Foreign Minister Shah Mehmood Qureshi says Saudi Arabia will invest 20 billion dollars in various sectors of Pakistan.

Addressing a joint news conference along with Saudi Minister of State for Foreign Affairs Adel al-Jubeir in Islamabad on Monday, he said seven MoUs have been signed with Saudi side and more will be signed soon.

He said the working groups and other high level bodies for Saudi investment have been made time bound to meet regularly to follow the updates.

Senior Leadership of both the countries will meet at least once a year to review the progress on these matters.

To a question, Shah Mehmood Qureshi said Pakistan respects the sovereignty and territorial integrity of Iran.   

Speaking on the occasion, Saudi Minister of State for Foreign Affairs Adel al-Jubeir said  an oil refinery will be set up at a cost of 10 billion dollars in Gwadar. He said we want to see Pakistan as an economically stable country.

Replying to a question, he said terrorism is a common enemy and Pakistan, Saudi Arabia and USA are working jointly to eradicate this menace.

He said we are working with Pakistan in order to reach reconciliation between Taliban and Afghan government to move forward. He said Saudi Arabia wants peaceful solution of Afghan crisis.

On Pak-India relations, he said we want both countries to resolve their conflicts and have peaceful relations.