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Pakistan and Saudi Arabia were expecting major announcements in the solar sector

Pakistan is expected to make major announcements on solar power projects, Prime Minister Shehbaz Sharif said, as the South Asian country seeks investments from the kingdom in various sectors to boost its economy.

In an interview with Al Arabiya, English said that a Pakistani delegation is in Riyad to discuss with ACWA POWER the materialization of solar investment portfolios.

“I think this is one of the areas where we are going to make some big announcements, including mines and minerals. Thirdly, agriculture because it has huge potential (in this sector),” he said and maintained that Pakistan is an agricultural economy.

The Prime Minister called for closer cooperation with Saudi Arabia to increase agricultural production.

Speaking about information technology, he said the Saudi Crown Prince’s actions in this field are “phenomenal” and “breathtaking.”

When asked about strategic partnerships with other Arab countries, Prime Minister Shehbaz replied in the affirmative and said that Kuwait, Qatar, the United Arab Emirates, Turkey and China could become great partners in this field. “Internationally, we can create something of a great economic revolution. “This is all thanks to Crown Prince Mohammed bin Salman’s dynamism and his visionary leadership.”

In response to a query, he said: “We now have a clear path forward… mutual cooperation, investment in mines and minerals, renewable energy,” he said in an interview with Al Arabiya English, which focused on South Asia, the country’s relationship with the kingdom.

According to media reports, the Saudi Crown Prince is scheduled to visit Pakistan this month. His visit was initially scheduled for late 2022, but there were delays due to political uncertainty and elections in Pakistan.

Prior to his arrival, a delegation of influential Saudi businessmen visited the country and held talks with their Pakistani counterparts to explore investment opportunities.

During the event, Prime Minister Shehbaz assured investors of his government’s full support for investments, enabling them and businessmen to quickly implement future projects through joint ventures.

Asked about Pakistan’s ability to maintain relations with various countries, he said the government was focused on economic progress and admitted that the country faced “huge challenges” at the macroeconomic level.

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He promised to introduce “massive reforms” and structural changes to solve problems related to line losses, power generation and increasing revenue collection.

According to the Prime Minister, it would be a futile exercise if the country does not focus on the reform agenda. “I had the most intense and comprehensive discussions with Saudi counterparts, investors and professionals. They will help us with their experience.”

He said there was a time when Pakistan trained Saudi pilots in the Air Force and students in universities, but after so many years, the situation has turned around. “We are looking for their technical support and assistance. It’s like a family. If the order is reversed, we will be happy because with their support it will help us achieve our schedule goals.”