News
March 21, 2025
Pakistan, Saudi Arabia to Strengthen Economic, Security Cooperation
Riyadh: Saudi Crown Prince Mohammed bin Salman and Pakistan’s Prime Minister Muhammad Shehbaz Sharif held a meeting in Jeddah on Wednesday, the Saudi Press Agency said.
They discussed bilateral relations, ways to boost cooperation in various fields, and the latest regional and international developments.
Saudi and Pakistani senior officials attended the meeting.
Sharif arrived in Madinah on Thursday accompanied by his delegation, SPA reported.
He was received at Prince Muhammad bin Abdulaziz International Airport by Prince Salman bin Sultan bin Abdulaziz, governor of the Madinah Region.
The Saudi ambassador to Pakistan, Nawaf bin Saeed Al-Maliki was also part of the welcoming delegation, as well as the Region’s Police Director, Major General Yousef bin Abdullah Al-Zahrani, the Director of the Royal Protocol Office, Ibrahim bin Abdullah Barri; and several other officials.
The meeting, part of Shehbaz Sharif’s four-day visit to Saudi Arabia, was held as Pakistan seeks to bolster its trade and investment relationships with global partners, particularly in light of its ongoing economic challenges.
Saudi Arabia has committed a $5 billion investment package in Pakistan, aimed at stabilising its foreign reserves and addressing its balance of payments crisis.
This follows a series of agreements and memorandums of understanding (MOUs), including 34 agreements worth $2.8 billion signed last year, to enhance private sector and commercial collaboration.
Both nations are also in advanced discussions on investing in the Reko Diq copper and gold mine, one of the world's largest undeveloped copper-gold areas.
Additionally, Pakistan signed an agreement with the Saudi Fund for Development last month to defer a $1.2 billion payment on oil imports for one year.
During the meeting on Thursday, Prime Minister Shehbaz Sharif expressed his appreciation for Saudi Arabia’s commitment to increasing investments, which will contribute to Pakistan’s economic stability.
Both sides reaffirmed their historical ties and stressed the importance of enhancing cooperation in defense and security sectors to address regional challenges.
They also discussed regional and geopolitical developments and agreed to work closely to promote peace, stability, and prosperity.
The two leaders emphasised the need for stronger people-to-people ties, cultural exchanges, and educational collaboration.
PM Shehbaz also held discussions with Saudi Investment Minister Khalid Al-Falih and Mohammad Al-Tuwaijri, Head of the Joint Task Force for Economic Engagement, during his four-day official visit to Saudi Arabia.
The talks focused on strengthening economic cooperation, attracting Saudi investments, and expediting joint initiatives in key sectors. Prime Minister Sharif expressed Pakistan’s commitment to facilitating Saudi investors, emphasizing the country’s strategic location and its investment-friendly policies.
Sharif highlighted Pakistan’s potential in sectors such as energy, infrastructure, agriculture, and technology, encouraging Saudi businesses to explore opportunities under the Special Investment Facilitation Council (SIFC).
In response, Minister Al-Falih and Al-Tuwaijri conveyed Saudi Arabia’s interest in I strengthening economic ties with Pakistan. The discussions also focused on enhancing institutional collaboration to expedite investment projects and ensure their effective implementation.
The meeting reaffirmed both countries' commitment to developing a long-term and mutually beneficial economic relationship.
Prime Minister Shehbaz Sharif was accompanied by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Chief Minister of Punjab Maryam Nawaz Sharif, Minister for Climate Change Musadik Malik, and National Coordinator of the SIFC Lt Gen Sarfraz Ahmed.
- Arab News/The Expresss Tribune
Courtesy Arab News/The Expresss Tribune
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