit in April.In the same month, the two countries start a discussion About the long-term business strategy.
understand more: Pakistan is also getting closer to Iran, Saudi Arabia’s main geopolitical foe.The two countries signed a number of Cooperation agreement This month.They were also work together Border security since the Taliban returned to power in 2021, 20 years after US-led forces overthrew their regime.
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