RIYADH: The governments of Pakistan and Saudi Arabia have officially formalized a comprehensive framework to enhance economic collaboration, aiming to boost bilateral trade, investment, and development projects. This initiative marks a significant progression in their nearly eighty-year-old partnership.
Following meetings between Prime Minister Shehbaz Sharif of Pakistan and Crown Prince Mohammed bin Salman of Saudi Arabia, a joint statement highlighted the framework’s foundation in the strong, brotherly, and Islamic-solidarity bonds that unite the two nations. It underscores shared economic goals and mutual growth aspirations.
The new agreement outlines commitments to expand trade and investments across strategic sectors including energy, manufacturing, mining, information technology, tourism, agriculture, and food security. Both countries will explore strategic projects to foster cooperation, encourage private-sector involvement, and boost commercial exchanges between Islamabad and Riyadh.
In the energy sector, a memorandum of understanding has been signed to facilitate power transmission projects and deepen bilateral cooperation. The framework aims to foster a sustainable partnership aligned with the leaderships’ vision for economic resilience and growth.A high-level coordination body, the Saudi-Pakistan Supreme Coordination Council, will oversee the implementation of this cooperation agenda. This council will focus on private-sector led development, infrastructure investments, and strengthening commercial ties. By leveraging their historic relationship and aligning with broader development initiatives such as Saudi Arabia’s diversification plans, both nations are positioning themselves for a new chapter of economic collaboration.
The agreement coincides with other initiatives designed to streamline negotiations, simplify travel procedures for officials, and accelerate investment pipelines through Pakistan’s Special Investment Facilitation Council (SIFC).
