Home »Stocks and Bonds » Pakistan » Saudi Prince, leading traders arrive: pacts, MoUs likely to be inked

  • News Desk
  • Feb 16th, 2014
  • Comments Off on Saudi Prince, leading traders arrive: pacts, MoUs likely to be inked
Saudi Crown Prince Salman bin Abdulaziz Al-Saud arrived Saturday on a landmark three-day official visit during which various agreements and MoUs, including defence co-operation are expected to be signed between the two countries. Upon his arrival in Islamabad, the Crown Prince was greeted at the PAF Airbase by Prime Minister Nawaz Sharif‚ members of federal cabinet and Services Chiefs. The distinguished guest was given 19-gun salute as he alighted from the special aircraft.

Prince Salman is also leading a high-level delegation, including Dr Mohammed bin Sulaiman Al-Jasser, Minister of Economy and Planning, Dr Tawfiq bin Fawzan Al Rabiah, Minister of Commerce and Industry and Dr Nizar Bin Obaid Madani, Minister of State for Foreign Affairs as well as important businessmen.

Sources said Prince Salman who is the Deputy Prime Minister also holds the portfolio of Minister for Defence is expected to sign important agreements with the Pakistani leadership in various sectors, particularly defence co-operation. They said that Saudi government is willing to purchase Pakistan's locally manufactured conventional weapons.

According to Foreign Office spokesperson Tasnim Aslam, Pakistan has been providing training to the Saudi Armed Forces and it would also be interested in the sale of arms like JF-17 Thunder and Mushshaq aircraft along with other military equipment. She said the Crown Prince's visit is of special significance as it would be his first visit to Pakistan after assuming this position. Prince Salman had visited Pakistan in 1998 as Governor of Riyadh.

Salman, who met President Mamnoon Hussain on Saturday, would be holding talks with Prime Minister Nawaz Sharif on bilateral and international matters of mutual interest on Monday. Among other senior dignitaries, the Minister for Defence, the Minister for Finance, the Speaker of the National Assembly, Advisor to the Prime Minister on National Security and Foreign Affairs and the Chief of Army Staff would call on the Crown Prince of Saudi Arabia.

"This visit will give a new impetus to the existing fraternal bonds between the two countries," Tasneem said, adding that it would provide a good opportunity to explore ways and means for further strengthening co-operation in diverse areas of mutual interest particularly in expanding and enhancing investment and trade. In this context, the accompanying Saudi businessmen will meet their Pakistani counterparts, she added.

She said the two sides will also discuss ways to increase export of Pakistani manpower to Saudi Arabia and to facilitate the Pakistani community residing in Kingdom of Saudi Arabia.

There is a large Pakistani community of approximately 1.5 million in Saudi Arabia which serves as a bridge between the two brotherly countries and plays a positive role in the development of Saudi Arabia as well as Pakistan's economy through annual remittances of over four billion dollars. Since there will be two important transitions in Afghanistan - political and shifting of responsibility of security from ISAF-US to Afghan National Army, the sources said the two sides would also hold detailed discussions on the issue.

Copyright Business Recorder, 2014


the author

Top
Close
Close