Prime Minister Shehbaz Sharif Meets Saudi Crown Prince to Strengthen Bilateral Cooperation
Riyadh, The Gulf Observer: Prime Minister Shehbaz Sharif met with Saudi Crown Prince Mohammed bin Salman on Thursday to discuss strengthening bilateral cooperation in key sectors, including economic, trade, investment, energy, and defense. The high-level meeting took place as part of the Pakistani prime minister’s four-day official visit to Saudi Arabia, underscoring Islamabad’s efforts to bolster trade and investment ties with its strategic partners.
Saudi Arabia has committed a $5 billion investment package to Pakistan to help stabilize its foreign reserves and address its balance of payments crisis. This initiative aligns with a series of agreements and memorandums of understanding (MoUs) signed in the past, including 34 agreements worth $2.8 billion last year aimed at enhancing private sector and commercial collaboration between the two nations.
During the meeting, both leaders also discussed Saudi investment in the Reko Diq copper and gold mine, one of the world’s largest undeveloped copper-gold reserves. Additionally, Prime Minister Sharif highlighted the significance of the recent agreement between Pakistan and the Saudi Fund for Development, which allows for the deferment of a $1.2 billion payment on oil imports for one year.
Prime Minister Shehbaz Sharif expressed deep appreciation for Saudi Arabia’s commitment to increasing investments in Pakistan, emphasizing its crucial role in ensuring the country’s economic stability. The discussions reaffirmed the strong historical ties between Pakistan and Saudi Arabia, with both sides stressing the need to enhance cooperation in defense and security to address regional challenges.
Regional and geopolitical developments were also on the agenda, with both leaders agreeing to collaborate closely to promote peace, stability, and prosperity in the region. Furthermore, they underscored the importance of fostering people-to-people ties, cultural exchanges, and educational collaboration to strengthen the longstanding relationship between the two countries.
As part of his visit, Prime Minister Shehbaz Sharif also held discussions with Saudi Investment Minister Khalid Al-Falih and Mohammad Al-Tuwaijri, Head of the Joint Task Force for Economic Engagement. The talks focused on reinforcing economic cooperation, attracting Saudi investments, and expediting joint initiatives in sectors such as energy, infrastructure, agriculture, and technology.
Sharif reiterated Pakistan’s commitment to facilitating Saudi investors by highlighting the country’s strategic location and investment-friendly policies. In response, Minister Al-Falih and Al-Tuwaijri conveyed Saudi Arabia’s strong interest in deepening economic ties and enhancing institutional collaboration to expedite investment projects and ensure their effective implementation.
The meeting reaffirmed both nations’ commitment to developing a long-term, 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 Special Investment Facilitation Council (SIFC) Lt. Gen. Sarfraz Ahmed.
The Saudi delegation included representatives from the Saudi Ministry of Investment and the Joint Task Force for Economic Engagement between Saudi Arabia and Pakistan.
Pakistan and Saudi Arabia maintain robust trade relations, with petroleum products from Saudi Arabia constituting a significant portion of Pakistan’s imports. Additionally, Saudi Arabia is home to over two million Pakistani expatriates, who contribute substantially to Pakistan’s economy through remittances. The visit and high-level discussions mark another step toward further enhancing the strategic partnership between the two countries.
