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Thursday, June 13, 2024  
06 Dhul-Hijjah 1445  

Pakistan, Saudi Arabia expected to make major announcements in solar power sector

Saudi crown prince can bring economic revolution, says PM Shehbaz
A still from the video shows Prime Minister Shehbaz Sharif during an interveiw with Al Arabiya English. Screengrab via YouTube/Al Arabiya English
A still from the video shows Prime Minister Shehbaz Sharif during an interveiw with Al Arabiya English. Screengrab via YouTube/Al Arabiya English

Pakistan is expected to make major announcements in solar energy projects, Prime Minister Shehbaz Sharif has said as the South Asian country seeks investment from the kingdom in different sectors to boost economy.

In the interview with Al Arabiya English, he shared that a Pakistan delegation is in Riyadh to discuss materialising investment portfolios in solar energy with ACWA POWER.

“I think this is one area where we are going to make major announcements, along with mines and minerals. Thirdly, agriculture as there is huge potential [in the sector],” he said and maintained that Pakistan was an agrarian economy.

The premier called for increasing cooperation with Saudi Arabia to enhance agriculture production.

While speaking about information technology, he said that the Saudi crown prince’s workings in the field were “phenomenal” and “breathtaking”.

When asked about strategic partnerships with other Arab countries, PM Shehbaz replied in affirmative and said that Kuwait, Qatar, UAE, Turkey, and China can become great partners in the field. “Internationally, we can create a kind of very wonderful economic revolution. This is all because of Crown Prince Mohammed bin Salman’s dynamism and his visionary leadership.”

In response to a query, he said: “We have now a clear cut way forward… mutual cooperation, investments in the field of mines and minerals, renewable energy,” he said in an interview with Al Arabiya English that centred on the South Asian country’s relationship with the kingdom.

The Saudi crown prince is expected to visit Pakistan this month, according to media reports. His visit was initially scheduled for late 2022 but faced delays due to political uncertainties and Pakistan’s elections.

Prior to his arrival, a delegation of influential Saudi businessmen visited the country and engaged in discussions with Pakistani counterparts to explore investment opportunities.

At an event, PM Shehbaz assured the investors of his government’s blanket support to investment, enabling them and businessmen to accomplish their future projects expeditiously with joint ventures.

When asked about Pakistan’s ability to maintain relations with different countries, he said that the government’s focus was on economic progress and admitted that the country was facing “huge challenges” at the macroeconomic level.

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He vowed to bring in “huge reforms” and structural changes to resolve issues related to line losses, power generation, and increasing revenue collection.

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

He said that there was a time when Pakistan trained Saudi pilots in the Air Force and students in universities, however, the tables have turned after so many years. “We seek their technical support and help. It’s like a family. If the order is reversed, we are happy because this will help us in achieving our targets with timelines through their support.”

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Shehbaz Sharif

Prime Minister

Saudia Arabia

Saudi Crown Prince Mohammed