A high-level Saudi delegation of 135 members, led by the Saudi Investment Minister, visited Pakistan to sign a series of agreements with the Pakistani government. Several prominent Pakistani business houses were selected to present their business plans to the visiting delegation. As a result, the two countries signed numerous memoranda of understanding (MoUs) to enhance bilateral trade and investment in sectors such as industry, agriculture, information technology (IT), food, education, mining and minerals, health, petroleum, and energy. Prime Minister Shehbaz Sharif lauded Saudi Arabia’s commitment of over $2 billion in investment in Pakistan, expressing hope that economic relations and cooperation between the two nations would further strengthen under the leadership of Crown Prince Muhammad Bin Salman.
However, this is not the first time such MoUs have been signed by trade delegations or dignitaries visiting Pakistan. In recent years, the country has witnessed a multitude of MoUs signed with various nations for the development of projects of national importance. Previously, a 50-member Saudi trade delegation visited Pakistan, focusing on sectors like energy and maritime. Pakistani businesses shared their investment proposals, with 76 companies shortlisted to present to the delegation. The Prime Minister promised full support to Saudi investors. Following this visit, a delegation from the Qatari Investment Authority also signed MoUs with Pakistan, and the UAE pledged $10 billion in investments across fields such as energy, port operations, wastewater treatment, food security, logistics, and minerals. One of the most notable agreements was with Saudi Arabia’s ARAMCO for a $10 billion investment in developing an integrated refinery petrochemical complex. However, momentum for this project seems to have slowed, with little news on its progress.
Pakistan and China, particularly under the China-Pakistan Economic Corridor (CPEC), have also signed numerous MoUs over time. These agreements have spanned sectors including transportation infrastructure, industry, energy, agriculture, media, healthcare, water management, and socioeconomic development. During the recently concluded Shanghai Cooperation Organisation (SCO) summit in Islamabad, over a dozen MoUs were signed between China and Pakistan in the areas of trade, investment, energy, IT, and defence. However, no agreements were reached regarding the restructuring of Pakistan’s $15.4 billion debt to Chinese Independent Power Producers (IPPs), which is a major strain on the country’s economy. Discussions also covered the potential relocation of Chinese industries to Pakistan and strategies to increase Chinese investment.
Pakistan now holds an extensive list of MoUs signed with the Gulf Cooperation Council (GCC) countries and China. Prime Minister Shehbaz Sharif is acutely aware of the many MoUs that remain unimplemented from both his current and previous tenures, having requested progress reports from various departments. However, rather than relying on periodic reports, it would be more effective to develop digital tools that provide the Prime Minister with real-time updates.
Furthermore, since these delegations and summits are funded by public money, the public has a right to be informed about the progress of these MoUs. A digital dashboard displaying real-time progress should be available on the websites of all relevant ministries and departments. At a higher level, a dashboard accessible to the Prime Minister and Cabinet should track the status of MoUs against set timelines and be discussed in Cabinet meetings to accelerate progress.
By leveraging digital tools to monitor the implementation of MoUs and keeping the public informed, the government can ensure greater transparency and accountability. Successful implementation of these agreements would lead to increased industrialisation, job creation, improved productivity, and higher exports, ultimately contributing to economic stability and growth.
Ahsan Munir
The writer is a freelance columnist.
