ISLAMABAD: Army Chief Field Marshal Syed Asim Munir recently said various memoranda of understanding (MoUs) between Pakistan and allies Saudi Arabia, US, China and the UAE are being implemented, which would bring economic cooperation and investment to the country, state-run media reported.
Pakistan has signed several agreements promoting trade, economic cooperation and bilateral investment with China, US, Saudi Arabia, the UAE and Central Asian Republics. Islamabad aims to ward off a prolonged macroeconomic crisis and escape a precarious balance of payment position, through foreign trade and investment, that has weakened the country’s economy in recent years.
During Prime Minister Shehbaz Sharif’s visit to the Kingdom in October 2024, Pakistan and Saudi Arabia signed 34 MoUs worth $2.8 billion, seven of which have since been converted into agreements valued at $560 million. Meanwhile, the UAE is Pakistan’s third largest trading partner after China and the US, and last year pledged $10 billion in future investments in Pakistan’s priority sectors.
Speaking to members of the Pakistani community in the US during his official visit to the country, Munir said Pakistan expects “huge investment” due to a possible trade agreement with Washington.
