Pakistani Foreign Minister Shah Mahmood Qureshi said Monday that Saudi Arabia has signed seven memorandum of understandings (MoUs) worth 20 billion US dollars with Pakistan in areas of oil refining, petrochemicals, energy and other sectors.
Addressing a ceremony here during his visit, the crown prince said that it was the first phase of Saudi investment in Pakistan and it will gradually grow in the future and will be beneficial for both countries.
Pakistani Prime Minister Imran Khan welcomed the investment including a 10 billion US dollars oil refinery.
The Saudi side expressed its appreciation for the initiatives taken by the Pakistani government to facilitate the conduct of business in the country and facilitate foreign direct investment in Pakistan.
During the visit, leaders of both countries reiterated their commitment to continue combating extremism and terrorism, and expressed their deep appreciation for the achievements and sacrifices made by the two sides in the war against terrorism, according to a statement from the Foreign Ministry here on Monday.
They also called on the international community to shoulder its responsibilities to join all international efforts to combat global terrorism.