ISLAMABAD: The chief minister of Pakistan’s Punjab province has offered Saudi investors incentives as part of a “special package” to explore opportunities in religious tourism, health, education and infrastructure, state-run media reported this week. 
Punjab Chief Minister Maryam Nawaz Sharif met Prince Mansour bin Mohammed Al Saud, the former governor of Saudi Arabia’s Hafr Al-Batin province, on Monday to discuss promoting bilateral relations and mutual cooperation between Saudi Arabia and Punjab, the state-run Associated Press of Pakistan (APP) said. 
Pakistan and Saudi Arabia enjoy cordial ties, with Riyadh frequently assisting cash-strapped Pakistan by supplying oil on deferred payment terms and financial support to stabilize the South Asian country’s economy.
“During the discussions, the chief minister invited Saudi investors to explore opportunities in infrastructure, health, education, and religious tourism in Punjab,” APP reported. “She assured Saudi investors of her government’s full cooperation and the provision of incentives under a special package.”
Sharif praised Saudi Arabia’s longstanding cooperation with Pakistan, saying that Riyadh was like “Pakistan’s elder brother and the hearts of the people of both countries beat together.”
“The Punjab government has ensured foolproof security and established a system based on merit to improve the business environment in the province,” the report quoted her as saying. 
APP said Prince Mansour assured Pakistan of Saudi Arabia’s support. 
“The relationship between Pakistan and Saudi Arabia is crucial for the stability and prosperity of the entire region,” he was quoted as saying. “Saudi Arabia will always stand by Pakistan.”
The Kingdom is also home to over 2 million Pakistani expatriates and serves as the source for most overseas workers remittances for Pakistan. Both countries have forged strong business and economic relations in recent months. 
In October 2024, Pakistan and Saudi Arabia signed several memorandums of understanding (MoUs) valued at $2.8 billion. In December, Sharif’s office confirmed that seven of the 34 MoUs had been converted into agreements worth $560 million.

ISLAMABAD: Pakistan Planning Minister Ahsan Iqbal on Monday launched the country’s first locally made ventilator, Pakistani state media reported, describing it as a step toward technological self-reliance.
The Drug Regulatory Authority of Pakistan (DRAP) last month approved the ‘AlnnoVent’ ventilator, which has been developed by the Alsons Group precision manufacturing firm in Karachi. After successfully passing clinical trials, the ventilator has been officially licensed for production.
The AlnnoVent AVB-100 is an electro-mechanical ICU ventilator that meets international standards of quality and reliability. It supports adult patients across five invasive and two non-invasive ventilation modes, making it suitable for a range of critical care scenarios. The ventilator was created in response to the acute shortage of respiratory aid devices during the COVID-19 pandemic.
Speaking at the launching ceremony, Iqbal praised the company for its efforts and emphasized that Pakistan needed more such innovators to succeed in a rapidly evolving world, the Associated Press of Pakistan (APP) news agency reported.
“We require an army of such individuals – people who combine skill, hard work, ambition and the intelligence that defines our nation,” the minister was quoted as saying.
The development comes as Pakistan’s government attempts to steer the country out of a prolonged macroeconomic crisis that has weakened the South Asian country’s currency and drained its foreign exchange reserves over the past few years.
Finance Minister Muhammad Aurangzeb has consistently emphasized the need for Islamabad to adopt an export-led economy to achieve sustainable, long-term economic growth.
Iqbal emphasized that Pakistan’s economic success depended on its ability to innovate and produce new products, which would help shift the country to a more export-driven economy.
He urged private sector leaders to leverage Pakistan’s affordable human resource to produce high-quality goods that could compete in global markets.
“You are the drivers of Pakistan’s future and the government will stand behind every private sector initiative that helps bring in exports and dollars,” the minister said.