Pakistan FM: Saudi deals help Islamabad’s efforts toward economic stability

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Pakistan’s Foreign Minister described his country’s signing of development projects worth $20 billion with Saudi Arabia as “another milestone” for Islamabad’s efforts toward achieving economic stability.

Shah Mehmood Qureshi’s comments came on Wednesday during his address at the inaugural session of the Leaders in Islamabad Business Summit.

At the summit, the Foreign Minister said Pakistan was focusing on economic diplomacy to address the challenges of the contemporary world.

According to the Associated Press of Pakistan, Qureshi also said that the setting up of Special Economic Zones under the China-Pakistan Economic Corridor (CPEC) initiative would encourage investment in Pakistan, leading to sustainable development and economic stability.

Saudi Arabia and Pakistan signed seven memorandums of understandings worth $20 bln during Saudi Crown Prince Mohammed bin Salman’s official visit to Islamabad in February.

The deals were signed across several sectors including oil, mining and energy.

Speaking on India, the Foreign Minister said that “Pakistan always emphasized on holding dialogue with India to resolve all outstanding issues.”

He pointed toward planned talks on Thursday between the two countries on the opening of the Kartarpur Corridor at Attari, India, as efforts “meant to ensure peace.”

Saudi Arabia’s Minister of State for Foreign Affairs Adel al-Jubeir met earlier this week with India’s Prime Minister Narendra Modi and Minister of External Affairs Sushma Swaraj respectively, days after his trip to Islamabad, where he held talks with Pakistan’s Prime Minister Imran Khan.